Benchmark initiates coverage on Securitize, describing it as a "shovel seller" target in tokenization.

Jinse Finance reports that on April 1, investment bank Benchmark initiated coverage of tokenization infrastructure platform Securitize for the first time, assigning a “Buy” rating and a $16 target price, positioning it as an opportunity for “picks and shovels” in the tokenization wave (i.e., a business model of selling shovels to miners during a gold rush).
The analysis said Securitize’s business model is centered on the full lifecycle of tokenized assets, covering issuance, trading, and services, enabling it to continue generating revenue as the industry scales up, without relying on the success of a single asset or product.
Benchmark believes tokenization is one of the most profound transformations in capital markets since electronic trading, and Securitize is at the core of this trend. The company has already captured about 70% of the U.S. tokenization market share and has partnered with major asset managers such as BlackRock; its BUIDL fund has a scale of about $1.7 billion.
Securitize plans to go public through a merger with Cantor Equity Partners II, and it is expected that after the merger it will trade on Nasdaq under the ticker SECZ. The analysis also noted that despite strong industry momentum, further mainstream adoption of tokenization still depends on continued clarity in the regulatory environment.