Exodus Movement Inc., the developer of self-custody crypto wallet Exodus, has finally received approval to list its stock on the NYSE American exchange, months after initially encountering a delay from the SEC.
According to a statement by the company, the Exodus Movement stock they will trade under the symbol ‘EXOD’ will commence on December 18, 2024. The approval highlights a significant milestone for the firm that has long sought to enter the financial markets. The company further stated on its X handle that the development was “A step forward for Exodus. A leap forward for financial freedom. We’re proud to announce that our stock EXOD begins trading on the NYSE American on December 18.”
The Exodus Movement Listing Will Increase its Visibility
The development reflects the growing influence of crypto wallet providers within the broader cryptocurrency ecosystem since the NYSE American listing will give its shareholders broader exposure to retail and institutional investors. The transition will help increase the company’s trading liquidity and visibility within the financial markets.
Exodus Movement founder and CEO JP Richardson stated that the approval indicated how companies could trade in the stock exchange, adding that the uplisting would raise the firm’s corporate profile and enhance liquidity for its current and future shareholders. Richardson stated, “We expect this uplisting will raise Exodus’ corporate profile while enhancing liquidity for our current and future shareholders.”
The Company’s Persistence Finally Pays Off
Remember that this wasn’t the first time Exodus Movement Inc. has pursued the NYSE American listing. The company initially expressed its plans to list with the NYSE American in May 2024, citing the intention to broaden market awareness and create long-term value for its shareholders. However, the U.S. Securities and Exchange Commission (SEC) denied them approval, stating that the regulator needed additional time to review the company’s registration statement.
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During the time, the Exodus Movement registered its displeasure at the turn of events via an official statement on their X handle. According to the firm’s CEO, that seemed like a last-minute decision they had never foreseen. While the leadership was deeply disappointed, SEO Richardson said they would continue empowering customers globally to control their wealth using their best-in-class self-custody crypto wallets. Observing that they believed the regulator had acted in good faith, they said they could continue to innovate and build value for customers and shareholders. Though the initial application may have faced delay, the firm’s persistence has finally borne fruit.
A Progressive but Cautious Movement
The listing of Exodus Movement into the NYSE American highlights a growing sentiment of Wall Street finally accepting crypto-based businesses into the bourse. However, even as Exodus celebrates its NYSE American listing, other companies, such as ProShares and Grayscale, whose applications remain in regulatory limbo. While Grayscale still awaits the SEC’s crypto ETF approval on NFSE, ProShares is still waiting for its Spot Ethereum ETF to be listed. The ongoing developments show the SEC’s progressive yet cautious movement towards the crypto and TradFi ecosystems.
Conclusion
The approval of the Exodus Movement application could be a subtle sign that the United States is taking a progressive regulatory approach to cryptocurrencies, especially after President-elect Donald Trump’s November victory. During his campaigns, Trump pledged to run a pro-crypto administration that would make America the crypto capital of the planet, and the latest NYSE American listing may be another sign pointing in the right direction.
Frequently Asked Questions (FAQs)
What business does the Exodus Movement do?
Founded in 2015, Exodus Movement is an industry leader in the manufacture of secure, user-friendly crypto software solutions. Its multi-asset crypto wallets prioritize design and ease of use.
What does the new listing mean for the company?
The NYSE American listing will increase the firm’s credibility and visibility to the investing public and potentially attract new investors.
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