Exodus Granted Approval for NYSE Listing, Trading to Commence on May 9
Ruholamin Haqshanas
Last updated: May 7, 2024 06:46 EDT | 2 min read
Crypto wallet developer, Exodus Movement, has received the green light to list its common stock on the New York Stock Exchange (NYSE) with the ticker symbol EXOD. The company announced on Monday that trading for the stock will begin on May 9.
Exodus CEO and Co-founder JP Richardson stated, “Trading on the NYSE American will enable Exodus to generate greater long-term value for our shareholders by expanding our presence within the investor community and increasing liquidity.”
By transitioning to the NYSE American, formerly known as the American Stock Exchange (AMEX), Exodus aims to strengthen its market presence and attract more investors. The EXOD stock is already listed on the OTCQX market, and approval from the NYSE allows Exodus’ stocks to be “uplisted” to the prestigious exchange.
Existing stockholders have been informed that no action is required prior to the NYSE American listing.
Established in 2015, Exodus Movement specializes in developing self-custodial wallet services for cryptocurrencies such as Bitcoin, Ether, and other digital assets. Notably, the company has tokenized its EXOD security tokens, representing Class A EXOD common shares, on the Algorand blockchain. These tokens can be managed using Exodus wallets.
Exodus proudly claims to be the only U.S.-based company that has its common stock tokenized on the blockchain.
According to Exodus’ preliminary review for Q1 2024, the company achieved a revenue of $29.1 million, reflecting a significant 118% increase compared to the same period last year. Additionally, Exodus reported approximately 1.69 million monthly active users during Q1.
zkSNACKs Bars U.S. Users from Wasabi Wallet and Other Services
Exodus’ decision to list its common stock on the NYSE American aligns with ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet discontinuing their services for customers in the United States.
This move comes in response to recent regulatory actions against self-custodial cryptocurrency wallet providers. Both companies have expressed concerns regarding the classification of self-custodial wallet providers as legitimate money service businesses following the crackdown on Consensys, the creator of MetaMask, and crypto mixer Samourai Wallet.
The regulatory focus on self-custodial wallets stems from concerns that they may facilitate illicit activities, including money laundering.
Consensys received a Wells notice from the SEC on April 10, warning of potential enforcement actions related to its MetaMask Swaps and MetaMask Staking products.
In another incident, the co-founders of Samourai Wallet, a cryptocurrency mixer, were arrested on charges of money laundering by the U.S. Justice Department and other agencies. Samourai Wallet CEO Keonne Rodriguez and Chief Technology Officer William Hill are facing charges of conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business.
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