NYSE Approves Exodus for Listing, Trading Commences on May 9

Exodus Secures NYSE Listing, Trading Set to Begin on May 9


Ruholamin Haqshanas
Last updated:
May 7, 2024 06:46 EDT
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2 min read


Exodus Movement, a developer of cryptocurrency wallets, has received approval to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol EXOD. Trading for EXOD will commence on May 9, as announced by the company on Monday.
Exodus CEO and Co-founder JP Richardson stated, “Trading on the NYSE American will allow Exodus to enhance long-term value for our shareholders by expanding our presence within the investor community and, consequently, increasing liquidity.”
By moving to the NYSE American, formerly known as the American Stock Exchange (AMEX), Exodus aims to strengthen its market presence and attract a larger pool of investors. The NYSE American focuses on companies with smaller market capitalization compared to the main NYSE.
The EXOD stock is already listed on the OTCQX market, and this recent approval sets the stage for Exodus’ stocks to be “uplisted” to the NYSE. 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 like 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 claims to be the sole U.S.-based company that has its common stock tokenized on the blockchain.
According to Exodus’ preliminary review for the first quarter of 2024, the company achieved a revenue of $29.1 million, marking a significant 118% increase compared to the same period last year. Additionally, Exodus reported approximately 1.69 million monthly active users during the first quarter.
zkSNACKs Bars 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 discontinuing their services for customers in the United States.
This move comes as a response to the recent crackdown on self-custodial cryptocurrency wallet providers by regulatory agencies.
Both companies have expressed concerns regarding the classification of self-custodial wallet providers as legitimate money service businesses, following actions taken against Consensys, the creator of Metamask, and crypto mixer Samourai Wallet.
The recent regulatory scrutiny on self-custodial wallets stems from fears that they may facilitate illicit activities such as money laundering.
Consensys received a Wells notice from the SEC on April 10, which warned 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 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.
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