Securitize's second-quarter results showed rapid growth in platform activity without a corresponding increase in revenue, highlighting the gap between tokenized asset expansion and near-term earnings. Average tokenized assets under management rose 16% from a year earlier to $4.3 billion, while aggregate transaction volume jumped 147% to $5.3 billion. The increase was driven mainly by subscription and redemption activity in BlackRock's BUIDL and BUIDL-I funds, along with a $250 million subscription to the Securitize Tokenized AAA CLO Fund. Revenue nevertheless fell 5% to $14.4 million, tokenization revenue declined 12% to $7.8 million because of fewer completed on-chain integrations, and asset-servicing revenue edged up 3% to $6.6 million. Operating costs and expenses rose 56% to $24.1 million, pushing operating loss to $9.7 million from about $200,000 a year earlier, while adjusted EBITDA swung to a $5.5 million loss from a $1.8 million profit. Securitize reported a $21.7 million GAAP net loss that included a net $11.7 million adverse fair-value movement tied to option, SAFE and derivative liabilities. After the quarter ended, the company's business combination with Cantor Equity Partners II materially changed its balance sheet: Securitize had $33.6 million in cash on June 30, and an unaudited pro forma statement showed $352.6 million of combined cash and no borrowings after convertible notes and related instruments converted into equity.