The financial results, which cover the period ending June 30, reflect a company in transition. While the firm saw its average tokenized assets under management climb to a record $4.3 billion—a 16% year-over-year increase—this growth failed to bolster the top line. Quarterly revenue slipped 5% to $14.4 million, hindered by a 12% drop in tokenization revenue that outweighed a modest gain in asset servicing.
Operating costs surged 56% to $24.1 million, driven largely by a doubling of administrative expenses and a 31% rise in compensation. The bottom line also faced pressure from shifts in the fair value of derivative liabilities, which contributed to a $29.3 million loss in that category. Despite these hurdles, CEO Carlos Domingo highlighted a 147% year-over-year surge in aggregate transaction volume, which reached $5.3 billion for the quarter.
Looking ahead, the company’s capital structure has shifted significantly since the quarter closed. CFO Francisco Flores noted that the business combination with Cantor Equity Partners II, which finalized on July 1, left the firm with roughly $350 million in cash and no debt. Management is now prioritizing a move toward positive adjusted EBITDA, while simultaneously deepening its regulatory footprint through new SEC investment adviser status and infrastructure partnerships with firms like Cantor Fitzgerald and Jump Trading.
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