$62.2M of 2025 revenue, $19.5M in Q1, and a $225M PIPE would turn SECZ into a clean public comp for regulated tokenization rails. The June 29 vote and redemption print matter for BlackRock BUIDL, Apollo, Hamilton Lane, and the NYSE/Computershare work because buyers can price Securitize against revenue, compliance costs, float, and actual liquidity instead of only AUM screenshots. Next unlock: whether whitelisted securities become useful DeFi collateral, or whether “onchain but transfer-agent-controlled” stays mostly a wrapper around TradFi distribution.

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