Citi downgrades Securitize to neutral as tokenization revenue questions mount

Citi has cooled on Securitize. On October 13, 2026, analyst Pete Christiansen downgraded the tokenization platform (NYSE: SECZ) from Buy to Neutral. The odd part is that he raised the price target at the same time, lifting it to $14 from $10. Christiansen’s core worry is simple. Nobody can say with confidence how much revenue tokenization will generate for Securitize, even if the broader market for tokenized assets keeps growing. Why Citi stepped back Christiansen pointed to three main concerns. The first is the recent rise in Securitize’s share price, which has pushed investor expectations higher. The second concern is supply. Lockup agreements could free up more shares for sale, which may add pressure on the stock once those restrictions lapse. The third issue is monetization. Christiansen acknowledged that tokenization is expected to spread across a range of asset classes. He still sees real questions about how much of that activity the platform can turn into revenue. Activity is up, revenue is not Securitize’s second-quarter 2026 numbers show exactly why that question matters. Average tokenized assets under management rose 16% year over year to $4.3 billion. Transaction volume ...