自上周完成 SPAC 合并以来，Securitize (SECZ) 股价已下跌约 40%。 尽管机构对代币化（加密货币增长最快的领域之一）的兴趣日益浓厚，但这种下降还是出现了。 Arca 的 Jeff Dorman 表示，此举似乎更多是由 SPAC 机制驱动，而不是基本面恶化。 贝莱德支持的代币化专家 Securitize (SECZ) 于上周上市，尽管它是华尔街最热门的加密货币趋势之一的少数几个纯粹押注者之一，但它的起步并不顺利。
该公司股价周二暴跌 25%，随后收复了部分抛售，自上周完成与特殊目的收购公司 Cantor Equity Partner II 的合并以来，Securitize 股价已下跌约 40%。 这种急剧下降与人们对代币化日益增长的关注形成鲜明对比，代币化是华尔街增长最快的区块链用例之一。贝莱德、富兰克林邓普顿和摩根大通等主要金融公司加大了力度，将美国国债、基金、信贷和股票等传统资产纳入区块链轨道。花旗预计到 2030 年代币化资产将达到 5.5 万亿美元，而 BCG 和 Ripple 预计到 2033 年市场可能接近 19 万亿美元。 SPAC过渡 投资公司 Arca 首席投资官 Jeff Dorman 表示，此次抛售似乎与 Securitize 的基本面或任何具体新闻无关。 “我们没有看到重大的负面基本面催化剂，”多尔曼说。 “在 SPAC 之后，此类重大变动很常见，因为整个投资者基础从固定收益导向的 SPAC 买家转向新的、受基本面驱动的长期股权所有者。”
SPAC合并股票在交易初期通常会波动。这些工具首先筹集资金，然后寻求收购，从而使私营公司能够通过与壳公司合并进入公开市场。但一旦交易完成，投资者基础往往会发生变化，SPAC套利投资者和以赎回为重点的持有人让位于权衡公司基本面的公共股权投资者。这种转变可能会造成价格剧烈波动，特别是当流通量有限或股票在合并前上涨时。 加密货币首次公开募股的宿醉 多尔曼补充说，近期上市的加密货币相关股票表现不佳，导致投资者保持谨慎。 “考虑到最近的加密货币 IPO 有多糟糕——Coinbase (COIN)、Bullish (BLSH)、Gemini (GEMI)、BitGo (BTGO) 和 Circle (CRCL)——这并不奇怪，”多尔曼说。 自 2 月份 IPO 以来，数字资产服务提供商和托管商 BitGo 暴跌 70%。由 Winklevoss 兄弟创立的加密货币交易所 Gemini 较 9 月份上市时下跌了 85%。 CoinDesk 的所有者 Bullish 较 2025 年 8 月的 90 美元首发价下跌了 70% 以上，低于 37 美元的 IPO 价格。
Circle (CRCL) 的股价仍是稳定币发行人 31 美元 IPO 价格的两倍多，但略低于开盘价 69.50 美元，较 2025 年 6 月的峰值低 77%。与此同时，Coinbase (COIN) 于 2021 年 4 月通过直接上市方式上市，其股价较开盘价 381 美元下跌了 56%。 周二的下跌也恰逢加密货币相关股票全面下跌的一天，而以科技股为主的纳斯达克指数下跌了 2%。 CRCL 下跌 5%，BTGO 跌超 4%，前 SoFi Mike Cagney 旗下区块链公司 Fig (FIGR) 暴跌近 8.8%。 代币化
Securitize's (SECZ) stock price has fallen about 40% since completing its SPAC merger last week.
The drop comes despite growing institutional interest in tokenization, one of crypto's fastest-growing sectors.
Arca's Jeff Dorman said the move appears driven more by SPAC mechanics than deteriorating fundamentals.
Securitize (SECZ), the BlackRock-backed tokenization specialist that went public last week, is off to a rough start despite arriving as one of the few pure-play bets on one of Wall Street's hottest crypto trends.
The firm's shares tumbled as much as 25% on Tuesday before clawing back some of the sell-off, and Securitize is down roughly 40% since completing its merger with special purpose acquisition company Cantor Equity Partner II last week.
The sharp decline stands in contrast to growing attention around tokenization, one of Wall Street's fastest-growing blockchain use cases. Major financial firms like BlackRock, Franklin Templeton and JPMorgan have expanded efforts to bring traditional assets such as U.S. Treasuries, funds, credit and equities onto blockchain rails. Citi projected that the tokenized assets could reach $5.5 trillion by 2030, while BCG and Ripple estimate the market could approach $19 trillion by 2033.
SPAC transition
The selloff appears to have little to do with Securitize's fundamentals or any specific news, said Jeff Dorman, chief investment officer at investment firm Arca.
"There is no major negative fundamental catalyst that we can see," Dorman said. "These kinds of big movements are common after SPACs because the entire investor base turns over from fixed-income-oriented SPAC buyers to new, fundamentally driven long-term equity owners."
SPAC merger tickers are often volatile in their early days of trading. These vehicles raise money first and seek an acquisition later, allowing a private company to reach the public market by merging with the shell. But once the deal closes, the investor base often turns over, with SPAC arbitrage investors and redemption-focused holders giving way to public-equity investors weighing the company’s fundamentals. That transition can create sharp price swings, particularly when the float is limited or the stock had traded up before the merger.
Crypto IPO hangover
Dorman added that poor performance of recent crypto-related stock listings have conditioned investors to be cautious.
"Given how horrible recent crypto IPOs have been — Coinbase (COIN), Bullish (BLSH), Gemini (GEMI), BitGo (BTGO) and Circle (CRCL) — it's not that surprising," Dorman said.
Since its February IPO, digital asset service provider and custodian BitGo tumbled 70%. Gemini, the crypto exchange founded by the Winklevoss brothers, is down 85% from its September debut. Bullish, CoinDesk's owner, has fallen over 70% from its $90 debut price in August 2025, and sits below its $37 IPO price.
Circle (CRCL) shares remain more than double the stablecoin issuer’s $31 IPO price, but are slightly below their $69.50 opening trade and 77% off of its June 2025 peak. Meanwhile, Coinbase (COIN), which went public through a direct listing in April 2021, is trading 56% lower from its $381 opening.
Tuesday's decline also coincided with a generally negative day for crypto-related stocks across the board while the tech-heavy Nasdaq lost 2%. CRCL was 5% lower, BTGO fell over 4%, while Figure (FIGR), the blockchain firm of former SoFi Mike Cagney, plunged nearly 8.8%.
Tokenization
