Tokenized SECZ (Securitize Corp. common stock)

Summary

Ketju does not approve Tokenized SECZ: the token is Securitize Corp.’s own NYSE common stock, but Securitize keeps keys that can seize or burn any holder’s tokens. Securitize Corp. listed on the New York Stock Exchange on 2 July 2026, after merging with the SPAC Cantor Equity Partners II. 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 token holder owns the same common stock that trades on the NYSE, with one vote a share. Continental Stock Transfer & Trust Company, the transfer agent, keeps the register of shareholders off chain. A US client may hold the token after onboarding with Securitize Markets, a US broker-dealer. On Avalanche, one address with no code owns the contract and can upgrade it, and Securitize can use the contract to seize or burn any holder’s tokens. On Solana, one key is the permanent delegate and can move any balance. Our research supports holding the token with conditions. The token form adds no rights and adds the risk of Securitize’s keys. We therefore treat the plain NYSE share as the default, and the token as suitable only for a client who needs to hold or settle on chain.

Review triggers
• Securitize or Continental seizes or burns a holder’s tokens other than to correct an error against Continental’s register
• 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

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-23.

Changes

Research

How it works

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 says that on the closing date the company ”enabled Tokenized SECZ,” and that it ”is not a separate share class.” Securitize’s launch release says: ”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.

Size and holdings

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.” Most of the Avalanche supply is therefore 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, because CoinGecko counts circulating tokens only.

Transfer agent

Securitize runs its own SEC-registered transfer agent. In the same prospectus it says that for its clients ”We use distributed ledger technology in the form of a public blockchain as the master securityholder file.” Securitize 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 lists Continental as transfer agent for SECZ. No filing says whether Securitize Transfer Agent keeps a sub-ledger for the token form. In the SEC staff’s January 2026 terms, the token is therefore issuer-sponsored and indirect. A holder moves shares with the token, and Continental’s register decides who owns them. The prospectus also says that if a wallet is lost or hacked, ”ownership records maintained through the transfer agent framework remain authoritative.” It describes burning and reissuing the token to a new wallet.

Eligibility and withdrawals

”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 lists each one as not stated. Only wallets that Securitize has screened can receive the token.

The token is the share, so a holder has nothing to redeem. 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.

Who controls it

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. Every transfer runs a pre-transfer check against the DS compliance service. That service consults the registry of approved investors and a lock manager that can lock an investor. Securitize therefore holds an allowlist, a freeze, a pause and a clawback, and can also upgrade the contract. 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.” Continental’s register decides ownership. A seizure that matches the register corrects the chain and does not take the shares. After a seizure that does not match it, the holder would keep a claim based on Continental’s register but would lose the token.

Comparison

Exodus and CURRENC are the two other listed companies in the Register 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, with Continental as primary transfer agent and Securitize as secondary, and the same Securitize keys on chain. SECZ differs in one important way. 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

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.