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Exodus Movement, a developer of cryptocurrency wallets, has obtained authorization to list its common stock on the NYSE under the ticker symbol EXOD.
The company announced that trading for the stock will begin on May 9.
“Trading on the NYSE American will enable Exodus to generate greater long-term value for our shareholders by enhancing our visibility within the investor community and subsequently increasing liquidity,” stated Exodus CEO and Co-founder JP Richardson.
“We believe the uplisting will expand awareness of Exodus.”
Exodus to Strengthen Market Position With NYSE Listing
NYSE American, previously referred to as the American Stock Exchange (AMEX), targets companies with smaller market capitalizations compared to the primary NYSE.
By transitioning to the NYSE American, Exodus intends to bolster its market presence and draw in additional investors.
The EXOD stock is currently listed on the OTCQX market, and the recent approval facilitates the “uplisting” of Exodus’ stocks to the NYSE.
Exciting news!
Exodus stock $EXOD will commence trading on the NYSE American this Thursday, May 9th.
This important milestone sets the stage for creating long-term value for our investors by broadening our global shareholder base and enhancing stock liquidity.
Let’s go!
— JP (Exodus) (@jprichardson) May 6, 2024
The company informed current shareholders that no action is necessary prior to the NYSE American listing.
Established in 2015, Exodus Movement focuses on providing self-custodial wallet solutions for cryptocurrencies such as Bitcoin, Ether, and various other digital assets.
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Importantly, the company has tokenized its EXOD security tokens, which represent Class A EXOD common shares, on the Algorand blockchain. These tokens can be managed through Exodus wallets.
Exodus asserts that it is the only U.S.-based entity with its common stock tokenized on the blockchain.
As per Exodus’ preliminary assessment for the first quarter of 2024, the company reported a revenue of $29.1 million, reflecting a notable 118% increase compared to the same timeframe last year.
Furthermore, Exodus indicated that it had around 1.69 million monthly active users during the first quarter.
zkSNACKs Prohibits U.S. Users from Wasabi Wallet and Other Services
Exodus’ decision to list its common stock on the NYSE American coincides with ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet ceasing their services for clients in the United States.
This action was taken in response to the recent crackdown on self-custodial cryptocurrency wallet providers by regulatory authorities.
Both firms have voiced concerns regarding the classification of self-custodial wallet providers as legitimate money service businesses following actions against Consensys, the developer of MetaMask, and crypto mixer Samourai Wallet.
The recent regulatory scrutiny on self-custodial wallets arises from worries that they may enable illicit activities such as money laundering.
Consensys, the creator of MetaMask, 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 a separate incident, the co-founders of Samourai Wallet, a cryptocurrency mixer, were arrested on money laundering charges brought 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.
The post Exodus Approved for NYSE Listing, Trading Begins on May 9 appeared first on Cryptonews.
