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Securitize CEO Carlos Domingo | SPAC Strategy, Growth & $CEPT Outlook
Recorded: April 6, 2026 Duration: 1:09:40Space Recording
Full Transcription
Thank you. Good morning, guys. How's it going?
What's up, brother?
You hear me, Wolf? Yes. Can you hear me wolf yes can you hear me brilliant i hear you yes there we go slight connection
issues my fault yeah i was just saying uh those of you that are just tuning in for the very first
time we are having a small capping investing space with story trading always a great time to be here
with the crew we have money mark laptop travel Laptop Travel, Dougie Fresh.
And we are going to go into some amazing discussions in the second half of this show.
We will have a wonderful interview coming up.
But those of you that are just tuning in, really, really appreciate it. If you drop a comment, share it out with your friends that would be interested in this stuff.
But I'll pass it over to Ben as I get the rest of the speakers up here.
Always a pleasure to be here with you guys.
Hey, how's it going? This is Rhett, guys.
Ben is trying to get on. He is having technical difficulties right now.
And let's see if he can get on. There we go.
Looks like he should be hopping on any second now.
Money Mark, you want to go ahead and kick us off on your macro thoughts?
Sure thing. No problem.
So last time we were here,
I mean, obviously everybody knows the Iran conflict, oil prices, et cetera, et cetera.
But what I provided in the context of a yellow alert that I provided back in the summer,
which has played out well, the market has basically gone either nowhere or down since then.
We reached a point of extreme fear. If you look at the CNN fear greed index, I love checking that
out because whenever that gets to 75 or above, that is a point at which you want to be taking
profits. If you've made big profits in some names,
you take some profits off the table
when the fear greed gets up
to that extreme greed territory of 75.
Now, the extreme fear territory is said to be 25
by that index, but I say no.
Don't pay attention to that.
You want the extreme fear to be 10 or under.
I like single-digit fear. That's extreme, real extreme fear. And we had gotten to eight. Okay. So even though I was, has, have been
and remain on yellow alert, I had said last week's show that with a fear-greed index of eight and everybody freaked out about
Iran and oil, including me, right? The right move was to go the contrarian route. And by the way,
the charts at that point had been going straight down. The indices were going straight down several
days in a row, going down, down, down. And it just looked like we were going to just fall off a cliff like Wile E. Coyote. That's the exact time that you want to either get
in or at least not panic out of names that you're in. And of course, I've got a rule, been around
this for 30 years, earning 40% a year, seven figures a year. I have a set of rules. And one
of those rules is if you don't like the market, sell the
market, not your favorite names. Okay. And what we looked at at that point was, I think we're
going to get a bounce because the market is just too negative. I'm too negative in my heart, but
the rules are telling me fear, greed is eight. The market's been going straight down by the dip, at least for now. And what happened?
The NASDAQ, the Russell, the S&P, all up 4% since last week's show.
So hope you guys tuned in for that.
Hope you tune in going forward.
Now, what does that mean now?
Well, we're very close to a death cross on the QQQs, okay?
We've had this nice 4% bounce. These violent bounces, by the way,
when you see these big 2% up moves in the market, those are the types of moves. And I think we had
a 3% day on the NASDAQ there last week, where you are going to see those big violent moves are typically in the context of a downtrend.
So my base case right now is that we remain in a downtrend.
But last week's bearishness said, don't join in.
If anything, you can pick up some positions, trim some hedges, and then revisit on a bounce.
Well, guess what?
We've seen the bounce.
We're approaching the bounce. We're
approaching the death cross. And I would say the path of resistance right now is back to the
downside where you want to bet against the market, not your favorite stocks. I'll be talking about
one on the second half of the show. But make no mistake, this Iran situation is not over.
And even when it is over, we have a number of disruptions that have occurred where you're
seeing prices on fuel going up.
That is not going to be a quick fix.
We don't know what's going to happen in the Straits or Hormuz.
That's not a quick fix.
And even if the Straits open up tomorrow, there's a bunch of ships that are gonna have
to find their way in there.
They can't all just pile in there immediately
and send oil all over the world and everything's okay.
It's gonna take a little time.
So be careful.
This is a bit of a process.
We have to see what happens.
And not for nothing, but when you see a market correct
like we just have, 10% down on many of
these indices, you see a revisit, right? You see a test of the lows. And so we've had a V-shaped
bottom. I'm sure Dougie Fresh can give us more on this, but I would expect something of a retest
from this point forward. So I'll turn it over to the rest of the guys and we'll be back in just a little bit where I'll give you a specific stock that I actually have been buying
in the midst of this. All right. Thank you, MoneyMark. I missed just the beginning of that,
but I got the gist of what you're saying. We'll see. I'm not sure if we're going to have time
for stocks. We have a quick interview at 1.30 30 but we'll try and get to it so um interesting I last 30 days is probably
the first time since I can remember years maybe that my long-term account
performed better than my short-term account um and my short-term account I
have been trading very scared and I did take advantage of the dip in my long-term account because i'm
not as price sensitive in the long-term account if i see a dip i'm i'm getting in right i'm not
trying to time the bottom because this is like sitting there for years uh in the long-term
account so i bought uh ahr on the dip last week and i learned this all in the discord i bought
aoi on the dip uh i bought lasr on the dip but some umac on the dip. I bought LASR on the dip, bought some UMAC on the dip,
and they're all paying off handsomely.
Got back in Micron on the dip over there.
Well, not really on the dip.
As I started to rebound after they got a big upgrade last week,
I got back in that.
But my short-term account, which is really the main focus of our daily
recommendations and our Discord has been been very challenged
um it's hard man i gotta say uh i've been at red alert for like a month and i went to yellow alert
actually upgraded it today um and the reason i upgraded it was we saw two very interesting
things happen on thursday um one is we reclaimed the 50-week moving averages on the major indices,
at least QQQ SPY, after losing it the week prior with a favorable RSI. So if you just look at the
weekly charts, it looks like a favorable technical setup. But more importantly, we had a red to green
reversal on Thursday in the midst of really bad news, ahead of a three-day weekend, where
investors chose not to de-risk, especially in the second half of the day. I mean, that was kind of
shocking to see that. And that's a classic, and I'm not saying the bottom is in, I'm just saying
that the risk may be starting to skew to the upside a little bit, which is why I went from
red to yellow. But that's a classic bottoming sign when you no longer go down on bad news. Those are the positive points. And the reason
I upgraded is even though there's still a lot of potential downside, particularly with
the price of oil and even, and I'll get into the Trump thing in a second and what could
happen. But also what we saw yesterday, last week, was a lot of stocks,
high beta, high growth stocks, acting really well. And this goes to Money Mark's point where,
you know, if you're negative on the market, keep your favorite stocks and short to market. And I
didn't really do that the last couple of weeks in my short-term trade account. I've been like,
let me go to close to 100% cash as possible in my trade account.
So look at stocks like Air, 52-week high, Lunar, 52-week high, Kodak, 52-week high.
I mean, there's a lot of high-quality, high-beta kind of growthy names that have done really
well through this.
So because I saw that combined with those other two price
action signs on Thursday, I said, you know what, let me upgrade to yellow alert, which for us,
at least in short-term accounts, means it gives us more flexibility to swing something,
just have some hedge against it. So we kind of missed out catching the bottom there because
we've been kind of so fearful. And I don't want to say fearful, but we've been in capital
preservation mode in short-term trading accounts. Now, on the negative side, we got rejected at the 200 DMA.
Let me see if we're still rejected there on the SPY.
Okay, so yeah, pretty much.
Okay, this could just be a – technically, if you look at the daily chart – now, the weekly looks constructive.
But if you look at the daily chart, this could just be a counter-rally dead cap bounce before the next leg down yeah
look at the look at the death cross coming on the queues on the daily uh i believe so yeah yeah
uh that's still a while away the 5200 but it's uh it'll come eventually if we stay down here but
and then also on the negative side is this is also shocking what happened on Thursday. Oil was up huge, but the market went red to green.
Man, I was not around trading on Thursday.
I had a day off.
But if I was, I would have gotten destroyed.
Like, I don't know, Mark.
I know there's all kinds of different indicators.
And, yeah, you had the fear and greed.
But that would have killed me, man, because I'm like I I've been playing this, what do you call it,
playbook here in the last month on Fridays where there's de-risking into the weekends
and it works so well.
And then to see that market red, I'm sure a lot of people got destroyed on Thursday,
assuming we're going to de-risk into the weekend.
But that's the other negative, is that oil is still extremely high.
It's going up.
What is it, high of day now?
1.62%?
Here we go.
All right, we're basically high of day right now.
And the longer it stays up here, I mean, it will at some point, if it stays up here, cause
a recession and all kinds of global economic problems.
Now I think that Trump is actually truthful about his deadline this time. And
I think he wants to finish this up either by forcing some sort of capitulation from Iran,
or if they don't, if he doesn't get that, he's probably going to bomb the shit out of
their, you know, bomb the shit out of their economic infrastructure over a five to 10
day period and then exit stage right.
The problem with that is that doesn't necessarily bring the price of oil down.
So that's your positives and negatives that we're not going green alert.
But I just did.
I had to upgrade to the yellow alert because of the strengths we're seeing in individual names.
And it's not like a full swale liquidation across the board.
And, you know, I don't want to stop missing out on stocks with really strong catalysts,
you know, doing really well during this period of time.
So we've upgraded, but I still think, I kind of agree with Mark,
that there is risk to the downside, but I also think that Trump is done here.
And either he's going to be successful in pressuring Iran,
or if he's not, just another five to ten days of bombing and it's going to exit stage right.
Really interesting points there.
And earlier, we're going to pass to Dougie.
So I'd love to hear your thoughts on that.
So I'll pass it over to you now.
Yeah, interesting market for sure.
And this morning, Ben, I know, I was saying like,
well, I thought it was topping out and then now all of a sudden it turned around,
it's going back up. I did think we might get one more run up. So maybe this will be the last spike. I have to agree with Ben. I think this war has to be over on Trump's end anyway. Relatively soon,
he has to do something. And I think it's going to be within the week. And it looks like it with
oil, it's going to get topped out here. And think it will be coming back down so i think you're
going to see something with the war ending and whether it's a good thing for oil or not we'll
see but it's going to do something right here you can definitely tell on the chart i was saying that
this morning and let's see bitcoin's been crypto's been actually holding itself. And of course, we're the small cap show.
And our small caps, actually, the IWM doesn't even look that bad right now.
It actually looks like one of the better indices, I'd have to say, at the moment.
So you can take it for that.
Look at the pressure. Sorry, look at the pressure Trump's putting on.
It just came out.
I see him and you see Trump says,
Trump can be taken out in one night might be Tuesday night.
So it's trying to get them to capitulate to some sort of deal right now.
I was actually going to say Trump speaking right now. So expect the market to get a little volatile as we're on.
So whatever we're saying right now could all just get reversed around, depending on what he says, as you just pointed out there, Ben.
just get reversed around depending on what he says as you just pointed out there ben but yeah
a couple things that i'm looking at right there but i think it's going to come down to what happens
in iran in the next week i think we're going to be coming down to the end of it and uh and then
we'll have to see what exactly oil is going to do and then we'll base the market off of that because
that's what's going to be the uh deciding factor what's going to happen. Is the market going to be able to pull back or get really rocketing here? So it all depends on oil.
If oil stays up, the market cannot run. If oil dips down, the market can get popping. So that's
what we're looking at. And I'll pass it back to you guys. Yeah, really great stuff there. Laptop travel, anything you'd like to add to that
then we go to ariel afterwards yeah hi uh yeah trump just stepped up the podium a moment ago so
nothing really uh important there yet at this time you know um you know even though we're heading
into april 2026 you know the market feels like it's barely hanging on in a lot of respects, you know, by a thread for regular investors.
And we also feel like last week it almost seemed like a bottoming where the market really wanted to go up on any kind of good news.
But I think overall the macro does hinge on the negative a little
bit um and you know the the nasdaq and the s p the dow are just scraping out tiny little uh gains
and of course march was dominated by this this fear you know we can't get away from crude prices and crude prices are are stuck painfully
high here uh even if we pull out of iran um i think what's happened is i think that trump has
either intentionally or unintentionally changed the global structure of the oil markets because
with the seizure of venezuela or venezuelan oil and some of their
assets and uh now uh trump's expansion for uh oil and his desire to get canada plans to
drill in greenland um you know the whole world is going to shift back to the focus of a Western
hemisphere, North America, pretty much dominated oil market. You know, it's kind of like wrecked
the playground for other kids in the Middle East. And even if he walks away, and I don't think we've
brought all these military assets to bear just to turn and run away.
Now, certainly it could be positioning, and it's less expensive, of course, to position than to fight and maybe trying to bring Iran to their knees.
I don't know if that's a regime or a government that's willing to do that.
So we're still going to fight these geopolitical
headaches, keeping global investors on edge. You know, bonds are suffering. The whole setup
screams stagflation risks ahead for America and for the rest of the world. Europe is going to be
in a tough spot. And that leaves everybody, everyday folks, with just little choice but to hunker down and diversify.
I do like space stocks.
Artemis is going to pass around the moon tonight at 645.
And I think we're going to see more and more enthusiasm for space stocks.
And the other sector I think is really hot is uh photonics
for ai centers so um i'm gonna give people two stocks that i i like i'm not gonna talk about
them right now i'm gonna give them to you in the comments uh to save on time
so we'll give it back to you there. Yeah, really good stuff there.
Ariel, I'd love to hear your thoughts.
Yeah, guys.
Another eventful weekend and Monday,
and happy Passover and Easter to everybody.
So I'm going to tell you something.
I was really going through this
and hearing from my contacts at airlines
and Europe and whatnot.
So the oil issue that we have with price being $1.12
and everyone's like, okay, look, the war's going to be done soon
and oil will go back to $50.
And so that's what I'm hearing a bunch and all good stuff.
And I'm like, I don't think people really thought this through
in more detail.
And unfortunately, this is what's dominating everything, right?
So today, Europe, I don't know if you guys seen but they're starting to like the uk is starting to actually cancel some flights right and especially the ones that are coming out like a
little later you're talking about in the next month or so they're just canceling them and not
reissuing them and why is that the case because of the price that folks paid before, and they got oil, you know, when they paid for it was oils at 70 bucks or 80 bucks, and now it's at 112.
Well, it's costing airliners, right, a ton of money.
So it's worth it for them to cancel these flights because they're losing money every time you fly.
Just recently, the U.S. canceled a flight from California to Alaska.
It was worth it for them to do that.
worth it for them to do that. Now Europe is starting to put in measures that you once saw
before in COVID, where they're saying work at home and they're giving incentives for folks to not be
out there as much. So what does that do? That affects growth, the GDP. It's going to hurt us
in the same way almost like we've seen it before, once before in COVID, where I have a feeling that this debacle isn't going away anytime soon.
Even with the war, let's just say there's a 45-day pause.
Remember, all these ships were not able to pass, right?
And these ships are moving at snail's pace.
Okay, so it takes like months, essentially, to go from one end to another, especially to certain ports, to Asia.
And the
big problem will be Europe and Asia, really. We're fine, more or less, right? And even that
depends on the light or the heavy oil that we use, right? Because our infrastructure is
set up for heavy, yet we produce light. And that's why it's more expensive and we can export it at a
much higher rate. So something for everyone to think about that this is not over. Okay. So if everyone's going to see this rally, go crazy,
and maybe you're going to see something like, you know, five more percent up, 10% up, I'm going to
be probably, you know, I told you guys about two weeks ago, I wasn't there last week that I'm
buying the dip. You better believe I will put stocks that I know for the longer term account.
But for those of you who are trying to game this and say, oh, man, I'm going to play the futures and I'm going to buy these, you know, the ESs, you know, like the spies and rock and roll.
I would say just be super careful because right during summer when we're at peak driving season, be careful what the prices of oil will be then because the need will be in the next, like I would say two to four weeks.
That's when it'll really hit hard for a lot of these countries that just stopped getting shipments
because of what happened a few weeks ago. So I'm kind of really focusing my attention on that,
guys. And that's where my head's at. And I'm worried. I will tell you another thing.
We are climbing the wall of worry for sure. So I'm
going to speak a little bit from the other side of my mouth. That's why it's very difficult for
me to trade here. So that's why I'm going more long-term is that when you see oil going up in
the markets going up, it's baffling. So it's unbelievable. People really still want to find
those growth stories and profitabilities there, then you want to focus
on that and pay for it very cheaply. There are stocks like DEFT, where they did come out with
an unbelievable net income number, yet the market's still not waking up to that, but you're starting
to see people focusing. So all I'm saying is, we're in this weird position. Yeah. Of course, if oil was lower, I would be like,
oh my God, it's like all systems go. But because we still haven't figured out what that really
dislocation looks like, I am super careful here, guys. I mean, I'm just like, if I'm not going to
have it in cash, I'm fine. As long as I could own stocks down the road. If I could either buy stock,
I really like, I may sell options against it. Okay so like you know i take advantage of the ball i mean you know vix above 30 you want to be
selling calls you want to be selling puts uh against of course your position not naked calls
so so like that that is an important you know aspect you could juice your returns unbelievably
double digits a year if you know what you're doing there. And I would tell everybody on this call here, go on your chat GPTs.
Go to investopedia.com.
Go to learn how to sell options against your positions.
I think that's extremely important when the vol is this high.
All right.
That's it.
I said a lot.
All right.
Cool.
Thank you, Ariel.
I'm going to go quick so we can get some work.
See if I can do it in 60 seconds.
Keep an eye on a HR
earnings are tomorrow afternoon is it now a top three position for me in my long-term account
and voting up since the earnings report in the mid-20s back in January 9th I give you guys the
target back down to 50 to 75 by year-end and we're above 50 I actually haven't reduced I mean I've
traded in my trade account that's how I'm generating
profit but in my long term account I kind of like to stick with it until the story changes
or until I see like kind of a blow off top on the candles or anything or something like
that.
So I haven't seen that yet.
By the way, Satwini, while we're talking just now in the last 10 minutes just put a
buy alert out on air and there's a lot of other big social media social media influencers getting to the stock so this is also an area where you can see
sentiment premiums and the stock trading above whatever fair fundamental value is so I think
we may just be getting started on air other one brings your attention GLND I'm going to
trade position on this one GLNDND, Ring Opening Belt tomorrow.
This is the new, the DSPAC.
We interviewed them here.
The Greenland Oil Exploration Company.
Just a little trade with what's happening with oil and the Ring Opening Belt tomorrow,
so keep an eye on that one.
And then, man, shout out to Kodak.
I did not keep this.
I wish I kept this in my long-term account, but finally hit my 10 to 15 target.
Oh, my God.
I don't know what happened, what I missed here in the last couple of weeks,
but it just fucked the market trend.
So congrats.
I saw some people in our Discord help through the last couple of quarters
when I put the buy lord out on it, but I didn't.
So congrats on that.
All right, Money Mark, over to you.
Hey man, great call on AEHR.
I'm right there with you.
The new Silicon Photonics customer,
I came out and said that that was a major press
release. The stock was only up 12 or 13% on that release at the open. And I said, that is not
enough. You can check out my weekly show, Stock Talk Live on YouTube. Check my X feed for the
link to that, where I gave a full rundown on why that was so significant. And I am with you on that price target, my friend.
Other than that, new AI pick is now official.
This is Energist, W-A-T-T.
Don't have time to get into deep details
about it here and now,
but you can also see the links in my X feed
with a full written report
as well as multiple YouTube videos put out on that one.
One thing that I also love about it is that the short seller traders have come out negative on
that stock, completely missing what's happened from a fundamental perspective that takes what
they said, which by the way, I agree with everything that they said
about the history of this company. But what they miss is they didn't do the research on what's
happening now and the future. And of course, the value of a company is based on the future.
So this is now my number one holding WATT. I've embargoed myself not selling any shares,
right? So these traders can scare you
and try to get you out of the position so they can make money on a short-term short trade.
I'm sticking to it if not buying more. So check that out, WATT.
By the way, that is related to AI and IoT. But check out my research and you'll get the information on exactly why AI and IoT have converged to make this one of my top names.
Really good stuff there.
No, that's great.
And I've been looking into that since you first mentioned that.
So I find that very interesting, that WATT.
But Ben and Rhett, any idea as to, you know, what's up with Carlos?
I had changed over the title already because I know we're halfway through right now and we're expecting an interview with him.
So I'd love to hear some thoughts on that from you, Ben, if you have any closing thoughts before he comes up or where you'd like to go with that.
No, I don't have any closing thoughts.
I think we covered it all here.
Rhett is on from the other account,
Story Trading Spotlight.
So I will say that we've had
the last D-SPAC that we interviewed,
it was GLND, actually.
Oh, I've touched on it.
And the thing went,
it went up like 200%,
like a week after our interview
went to D-Spec.
So there are opportunities here in these interviews to learn what's going on.
So we're looking forward to that.
Brett, you there from the StoryTrading IR account, StoryTrading Spotlight?
Yep, I can hear you, Ben, loud and clear.
We're just waiting for Carlos to hop on here.
While we wait for him, I do want to mention that this is a paid segment of
the X Spaces before we get started. And if Carlos, if you are there, just go ahead and request and
we'll bring you on. I think the Securitize account is here. You see that? I don't know if they're,
hold on, can we bring them up? You see that official Securitize account?
Yep, there we go. Yeah, I sent the invite to them.
I don't see an option to add them as a speaker.
Yeah, I just sent it over. There we go. And then I see Carlos as well. So I'm sending it to Carlos now. He just joined, guys.
As usual, folks, those of you that are just tuning in, we just shifted from the small cap discussion.
We were just naming some various things that we're seeing on the scenes, and we're about to have
an interview with the Securitize CEO.
All right, Carlos, I just sent over that invite to you.
If you want to accept it, we'll bring you onto the stage, and we'll get started.
Always an adventure. Those of you that are just tuning in for the first time on spaces this is regular for us but uh it is just a part of rolling with it it is live as you can see uh just trying
to get uh carlos up and securitize team and as usual uh no favors being done by the platform
but uh hopefully he is up is he on your side can you see him up right uh on my
side it says he's down as a list i see them just as listeners i see both securitized and carlos
carlos there's a speaker i see now awesome let's get started guys hi everybody great thank you
carlos thank you so much carlos for joining us um i'm uh this is a very interesting topic about tokenization the topic i don't know
a lot about so actually um ryan and rhett brian from the wolf account and rhett from the story
trading account here definitely feel free to jump in and help me out with uh helping help me out
with asking these questions and learning about this business. It's going to be a big learning curve for me here to learn about tokenization.
So we have Carlos Domingo here from Securitize, the CEO and co-founder.
This is ticker symbol right now, CEPT.
It's a cancer Fitzgerald SPAC that's going to be de-SPACing ticker symbol S-E-C-Z.
All right.
So let's just start here with Carlos.
Why don't you tell us a little bit about your background,
your role at the company, how long you've been with the company,
and we'll take it from there.
Sure.
So thanks for inviting me.
It's my pleasure to be here.
My background, I come from the tech industry.
I've been in technology companies in different domains in my career, and I started getting
interested in the whole blockchain space in 2016 when Ethereum launched.
Some of our colleagues, they joined the space, investigating the technology, and then stumbled
upon this particular use case of globalization that we're going to talk in a minute. I thought that that's the biggest and the most relevant use case for a blockchain,
which is to modernize capital markets.
So I started working on this in 2017, did one of the first tokenization projects
in the industry for a VC fund, and on the back of that spun out the very basic,
you know, version of the technology that we built at that time
to create Securitize in November 2017.
And I've been the founder and CEO since then.
Okay, great.
And if you can give us an overview of the SPAC process here,
a little history of how that started and the timing,
maybe details of the valuation, if there are
any pipes and kind of what do you expect the closing to be?
Sure.
Yes.
So we started thinking about this in the middle of last year.
We were looking at the company was already eight years old and we have been growing,
especially the last two years when organizations really start taking off and looking at options
for what to do. And then, you know, we're approached by different SPAC sponsors and,
you know, ended up deciding that route and chose Cantor Equity Partners 2, which is a
Cantor Fitzgerald sponsored SPAC. We signed the business combination agreement in November
last year, October, November last year. The valuation of the company was $1,250,000,000.
And then we raised a $225 million pipe.
It was the largest pipe for any operating business for any SPAC since 2021.
So it was very successful from that perspective.
And then we filed the S4 at the end of last year.
Unfortunately, as you guys know, the government was closed for the shutdown for 90 days.
So the SEC had a bit of a backlog by the time we filed RS4.
So we got the first set of comments
and then filed the S4 publicly again at the end of January.
And then now we're going through the next set of questions
and also finalizing the 2025 audited financials to file
RS4 updated S4 again. And hopefully after that, depending on whether the SEC has more questions
or not, we can then get the S4 being effective and then contact the proxy vote of the SPAC
and take the company public. Okay, so 1.25 billion dollar implied valuation
um can you before i get into the the meat of this stuff the product and everything um i'd like an
idea if you don't mind telling us um about the financials uh revenue run rate uh cash burn
estimated time when you think you guys can flip to profitability,
just so we can kind of make sense out of this 1.25 billion valuation?
Yes, so the revenue from last year,
we're about to, as soon as we file the S4 publicly,
finalize the 2025 numbers, so I'll just not get into a lot of detail there.
But for the 20 numbers, so I was just not getting into a lot of detail there. But for the 2026, we were forecasting $110 million.
So the valuation was anchored on the 2026 financials, thinking that we are going to
go public in 2026.
And that was based looking at comparable multiples of companies in the space like Coinbase, except that they were trading at 10, 11 times, you know, for more revenue.
The company was profitable already, so hopefully will stay profitable in the foreseeable future.
So at least that's the initial plan.
Wow. Carlos, the company's already profitable.
That's the second time we've had a spec here
that's already problem that's very rare for a spec can you quantify that for us a little
one you say profitable is that like an adjusted ebitda number are you talking about like cash flow
profitability what do you what do you mean by that it's we use uh in our deck uh and it's just
the number um as a you a measure for profitability.
Okay. All right.
So that's a very rare type of thing.
Pretty solid revenue for SPAC.
It looks like you already have a lot of business going on here.
So why don't you give us an overview of what you guys do now?
What does tokenization, what does Securitize do?
Let's get into the thick of things.
Sure.
The best way to think about tokenization is the process of issuing digital tokens that
represent an asset.
In our case, we focus on securities.
What the industry refers to are real-world assets. So these are stocks, bonds, treasuries, LP positions in funds, real
estate, private credit, etc. And then the reason you issue these digital tokens on a blockchain is
because a blockchain is a better ledger for basically managing the ownership of assets
in a programmable way. So if you think about capital markets, everything that you own, it's ultimately recorded in a ledger somewhere, right?
Like you buy Apple shares through Robinhood and there is some place that says you own those shares of Apple.
But most people don't realize that that kind of tracking of what you own, it's actually a pretty convoluted process where there's multiple intermediaries and ledgers, etc. That every time you need to do something with your assets, whether you're trading or you're redeeming a fund or you're getting paid a dividend, etc.
Involves multiple ledgers that are siloed and disconnected that have to be updated to be able to complete the transaction.
And that creates all sorts of problems in capital markets that tokenization addresses.
It just basically provides better accessibility for assets,
operational efficiencies, more transparency.
Obviously, these public blockchains are
pseudo-anonymous, cryptography secured ledgers,
fewer economic tolls if you want,
there's less intermediaries that need to participate.
There is a lot of functions that you can just do by yourself, like to self-custody, transfer
securities peer-to-peer, et cetera.
And ultimately, you have a better settlement mechanism for trades, right?
Because you can represent within the same ledger the securities as well as the dollars
that are involved in the transaction.
Tokenized dollars are what's referred to as a
stable points uh so this is the companies like circle that's so um sorry sorry were you finishing
up yeah and i was gonna say then you can settle the trap by moving you know digital tokens
represent securities and provide better it's as close to so okay so look i won't lie a lot of that's
over my head and i can't wait to get to ryan and ret to help me discuss this more ryan give me one
second but one thing i want to ask you about in terms of the practical end use case for average
joe what's it because i see in some of the information I have here that there's some sort of use case maybe with equities and trading equities.
I saw there was a NYFB announcement regarding tokenization.
So what is the benefit of this to average Joe end user?
How is this going to change equities trading, if at all?
I think so for equities in particular, yes, we announced a partnership with the New York Stock Exchange two weeks ago, where New York Stock Exchange is going to launch a separate trading venue,
separated from the national exchange they have, where they are going to be able to trade
digital tokens that represent equities.
And with instant settlement 24-7, it will allow you as an investor to basically create
a digital wallet where you can hold your own securities there, which will make them easier to move around.
It will make them easier to borrow against them,
transfer them peer-to-peer,
provide better international access, et cetera.
That's for equities.
But in general, tokenization,
what it does is basically democratizes access
to financial services products.
It just makes it easier to access products.
It makes it easier to trade them, to provide fractional ownership,
to make them more liquid, et cetera.
So for the average Joe, as you said, I suspect it will be a better way to consume,
you know, financial products from a digital wallet directly,
less friction, less cost, and less intermediates.
So I'm going to just press you on this just a little bit more to understand.
Because I don't see too many friction points trading.
Everything's pretty quick.
There's one thing you mentioned about settlement.
I do have issues sometimes that you have to wait for T plus one for settlement.
There's some things that are, I don't know if it has to do with marginable versus cash.
So there are some friction points with trading.
Is any of that addressed to what you're talking about?
So, yes.
So in the U.S., to be honest with you, the equities market is very well developed.
I do think that tokenization will open up new opportunities because it will provide instant settlement, 24-7 trading, etc.
This is not necessarily true in other jurisdictions, by the way.
So, so people, if you think internationally, the access to, to
U S equities is actually much more limited and restrictive and much more
expensive for, for other people.
But you have to think about the organization is not necessarily just for
equities, it applies to any asset class.
So there's other asset classes like alternative assets, et cetera, that,
you know, are much more difficult to much more difficult to access for everyday investors.
That tokenization can actually democratize access to it.
I got it. So is this kind of related at all to what Robinhood was trying to do to bring private assets on their platform?
Does tokenization help them do that? Are you going to be involved with anything like that, bringing private assets to people?
Like pre-IPO, Carlos?
Oh, he dropped. Yeah, he sure did.
The dog stopped barking.
Yeah, he dropped down to the audience.
Probably a glitch. I'm pulling him back up right now.
So while he's coming back up, I'll just say
it's quite interesting with tokenization in the sense that in the US, for the most part,
most people get on the brokerages and so forth fairly easily. But depending where you are
internationally, because of course, oh, he completely jumped out of the room now.
Depending where you are, not only is it very hard to get onto U.S. markets, but you might be
completely locked out. You might not have the paperwork to be able to get a brokerage account,
et cetera. So one of the advantages, those of you that have never heard of tokenization and
why this thing is not just a buzzword, if you research it, you'll see that basically everywhere
around the world, everyone wants access to U.S. markets, U.S. equities and U.S. companies, because
obviously that's where all liquidity, all of the biggest and best companies are, etc. But most
people around the world can't access it whatsoever. But tokenization allows someone to come in and buy
those shares, or I guess you'd say representations of those shares directly on, whether it is private
or it is a publicly traded company, which is very interesting because,
like I said, most countries, those people getting funds in is completely locked out. Also,
if someone is a Bitcoiner or really into crypto heavy, it's normally a lot of selling and
transferring and getting into fiat and coming on to a brokerage account. But if it's tokenized,
you can actually go from Bitcoin into stocks and into various equities whether it be private or public. Fairly easy using the same
infrastructure and you can do that within minutes as opposed to you know
days or whatever. So it's quite interesting I think you should kind of
look into that but hopefully he can come back in. By the way I apologize I think I
called you Ryan the old wolf. You're Taj, right? Yeah, no problem. Sorry, I'm like, we're all Ryan, equals Ryan.
Sorry about that.
It's all good, man.
We're all one-time team.
While we wait for Carlos to come back,
what are the mechanics behind it
that allow it to be democratized
for people outside the U.S.?
Like, wouldn't you still need some sort of account,
like a brochure account?
Like, what's the actual mechanics
behind this friction point being
removed okay i'm not exactly i would have to get the exact uh how securitize does it but how other
platforms that are tokenizing do it is you just use your crypto wallet so whereas with a traditional
equity when you're buying the stocks etc you'd, you'd have your ID, you'd have your U.S. information and so forth.
But if it's a digital representation of it, so let's say whichever company is tokenizing
these shares, you're registering with them.
So you don't have the same requirements that would be with a Robinhood or a U.S. brokerage.
It's whatever that platform has.
And they have already registered a company in the States that allows them to get access to these equities.
Because even with the private companies, the issue with it is that the liquidity and allowing certain people into it, they can't necessarily set up corporations to buy into these things.
But the company that is doing the tokenization, they do all that legwork, and then they can issue, and the tokens are actually a right to the shares.
So they're not directly the shares. They're the rights to the shares.
So whether it comes with dividends or in the case of like a SpaceX, if it's a private company, when it IPOs, the rights to the open market price.
That's how the tokenization actually works.
So it really just opens up to all those people that could not start a U.S. company or have U.S. IDs to get onto the market.
The tokenization company did all that legwork and is the bridge in between the two, if that
makes sense.
Yeah, yeah, I got it.
I'm a little bit of a disadvantage because I don't trade crypto out of a wallet.
I did it once like 10 years ago for like six months and then I quit.
But I mean, so wouldn't you still need access to some sort of like crypto trading platform
to do it or you could buy it directly from a wallet without going on any third-party platform?
In most cases, you'd still need a platform because the company that has the actual access to the shares, the actual hard equity itself, they already did all that.
But you need to use a wallet to connect to their platform.
So usually what happens, just there's, in this case, I'll just use Securitize and I'm not using
their exact business model because I don't know how, oh, he's back in the room. So you can ask
specifically how they do it. But normally a person would be using Securitize or that tokenization
company is the middleman, but they're using, in many cases, whether it is
a permissioned blockchain or a wallet or so forth. But Carlos, I'm trying to get you back up. Hopefully
you can hear me. I'm trying to pull you back up so you can actually answer directly how Securitize
does it. I was just giving the general broad overview as to how tokenization opens up to
average people around the world that don't have access to U.S. markets. Because just about
every market in which, whether it is like Ryan, we're talking about Ryan earlier, he actually
lives in Mexico. A lot of the Wolf crew is in Puerto Rico, which has access to the U.S., but I
live in Jamaica. And in order to access these things, that's how we do it. We use platforms
like Securitize or someone who has direct access to U.S. platforms.
So it definitely opens up to a lot more money coming into the system.
Taj is doing a great job filling in for Carlos here.
Learned a lot from him.
I don't see Carlos, though.
Do you see him here?
Yeah, now he just hopped back out.
He was in the room right next to the Securitize,
which is quite interesting. I think he's having technical difficulties. We're used to this
because we do this every single week here at the Small Cap Space. Those of you that are just tuning
in with story training, we always have Dougie Fresh. We have laptop travel and our friends.
We talk about Small Cap investing opportunities and so forth. None of this ever is advice, just information for educational purposes and so forth.
And days like today, when we have a Securitize CEO to have some Q&A about Securitize, of course,
that's when X wants to act up and go really, really crazy because we really wanted to hear.
I was personally really excited to hear this. And of course, we're glitching out.
But yeah, have you heard of Securitize before? I hear that it's a very popular, like one of the biggest facts. That's what I'm hearing. What do you know about? I mean, a lot of buzz around it or what?
tracking tokenization because my background, I'm very well into the whole crypto spaces and not as
like a degen running around with like meme coins and profile pictures and apes like most people
think of crypto. I've always seen the benefits of it. And I even wrote an article that actually
got picked up by, by, I forgot the syndication, but my mind just went blank. And it was all about tokenization on
how the opportunity of US stocks being tokenized on chain would be like this huge, huge, huge thing,
the street, excuse me, the street and it was picked up by Yahoo Finance. And then it ended up
and it was all about tokenization, the most boring topic for crypto guys, but it is the hugest ham,
the hugest market, because you look at the U.S. stock market compared to Bitcoin.
It's like, you know, it doesn't even compare size wise.
Hey, can I just jump in for a second?
Absolutely.
Looks like we have Carlos back up. We just sent you another request, Carlos. If you could try to accept that, that would be great.
I just want to say, like, there are some brokers like Interactive Brokers, which is widely available worldwide, which gives access to some U.S. markets.
So that's one, you know, one access point for a company like this. Yep. And for clarity too, as well too, because a lot of people think that
when a security is tokenized, it's creating some sort of new instrument. And even it's really
interesting, Hester Pierce, which is one of the SEC commissioners, she actually recently issued
some information saying that it's not a new investment mechanism per se.
It's just new rails for the old mechanism.
So it's almost like when everything moves from paper shares and went online.
Right. It's not like Ford became a new company. Right. It's it's just new rail.
So just those of you that are interested in just like trying to like understand all of this,
just think of back in the day
when paper shares went online to online brokerages.
It's like, it's the same companies,
the same assets via new rails.
And Carlos, if you can hear us, yes,
we have sent you the invite
to trying to get you back up here.
And hopefully every time I say it, every time I send the invite, he hops back out.
I don't know if the Securitize account is able to hop up, but maybe it's that particular device that Carlos is using.
device that Carlos is using, if you could send him a message to say it could quite possibly be.
If you could send him a message to say it could quite possibly be.
Whether he's on desktop, Android, or iOS, try a different platform, different operating system
might give him better luck. But yeah. Any other thing you'd like to add on to that laptop?
No, not really. This is a recent company that was been presented to me as well to do some
research on.
yeah,
I have a lot of,
would have a lot of questions,
but I think I'll have the opportunity to speak to Carlos in the future.
I hope very much.
Likewise,
you know,
I definitely,
man,
I was so,
I was really excited to just be a fly on the wall in this conversation,
to be quite honest.
So those of you that don't know, I would highly recommend to just be a fly on the wall in this conversation, to be quite honest.
So those of you that don't know, I would highly recommend that you follow Story Trading, that you'd follow Securitize, Laptop Travel, Dougie Fesh, everybody that's on here. But in the meantime, since we do have a little time, earlier we were speaking about small cap investing and we were kind of going around the room really quick.
Did either Dougie or you, Laptop, have anything that you'd want to kind of top up with that before we can get him back up?
Yeah, I'll hop in real quick.
So I'll give three picks real fast.
The plug I've been giving lately on the show, and that's up today almost like 10%.
I told you guys IQ last week.
That's looking pretty good.
That's been running up.
And I was mentioning amc on the show
and look at that thing up 13 14 today that thing's been running the last few days and they all look
pretty good to continue their way up so if you want to keep an eye on them and i'll find some
three new ones that are being popping like crazy like this i don't know i seem to give out like
the best picks i have on this show i gave you guys open door at 50 cents it went over ten dollars
kind of crazy stuff and watch this plug power the thing's gonna get ripping so hey keep an eye on
that thing plug hey how high do you think kodak's gonna go on this run this is crazy look i know
kodak me and joseph levy been talking about it he stayed in it and he was really happy i honestly
thought it was going to get topped out at this resistance right there,
like 11.42, and it just rolled right through it today at 11.65.
It could continue to run up past 12 right now.
And, yeah, I don't know.
It could have another spike in it tomorrow, perhaps.
So it could keep running a little bit more, but it is in the top.
But it is in the top.
Carlos, I just sent you another invite.
Carlos, I just sent you another invite.
If you want to try refreshing your app, I think that would be best if you're on your phone.
And then we'll go from there and see if that works.
Oh, there we are.
Okay, we're good.
He's back on.
Let's go, guys.
Awesome.
Yeah, I would like to, Carlos, you can open up. I don't know any specifics about how Securitize does the tokenization and how you open up to international markets would be very interesting because I gave some general information, but I'd love to hear specifically how you guys are able to do that and open up to various people via tokenization.
Yeah, excuse me, and I did put a question in the comments.
Yeah, excuse me. And I did put a question in the comments.
Is Carlos speaking?
I still just see him as a listener here.
Yeah, on my side it says he's a speaker, but I don't hear anything from him.
It's a listener still.
Really?
Oh, man.
Can you guys hear me?
Oh, now I see speaker.
I see speaker.
I'm in my phone now because for some reason my computer totally stopped.
I was connecting all the time and it will not unmute.
So can you hear me now?
Yeah, yeah.
Loud and clear, my friend.
And by the way.
Finally, I apologize.
Yeah, yeah.
I was just saying, did you hear the question that I had asked earlier?
You asked how we tokenize, right?
Yes, yes, perfect.
So we typically would do it through a regulated intermediary.
So tokenization, because it involves issuing securities, is a regulated activity.
So Securitize registered the first, it's called Transfer Agent.
It's an SEC registered entity.
We were the first ones in the industry that registered one in 2019 in June.
That is basically the entity that basically works with, let's say, a public literary company or an asset manager like BlackRock, etc.
to basically take their securities and put them as digital tokens on a blockchain and manage them there.
Awesome.
And I have a question here.
This is from Laptop Travel.
It says, you have emphasized the true legal ownership
via the SEC registered transfer agent status
rather than synthetic wrappers.
How do you see the moat playing out
as more institutions and even retail investors get access?
So yes, there's different ways of tokenization.
Like in some cases, some people create wrappers or derivatives,
or in some cases are just price trackers,
where you don't actually, the token does not necessarily represent the underlying asset.
The way we do it for the most part is basically with this regular entity that I
mentioned, a transfer agent that basically, you know, from a regulatory perspective,
guarantees that the token does represent the underlying asset, let's say equity on a company,
et cetera, that you're buying to make sure you have all the rights, all the, you know,
access to, let's say dividends, price splits, voting rights, whatever rights associated
to the security that you're tokenizing.
So that's how we approach
it in terms of our mode.
Besides, I think we have multiple
things. One is besides the transfer agent,
we're also a broker-dealer, so we can also distribute
tokenized securities. We can
also trade them. We have the same
licenses in the US, and now
more recently we expanded into in Europe, etc.
So from a regulatory perspective, we have a number of licenses that have been around for many years that are very mature, that are hard to replicate quickly unless you requires a lot of time.
The second is we are because we've been doing tokenization for a long time.
I think, you know, it's not only about issuing tokens, but it's what those tokens can do in the ecosystem,
how many blockchains we support,
how those tokens move across different blockchains,
what technologies you use for price oracles on chain,
what, you know, protocols or custodians accept the tokens
that we issue from Securitize, etc.
So we have a very, very comprehensive and broad, you know,
ecosystem integration
for all the tokens that we issue.
And the third one is
we have the institutional credibility, right?
We are behind some of the largest projects
in the industry
with the largest asset managers
like BlackRock, BNY, Apollo, et cetera,
that provide us kind of like
the institutional great endorsement
that is required to participate in this market.
Awesome. Thank you for that.
And touching base, like we've seen big names like BlackRock entering this space.
Just one second. I just want to find out how much time we have.
Taj, do we have time to go over? What's your hard stop?
I can stay five more minutes since I'm just going to delay my next meeting since we are.
I was not able to come. We can go another 10 minutes here. Yep. Yep. Sounds good. Sorry. Go ahead.
Awesome. Sounds good. Just rephrasing this here. We've seen big names like BlackRock
entering the space and what's driving institutions toward tokenization right now?
right now?
Give me a second.
Give me a second. I'm just delaying.
I'm just delaying.
Okay.
So, yeah.
So, look,
asset managers
in particular,
like BlackRock,
I think they do have
a good understanding
that, you know,
tokenization
is a technology
that they need to embrace
because it's what
the future of asset management is,
right?
So, if you think about
what an asset manager does,
he's basically,
you know,
raises money
and provides products for investors.
And given that tokenization makes that process a lot easier, more democratic, more accessible, creates better products because products potentially are more liquid, etc.
That's something that for an asset manager is definitely the future state of how their products are going to be consumed.
Right. So I think BlackRock in particular has been very pioneering in the space.
Their CEO, Larry Fink, has been many times on TV and on their annuals and holder letter kind of advocating for tokenization as one of the, you know, most disruptive technologies for their industry because of all the advantages that it provides to allow anybody
with a digital wallet anywhere to basically consume, you know, financial services products in a very simple way.
Rhett, I'm going to jump in here. We have almost 10 questions that were pre-submitted from the Reddit community. And I want to see if we can get to a few of these in the time we have almost 10 questions that were pre-submitted from the reddit community and i
want to see if we can get to a few of these in the time we have one of them jump out jump out at me
is basically asking that you know you're in a competitive sector that requires a lot of
resources to scale up so this person wants to know do you have enough guaranteed cash on the balance sheet i don't know if you can know, do you have enough guaranteed cash on the
balance sheet? I don't know if you can guarantee anything, but do you have enough guaranteed cash
on the balance sheet post-merger to comfortably fund operations for at least the next two years,
regardless of how high redemptions are? Yes. So we raised a $225 million pipe.
So we raised a $225 million pipe.
And then we also did a pre-spag round
with companies like Arc Ventures
that we raised another $30 million.
And then we don't even,
even if we had zero revenue,
which is not the case,
but we don't even consume 50% of that
on a yearly basis.
Like we're not, you know,
that's such a big company.
So we definitely have enough money for the next, you know, that's such a big company. So we definitely have enough money
for the next, you know,
few years, I will say,
even if you end up getting redemptions
from the SPAC,
which obviously we're not going to know
until the end.
And this is one of the reasons
why we decided to raise,
you know, a bigger pipe
just to make sure the company
was well funded
by the time we go public.
All right, great.
Another one here.
If there's one you want to ask, just get ready with that.
But, man, these are tough questions that they put in here.
This question, we touched a little bit in terms of dilution and dilution, right?
So this person, we talked about the pipe.
You just talked about that.
But how aligned is management with public shareholders,
and what steps have you taken to minimize dilution?
And that's something also I was wondering, I don't know, you know, what kind of vested interest you may have or what, but wow, very, very nice questions here from the Reddit audience.
So first, one thing you guys need to understand about the SPAC that we chose, the Cantor Equity Partners 2, is that it doesn't have any warrants.
we chose the Cantor Equity Partners too is that it doesn't have any warrants. So one of the sources
of dilution for the holders of these investors in a company when they merge with an SPAC is that
you have obviously the pipe and then the SPAC trust and then you have the SPAC promote and
that provides dilution. But on top of that then you have warrants that end up being issued down
the road and dilute shareholders.
This SPAC has no warrants, no units, nothing.
It's just equity on the SPAC, which provides a lot less dilution for shareholders
because once we go public, that's it.
That's the only, there's no more issuance of shares unless for any reason we decide to,
you know, either raise more money or buy a company or whatever,
but that would be obviously something controlled by the management, reason we decide to you know either raise more money or buy a company or whatever but but not
but that would be obviously something controlled by the management not because of external factors
like warrants being converted into equity uh etc so from that dilution perspective that's the case
and then i think that the employees not just the management but the employees of securitized
everybody has a stock options since they they the company. We've always believed in providing ownership to the company,
to each employee, irrespective of their level in the company,
because that's how you align interests of people,
besides paying them, obviously, a salary and compensating for their services.
So I think from that perspective, I do believe that we are very well aligned,
you know, the management and the employees with the success of the company. services. So I think from that perspective, I do believe that we are very well aligned,
you know, the management and the employees with the success of the company.
Can you speak to any lockup that might exist for management after the de-SPAC completes?
Yeah, it's not just for management, it's for every shareholder of Securitize. There's
a six months lockup after we de SPAC and there's some early releases
if the SPAC trades at a much higher price
I don't remember the threshold
is like $19 or $21 or something like that
so there's a full lock up for six months
for not just the management
but also the existing shareholders of Securitize
Just a quick follow up to this
and then I'll bounce it back to you.
You mentioned that you already adjusted EBITDA profitable.
But in terms of this question that was just asked about cash,
do you have enough cash for two years?
My question is, at what point do you model or are you aiming to get to cash flow profitability,
not just adjusted EBITDA profitability?
Hopefully in 2026.
Wow, this year?
That'd be-
Yeah, because our adjusted EBITDA
and our cash flow generation is not that far apart from like,
we don't have like a huge kind of like Apex investment
or things like that.
We're a software company.
So obviously our adjusted EBITDA is is basically taking some one-time things out
that, you know, like cost related to the transaction and compensation
that we obviously include in the finances,
like when we give equity to people and things like that.
So it's not a hugely different metric for us.
Wow. I just got a lot more excited about this dispatch.
I'm going to be watching closely.
Good stuff, Carlos.
Rhett, over to you.
Do you have any other questions?
We've got three minutes.
Yeah, yeah.
Bouncing it back, I just want to touch more base.
There's a question.
Did we lose Rhett?
Rhett, you were rubber banding.
Man, we're having a lot of technical problems today.
Rhett, you there?
Check.
Yeah, I hear you.
Go ahead.
Start with that.
Yeah, I was...
Can you just...
Yeah, you sound very...
Yeah, it's very difficult to understand.
Yeah, I'm not sure what he said.
I think I know what he's asking because I see it from the Reddit questions.
Hold on.
It says, can you break down your expected revenue mix over the next two to three years
between issuance fees, platform fees, secondary trading, and other services?
We have not provided that kind of detail breakdown of the revenue.
We don't treat those as kind of separate units from an accounting perspective to be able to provide different...
Can you just kind of comment on which segment you expect to be the biggest driver of growth
and profitability?
So the two segments that we broke down on the deck
was, you know, asset servicing and tokenization,
which includes all the tokenization activities.
Also, you know, the tech fees that we take as a platform,
as a tokenization platform, et cetera.
And the other one, asset servicing,
includes the transfer agent business
as well as our, you as our fund admin business.
So those are like the two segments that we have provided guidance.
I think that the asset servicing is probably going to grow slower than the tokenization
business, which is where we expect that the majority of the future growth will come.
Okay, great.
Let me turn it back to Taj.
Do you have any final questions or thoughts?
No, that was just great information. And those of you that are just tuning in highly, we would just recommend just go check out Securitize, check out Story Trading, all these amazing people on stage.
We have had the opportunity to ask some great questions to Carlos here, who is the CEO of Securitize. Of course, all of this is for informational purposes. Do your own research.
Really amazing stuff happening here
in the world of tokenization.
And I appreciate each and every one of you
that have been with us.
But any closing thoughts, Ben and Carlos?
Go to Ben first and Carlos.
Oh, you have it up in the title.
I just wanted to say,
I just added CEPT to my watch list.
So we'll be watching. Oh, the Dino thing with your closing thoughts, Carlos, is what are some major catalysts or inflection point? Maybe like what would be like a big inflection point catalyst after the SPAC, obviously, that investors should look forward to in 2026?
that investors should look forward to in 2026?
Well, from the things that we've disclosed publicly,
because obviously you can't disclose things that are not public yet,
but you guys saw the announcement with the New York Stock Exchange the other day.
I do believe that that's a very significant project
because the New York Stock Exchange has around $44 trillion of market cap
of companies that are there.
So we don't need to move a huge amount on chain and tokenize them and trade them on chain
for this to become significantly huge.
Imagine if over the years this becomes 5%, you're looking at $2 trillion of assets,
of assets, which is, you know, almost the entire size of the crypto market today.
which is almost the entire size of the crypto market today.
So I do think that, you know, when that platform goes live, as Michael Blogger from ICE was
mentioning the other day on a podcast we did together, we're going live on Q4 this year.
I think that, you know, it's going to be a significant event because that's going to
trigger hopefully a lot of activity and growth in the future.
That sounds very exciting. I just did add this to my watch list. Looking forward to
watching the news feed. This is one of my favorite things to do every day. I watch the news feed,
looking for exciting news on companies I love. So we'll be doing that over the next few months.
Hopefully we'll hear about that de-SPAC the next step here in the next month or so, depending on how quickly the SEC gets back to you.
So, Rhett, you got your work cut out for you.
I know it was a little bit messy here with the technology, Carlos, but we're going to try to clean all this up and get a clean copy of this, a clean audio of it to everyone.
And we'll try to get the summary points out there to everyone.
Rhett, any final words?
Well, thanks for your patience with the technical
problems I had in the middle of the call. Lesson learned. I'll take the extra spaces
from my phone next time so I don't have those issues with my desktop.
Yeah, it works much better on the phone. Absolutely. Alright, thank you so much for your time, Carlos.
Alright, thank you guys. Bye-bye.
Awesome. Really appreciate that. It was really interesting stuff there, and I definitely
would be looking into that myself. But those of you that are just tuning in, this has been a recorded
space. It is up here. Anyone that you know that's interested in
either small cap investing or the second half where we were speaking to Carlos about Securitize,
please check it out. Share it with them. And those of you, we will be back here every single week at
this time to talk about small cap investing. Later on today, Ryan and the rest of the crew will be on
for Stock Picks of the Week. They're trading right now over on YouTube. They're streaming. So if
you're into that kind of thing, the crew is live. But as usual, we appreciate every single person
that has been tuning in with us.
