Securitize, the tokenization company listed on the New York Stock Exchange as SECZ, has signed a definitive deal to buy River One, an asset-backed financing platform that draws its capital from the stablecoin market, the company said on Monday. Financial terms were not disclosed.
River One, formally River Credit Labs, was founded in New York in 2025 and incubated by Framework Ventures, which backs it alongside Maple Finance. It provides warehouse facilities: credit lines that let lenders fund small-business loans, receivables and similar assets as they originate them. Securitize expects the deal to close in the fourth quarter.
The business model is simple to state: Securitize charges asset managers to put funds on a blockchain and to service them, and it now wants to earn from lending against those assets as well.
It announced the deal alongside its first results as a public company. Revenue rose 13% to $18.6 million in the third quarter, with tokenization fees up 28% to $11.5 million and asset-servicing fees down 6% to $7.2 million. Average tokenized assets on the platform reached a record $5.0 billion.
Why the market listened
Shares rose between 10% and 12% in after-hours trading on Monday, according to CNBC and The Block. The release gives investors a reason: about $300 million of cash, no debt and a $50 million share buyback the board approved on 6 November.
The pitch for River One rests on someone else’s number. Securitize cites KKR, which estimates the private asset-backed finance market at $6 trillion today and $9.2 trillion in 2029. Securitize says that forecast is KKR’s, not its own.
The skeptics’ reading
The same release shows the strain. Securitize lost $66.3 million in the quarter, about $60 million of it from largely non-cash charges tied to its listing, and adjusted EBITDA swung to a $2.0 million loss.
Assets administered by its fund-services arm fell 29% to $25.2 billion, and it revised second-quarter transaction volume down to $4.4 billion from the $5.3 billion it had reported. Tokenized assets on the platform at 30 September were $4.8 billion, below the quarter’s average.
CryptoWatchDesk last covered Securitize in October, when Securitize said it would integrate with Stellar without naming the funds involved. Tokenized equities, the other growth line it highlighted, are explained in what tokenized stocks are.
The buyback can run until 31 December 2027. River One is meant to be part of Securitize by the end of this quarter, if customary closing conditions are met.
This article is for information only and is not investment advice.