Another crypto company has hit the public markets. Securitize, the BlackRock-backed firm that specializes in tokenization, or putting financial assets like stocks in blockchain wrappers, debuted Thursday on the New York Stock Exchange. Shares fell below their IPO price in pre-market trading but are up nearly 3% since markets opened.
The tokenization specialist raised $400 million from its public offering after merging with Cantor Equity Partners II, a special purpose acquisition company, or SPAC. The deal valued Securitize at $1.25 billion. About 71 percent of the SPAC’s cash pool stayed in the merger rather than being withdrawn by investors.
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