Securitize to Acquire River One After $11.5M Quarterly Revenue Rise

Securitize reported $11.5 million in third-quarter revenue, up 28% year over year, and said on Monday, Nov. 9 that it planned to acquire River One.

The planned acquisition would extend the tokenization company into conventional lending. River One is developing tools to connect institutional financing with stablecoin capital for use in traditional credit markets, according to Securitize's announcement. The companies did not disclose the financial terms.

What does River One add?

CEO Carlos Domingo characterized the acquisition as a way for Securitize to expand beyond tokenized funds, Treasuries and stocks. He cited a $9 trillion asset-backed finance market where stablecoins could finance real-world assets, generate yield and support tokenized investment positions and credit products.

Operationally, the proposed deal would add a conventional-lending business line to a platform already serving tokenized products. Domingo framed River One as an additional business line as competition in tokenization increases, a point sharpened by entries from BlackRock, Franklin Templeton, DTCC and Broadridge.

What did third-quarter activity show?

Tokenized assets on Securitize's platform rose 9% from a year earlier to $4.8 billion in the third quarter. Aggregate transaction volume reached $4.3 billion, up 20% year over year, the company said.

Securitize describes revenue as business income before expenses, while platform assets measure balances handled by its system and transaction volume measures activity on that system. On those company-defined measures, the quarter paired faster revenue and platform activity with a sharp rise in operating costs.

Did profitability improve?

Adjusted EBITDA was a $2 million loss, compared with a $3.6 million gain in the third quarter of 2025. The loss narrowed from $5.5 million in the second quarter, but operating costs and expenses increased 183%.

The cost increase kept the quarter below the prior-year adjusted EBITDA result despite 28% revenue growth and a 20% rise in transaction volume. The reported figures did not break down the cost increase, and the planned River One acquisition could not be assessed from undisclosed deal terms.

What changed from the second quarter?

Securitize's third-quarter rebound followed a weaker second quarter: total revenue fell 5% year over year even as platform activity increased. Tokenization revenue also declined 12% in that second-quarter report.

The sequential comparison therefore shows a reversal in the top line, alongside better operating performance than the second quarter's $5.5 million adjusted EBITDA loss. It does not erase the year-over-year swing from a $3.6 million adjusted EBITDA gain, however.

What did shareholders authorize?

Securitize's board authorized a $50 million share buyback, announced on the same day as the River One acquisition. The company began trading on the New York Stock Exchange in July under ticker SECZ.

Running the buyback while planning an undisclosed acquisition places capital allocation alongside the expansion into conventional lending. The announcement did not state a buyback period, a River One closing date or a purchase price.

How does competition shape the deal?

Securitize is expanding as traditional asset managers BlackRock and Franklin Templeton, along with market infrastructure providers DTCC and Broadridge, enter tokenization. Domingo presented River One as another business line for the company as that competitive field grows.

The transaction would put Securitize closer to the conventional credit market, where stablecoin capital could meet institutional financing, while preserving its existing tokenized funds, Treasuries and stock offerings. That combination may define its revenue mix after the deal, but neither River One's revenue contribution nor the closing economics were disclosed.

As traditional asset managers and market infrastructure providers expand tokenization, Securitize's next proof point is whether River One can connect stablecoin capital with institutional financing in live credit markets; no closing date or financial terms were disclosed.