Tokenized SECZ (Securitize Corp. common stock)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

SECZ is the tokenization company’s own stock, put on chain by the company. Securitize Corp. listed on the New York Stock Exchange on 2 July 2026, after merging with the SPAC Cantor Equity Partners II, and the same day it ”enabled Tokenized SECZ, a natively tokenized version of our common stock.” Its August prospectus adds that ”Tokenized SECZ is not a separate share class.” A holder of the token holds the same common stock that trades on the NYSE, with one vote a share, not a note or a claim on a custodian. The record is kept off chain. Continental Stock Transfer & Trust Company is the transfer agent for the stock, and Securitize’s own trading catalog lists Continental against the token. That makes the token the issuer-sponsored, indirect kind in the SEC staff’s January 2026 terms: the chain moves the shares, and the transfer agent’s file governs. A US client may hold it, after onboarding with Securitize Markets, a US broker-dealer. The cost is control. On Avalanche, one address with no code owns the contract and can upgrade it, and the contract can seize or burn any holder’s tokens. On Solana, one key is the permanent delegate and can move any balance. The prospectus itself says the contracts can ”seize or burn tokens.” We rate it favorable with conditions: a client who wants SECZ gains nothing in rights from the token form and adds Securitize’s keys to the risks, so the plain NYSE share is the default and the token is for a client who needs to hold or settle on chain.

Research triggers: events that reopen the assessment or shelf decision
• Securitize or Continental seizes or burns a holder’s tokens other than to correct an error against the record
• The Avalanche owner key or the Solana permanent delegate changes hands, or the Avalanche proxy is upgraded
• Securitize publishes access terms that exclude a class of US clients, or ends the switch between forms
• A filing says the token form is a separate class, or that the chain is the master securityholder file

The research file

What the token is

Securitize Corp. is the Delaware holding company formed for the merger with Cantor Equity Partners II, the SPAC that had traded on Nasdaq as CEPT; it was registered as Securitize Holdings, Inc. and renamed at closing. Its common stock (CUSIP 81517B101) has traded on the NYSE as SECZ since 2 July 2026. The June merger prospectus says nothing about tokens. The resale prospectus filed on 7 August 2026 does: on the closing date the company ”enabled Tokenized SECZ,” and it ”is not a separate share class.” Securitize’s launch release is plainer still: ”SECZ is not a synthetic token or offshore wrapper.” The tokens exist on Avalanche, as a DS Protocol contract (0x5954ff40…), and on Solana, as a Token-2022 mint (5VzwKkvy…) whose metadata sits on metadata.securitize.io. Securitize’s own stock catalog lists both addresses with the ISIN US81517B1017. On 23 September 2026 we read 25,729,401 tokens on Avalanche and 148,998 on Solana. The prospectus says ”certain shares of Tokenized SECZ on Avalanche are held by persons who have executed lock-up agreements,” so most of the Avalanche supply is probably insiders’ stock under the merger lock-ups. CoinGecko prices the token at about $52 million, far below the Avalanche supply times the NYSE price; its figure counts circulating tokens only.

Who keeps the record

Securitize runs its own SEC-registered transfer agent and says in the same prospectus that for its clients ”We use distributed ledger technology in the form of a public blockchain as the master securityholder file.” It did not do that for its own stock. The prospectus names Continental as ”The Transfer Agent for the Securitize Common Stock,” and Securitize’s trading catalog labels SECZ with Continental as transfer agent. No filing says whether Securitize Transfer Agent keeps a sub-ledger for the token form. The file therefore records the model as issuer-indirect: the token is how a holder moves shares, and Continental’s file is the one that counts. The prospectus also says that if a wallet is lost or hacked, ”ownership records maintained through the transfer agent framework remain authoritative,” and describes burning and reissuing the token to a new wallet.

Who may hold, and how a holder gets out

”Access to Tokenized SECZ is restricted to holders who meet the onboarding requirements of Securities Markets, LLC, a SEC registered and FINRA member broker dealer.” The filing misnames Securitize Markets. The launch release says the token form is for ”eligible investors in the United States,” subject to KYC, AML and jurisdictional checks. Neither names a minimum, an accreditation test, excluded states, or account types, and the file says so. Only wallets that Securitize has screened can receive the token.

There is nothing to redeem, because the token is the share. A holder ”may elect to switch between tokenized SECZ and nontokenized SECZ” and sell the ordinary shares on the NYSE; the filings give no steps, timing or fee for the switch. Onboarded holders can also trade the token through Securitize’s USDC swap contracts and, on Solana, against on-chain liquidity providers. The prospectus warns that two forms of one stock can split liquidity and widen spreads on the token side.

Control on chain

On Avalanche the token is an upgradeable proxy. Its owner, 0x59c1eace…, has no code; it is the same address that owns the Securitize-issued VBILL and STAC contracts we have read. The implementation (verified on Sourcify) has seize, burn, pause and issueTokens, and every transfer runs a pre-transfer check against the DS compliance service, which consults the registry of approved investors and a lock manager that can lock an investor. That is an allowlist, a freeze, a pause and a clawback, with an upgrade on top. On Solana the mint opens every new account frozen until Securitize thaws it; the mint and freeze authority is 8Twererf…, and D2kGPFTy…, a single key, holds the permanent delegate and the pause. A permanent delegate can move or burn any holder’s tokens without a signature.

The prospectus names the power and its purpose: if tokens are minted in error, ”Securitize’s smart contracts provide mechanisms to seize or burn tokens to remediate these situations.” Because the transfer agent’s file governs, a seizure that matches the file corrects the chain rather than taking the shares. A seizure that does not match it would leave the holder with a claim against Continental’s record, not with the token.

Against Exodus and CURRENC

Exodus and CURRENC are the two other listed companies on file whose own shares Securitize put on chain. Exodus’s filings say its tokens ”give no ownership interest”; Securitize says its own token is the stock. CURRENC uses the same split as SECZ, Continental as primary transfer agent and Securitize as secondary, and the same Securitize keys on chain. SECZ differs in one way that matters: the issuer and the tokenization agent are the same company, so no independent party stands between the company and the keys that can move its shareholders’ tokens.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Securitize Corp. (Securitize Holdings) prospectus, Form 424(b)(3), 7 August 2026 · primary · accessed 2026-09-23
  Supports: natively tokenized common stock, not a separate class, Securitize Markets onboarding, screened wallets only, switch between forms, lock-ups on Avalanche, Continental transfer agent, seize or burn, transfer agent records authoritative, NYSE listing
• Securitize: Tokenizing SECZ (PR Newswire, 2 July 2026) · primary · accessed 2026-09-23
  Supports: not a synthetic token or wrapper, eligible US investors, Avalanche and Solana
• Securitize instant-trading stock catalog (JSON) · primary · accessed 2026-09-23
  Supports: addresses, transfer agent Continental, ISIN and CUSIP
• Securitize Corp. Form S-4 prospectus, 424(b)(3), 5 June 2026 · primary · accessed 2026-09-23
  Supports: merger with Cantor Equity Partners II, no mention of a tokenized class
• DS token implementation on Avalanche (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: seize, burn, pause, issueTokens, upgradeToAndCall
• SEC Divisions of Corporation Finance, Investment Management, and Trading and Markets: Statement on Tokenized Securities, January 28, 2026 · primary · accessed 2026-09-23
  Supports: issuer-sponsored indirect model

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.