. Let's count words. I'll write it. Title: "Securitize Reports $21.7M Loss, Completes Cantor Equity Partners II Merger" - but that's long. Maybe "Securitize Posts $21.7M Loss, Completes Cantor Merger" - but we need to be specific. I'll go with "Securitize Reports $21.7M Loss, Completes Cantor Equity Partners II Merger" - but that's 8 words. It's okay. Alternatively: "Securitize's Annual Loss Widens to $21.7M as Costs Jump" - but we need to mention the merger. I'll go with the first. Let's write the slug: "securitize-reports-21-7m-loss-completes-cantor-merger" Now content. I'll write the article. Lead: Securitize, the tokenization platform, reported a $21.7 million net loss for the year ended June 30, even as average tokenized assets under management climbed 16% to $4.3 billion and transaction volume surged 147% to $5.3 billion. The company also completed its business combination with Cantor Equity Partners II on July 1, leaving it with $352.6 million in cash on a pro forma basis. Section 1: Revenue and Volume Revenue fell 5% to $14.4 million. Tokenization revenue dropped 12% to $7.8 million, while asset-servicing revenue rose 3% to $6.6 million. The volume surge didn't translate into higher revenue. In the first quarter, the company generated $19.5 million in revenue and positive adjusted EBITDA of $800,000, but that was on lower average AUM of $3.2 billion and transaction volume of $1.9 billion. Section 2: Costs and the Widening Loss Operating costs and expenses jumped 56% year over year to $24.1 million. SG&A expenses rose by $4.7 million, compensation and benefits increased by $2.5 million, and expected credit-loss provision rose by $1.2 million. Operating loss widened to $9.7 million from about $200,000 a year earlier. Adjusted EBITDA swung from a $1.8 million profit to a $5.5 million loss. The GAAP loss included a net $11.7 million adverse fair-value movement, with a $29.3 million option-liability loss and a $4.3 million loss on SAFEs, partly offset by a $21.8 million derivative-liability gain. Section 3: The Merger and the Balance Sheet Securitize had $33.6 million in cash on June 30, one day before completing the business combination. The pro forma balance sheet showed $352.6 million combined cash and no borrowings after convertible notes and related instruments converted into equity. It still showed $118.5 million of total liabilities, including earnout liabilities and interest payable. End: The company's next quarterly report will show whether the cash from the merger can reverse the revenue decline. That's about 300 words. We need 500-800. We can expand a bit. We can add more detail about the Q1 contrast, or explain the fair-value movements. We can also mention the specific numbers in the lead. Let's expand. We can add a sentence about the AUM growth and volume growth in the
