Exodus Movement, an established crypto wallet developer, has received approval to list its common stock on the NYSE under the ticker EXOD. The trading for the stock is set to commence on May 9, which the company believes will enable them to create greater long-term value for their stockholders by increasing their presence within the investor community and subsequently improving liquidity. The move to NYSE American is expected to enhance Exodus’ market presence and attract more investors, as the platform focuses on companies with smaller market capitalization compared to the main NYSE. The EXOD stock is currently listed on the OTCQX market, and the recent approval allows Exodus to “uplist” its stocks to the NYSE.
Exodus Movement, founded in 2015, specializes in developing self-custodial wallet services for cryptocurrencies like Bitcoin, Ether, and other digital assets. The company has tokenized its EXOD security tokens, representing Class A EXOD common shares, on the Algorand blockchain, which can be managed using Exodus wallets. They claim to be the only U.S.-based company with its common stock tokenized on the blockchain. In their preliminary review for the first quarter of 2024, Exodus reported a revenue of $29.1 million, marking a significant 118% increase compared to the same period last year, with approximately 1.69 million monthly active users during the first quarter.
The move by Exodus to list its common stock on the NYSE American comes at a time when ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have discontinued their services for customers in the United States due to regulatory crackdowns on self-custodial cryptocurrency wallet providers. Regulatory agencies have expressed concerns about the classification of self-custodial wallets as legitimate money service businesses, as seen with actions taken against Consensys, the creator of MetaMask, and crypto mixer Samourai Wallet. Recent focus on self-custodial wallets stems from worries that they may facilitate illicit activities like money laundering, with Consensys receiving a Wells notice from the SEC on potential enforcement actions related to its MetaMask products, and the co-founders of Samourai Wallet facing charges of money laundering and operating an unlicensed money transmitting business.
Exodus Movement has informed existing stockholders that no action is required prior to the NYSE American listing, and they are excited about this significant milestone that paves the way for creating long-term value for investors by expanding their global shareholder base and boosting stock liquidity. The company sees the uplisting as an opportunity to broaden awareness of Exodus. By moving to the NYSE American, Exodus hopes to increase its market presence and attract more investors, leveraging the platform’s focus on companies with smaller market capitalization. With their EXOD stock already listed on the OTCQX market, the approval to list on the NYSE is a positive development for Exodus and their stakeholders.
In conclusion, Exodus Movement’s decision to list its common stock on the NYSE American is a strategic move to enhance their market presence and attract more investors. The company’s focus on developing self-custodial wallet services for cryptocurrencies, such as Bitcoin and Ether, has positioned them as a key player in the industry. The recent regulatory crackdowns on self-custodial wallet providers highlight the challenges faced by companies operating in this space, but Exodus remains committed to providing innovative solutions while complying with regulations. Overall, the approval to list on the NYSE is a positive development for Exodus as they continue to drive growth and create value for their stockholders.
