The surge in SECZ (Securities Exchange and Quotations) stock, a hybrid of stocks and cryptocurrencies, reflects both the recovery of the US stock market and the progress of the crypto industry in tokenization. Specifically: 1. Better-than-expected earnings: Q3 revenue reached $18.6 million, a 13% year-over-year increase and a 29% quarter-over-quarter increase; core tokenization revenue reached $11.5 million, a 28% year-over-year increase. Adjusted EBITDA loss narrowed to $2 million from $5.5 million in the previous quarter. GAAP net loss was $66.3 million, but the company stated that approximately 90% was non-cash expenses related to the IPO. 2. Upward guidance: Full-year revenue guidance is now $70 million to $80 million, implying a significant increase in Q4. Management cites the upcoming launch of NYSE Digital ATS (NYSE's digital asset trading system) as a major driving force. 3. $50 million buyback: Valid until December 2027. The company has approximately $300 million in cash and no debt. 4. Acquisition of River One: This is an institution providing asset-backed warehouse receipt financing, aiming to connect stablecoin funds to the traditional lending market, allowing Securitize to expand from issuing tokenized assets to asset-backed lending. The transaction is expected to close in Q4.