Exodus Movement comes off as the only company in the United States with its common stock tokenized on the blockchain.
Leading self-custodial cryptocurrency software platform Exodus Movement Inc has received approval from the NYSE American exchange to list its common stock.
Exodus Movement (EXOD) to Exit OTCQX Market
Based on its published announcement, the Company’s Class A common stock with the ticker “EXOD”, will have a unit value of $0.000001 and will begin trading on the NYSE American at the opening of trading on May 9, 2024.
Exodus CEO and Co-founder JP Richardson recognized the listing as pivotal. He noted that it would afford his company the liberty of creating greater long-term value for its stakeholders. He continued by stating that the listing would increase the presence of Exodus within the investor community, which would in turn trigger an increase in liquidity.
“We believe the uplisting will broaden the awareness of Exodus,” Richardson added.
Before now, EXOD was trading on the OTCQX market, a market that supports over-the-counter (OTC) trading of stocks. It would continue on this platform until the close of market on May 8 just as the Exodus Movement stock gets “uplisted” to NYSE the next day. This uplisting is subject to approval from regulators. No action is required of Exodus stockholders in relation to the new listing on the NYSE.
For the last nine years, Exodus has provided self-custodial wallet services for Bitcoin (BTC), Ethereum (ETH), and other digital assets to its customers. Its EXOD security token is a digital representation of Class A EXOD common shares. The token, which can be managed on the Exodus wallets, was tokenized on the Algorand blockchain.
More US Crypto Companies in the Public Stock Market
Exodus Movement comes off as the only company in the United States with its common stock tokenized on the blockchain. Meanwhile, some other US-based companies have equally gone public in the last few years.
In 2021, the popular digital exchange Coinbase Global Inc (NASDAQ: COIN) went public. However, instead of conducting a traditional Initial Public Offering (IPO), Coinbase decided to choose a direct listing of its Class A common stock. Precisely, Coinbase debuted on the stock market on April 14, 2021, under the ticker symbol COIN. It bagged a valuation of $85 billion at launch. However, its initial reference price at the time came in at $250 but later opened at $381 on the Nasdaq Global Select Market.
On its first day of trading, Coinbase CEO Brian Armstrong confirmed that the stock recorded over $290 million in volume. Coinbase became the first publicly traded exchange on the stock market, marking a significant milestone for the crypto ecosystem.
In that same year, Bakkt Holdings Inc (NYSE: BKKT), a digital assets platform owned by Intercontinental Exchange Inc (NYSE: ICE), went public after completing a SPAC merger with VPC Impact Acquisition Holdings. Unlike Coinbase, Bakkt’s public listing did not initially register good performance in the stock market.
The shares, which were first offered at a unit price of $9.45 on the morning of October 18, 2021, saw a 6% drawback that took the price to $8.76. The market is keen to see how Exodus Movement will perform on its first trading day.