Tokenization Infrastructure Valuations: Q3 2026
Tokenization infrastructure trades between 2.7x and 16.5x revenue, and the multiple falls the closer a business sits to the legal record of ownership. Securitize, the only listed pure play, carries 16.5x on declining revenue and a trailing loss. Broadridge, the largest listed register operator, carries 2.7x on $7.5 billion of revenue. Bullish is issuing stock priced near 14x to acquire Equiniti's register at roughly 4.5x, the clearest strategic read in the sector. The Windsor Drake Exit Index holds 52 crypto and digital asset transactions, none of which disclose a revenue multiple, and every one was bought by a strategic acquirer.
- Sector
- Fintech
- Focus
- Valuations
- Published
- August 21, 2026
- Length
- 21 slides
- Reading time
- 12 minutes
Slide deck
21-slide deck. Desktop readers can page through the embedded viewer below. Mobile readers can open the direct PDF link.
Open slide deck PDF Key findings
- Tokenization infrastructure spans 2.7x to 16.5x revenue as at 20 August 2026, a six fold spread across five listed constituents.
- The multiple falls as a business moves closer to the book of record: platform 16.5x, venue 14.3x, register 2.7x listed.
- Securitize reported Q2 2026 revenue of $14.4 million, down 5% year on year, while transaction volume rose 147%.
- Bullish is funding a $4.2 billion acquisition of Equiniti with stock priced near 14x revenue to buy a register at roughly 4.5x.
- Equiniti brings roughly 3,000 issuer clients and records for more than 20 million shareholders, an installed base that cannot be engineered.
- Computershare, the world's largest stock transfer agent, agreed in April 2026 to enable tokenized shares for US issuers with Securitize, partnering with the platform layer rather than being displaced by it.
- Citi Institute sizes the tokenized asset market at $17 billion in April 2026 against a $5.5 trillion 2030 base case, rating adoption 1.5 out of 10.
- The SEC's March 2026 approval of tokenized trading on Nasdaq requires the same CUSIP, the same rights and the same order book, so a token is a wrapper on an existing register rather than a new one.
- The Depository Trust Company received a three year SEC no action letter in December 2025 to tokenize Russell 1000 equities, ETFs and Treasuries, launching in H2 2026.
- The Windsor Drake Exit Index records 52 crypto and digital asset transactions, the third largest cohort in the index, establishing the buyer set and deal structures for the sector.
- All 52 transactions in the cohort were acquired by strategic buyers; no financial sponsor appears in the record.
Methodology
Framework: The Book of Record. Multiples are Windsor Drake's own computation from market capitalisation and reported trailing revenue as at 20 August 2026, with the metric stated as market capitalisation to revenue where the balance sheet is not separately disclosed. Constituents are named in full so every figure can be reproduced from public sources.
Frequently asked questions
Is there a single tokenization infrastructure multiple?
No. The range runs from 2.7x to 16.5x on 20 August 2026, and what places a business within it is its position relative to the register rather than its sector label. The dispersion is the finding.
Why does the register trade below the software that writes to it?
Because the market is currently pricing tokenization as a growth story and the register as a utility. Broadridge carries $7.48 billion of revenue at 2.7x. Securitize carries $66.8 million at 16.5x and is loss making.
What did Bullish actually buy for $4.2 billion?
Roughly 3,000 issuer clients, 15,000 corporate clients and the records of more than 20 million shareholders. It bought the book, not the technology. No tokenization platform can be built to that installed base.
Is tokenization revenue actually growing?
Not at the leading pure play. Securitize reported $14.4 million of Q2 2026 revenue, down 5% year on year, with tokenization revenue of $7.8 million, while transaction volume rose 147%. Volume and revenue have decoupled.
How large is the tokenized asset market today?
Citi Institute put the global tokenized asset market at $17 billion in April 2026 and rates adoption at 1.5 out of 10. The 2030 base case is $5.5 trillion. The market is early, not absent.
What does the Windsor Drake Exit Index show for this sector?
It records 52 crypto and digital asset transactions, the third largest cohort in the index, with consideration disclosed on 20. It establishes the buyer set, the acquirer mix and the transaction structures being used.
Does tokenization let a platform replace the transfer agent?
No. Under the Nasdaq structure the SEC approved in March 2026 a tokenized share keeps the same CUSIP, the same rights and the same order book, and DTC settles it. The token is a wrapper on an existing record, not a replacement for it.
Who is buying in this sector?
Strategics, exclusively. All 52 transactions in the index cohort were acquired by strategic buyers. No financial sponsor has bought a digital asset infrastructure business in the index record.
Companies covered
Public and private companies referenced in this report.
Download the deliverables
If you are evaluating a sale
Windsor Drake is a sell-side only M&A advisory firm for founder-led software, fintech, and technology companies with enterprise values between $5 million and $300 million. This research comes from the same desk that runs our sale processes. If you are weighing an exit in this market, a confidential valuation is the place to start: no obligation, senior attention, and a view grounded in the transactions this report tracks.
Windsor Drake’s fintech, payments, and financial services practice is advised by Bruce Goldstein, a FINRA registered investment banking professional with twenty-five years in financial services, formerly of KBW, Sandler O’Neill and Milestone Advisors.
Cite this report
Tokenization Infrastructure Valuations: Q3 2026. Windsor Drake Market Intelligence, 2026. windsordrake.com/market-intelligence/reports/tokenization-infrastructure-valuations-q3-2026. Windsor Drake Market Intelligence data is free to use with attribution to Windsor Drake (windsordrake.com).