Securitize, the BlackRock-backed tokenization firm, said its second-quarter losses widened from a year ago, hit by a sharp downturn in the broader crypto market. The company on Wednesday reported a net loss of $21.7 million for the three months ended June 30, compared with $6.1 million in the same period last year. Quarterly revenue fell 5% to $14.4 million from $15.3 million in the year-ago period.

The company currently has approximately $5 billion in assets managed on the blockchain. It made its public debut on the New York Stock Exchange last month after merging with a special-purpose acquisition company sponsored by Cantor Fitzgerald. Shares of Securitize plunged 21% in after-hours trading.