Citi downgrades Securitize to neutral on monetization doubts

Citi analyst Peter Christiansen downgraded Securitize (NYSE: SECZ) from Buy to Neutral, while raising the price target to $14 from $10, in a Q3 earnings preview covering Citi's digital-asset coverage. The downgrade follows recent share-price gains and points to elevated expectations and lockup-related supply, alongside a bigger question about the tokenization business model.

• "We do believe that tokenization is going to proliferate among equities, bonds, what have you, but how much are they gonna get paid for it is a big question," Christiansen said in a CoinDesk interview.
• Citi separately upgraded Galaxy and Gemini as crypto fundamentals improve, with Gemini set to Neutral at a $4.75 target.

The call lands as Securitize pushes tokenized blue-chip stocks onto Solana and plans listings on NYSE and OKXICE venues.