Exodus Movement, Inc., a leader in self-custodial cryptocurrency software solutions, is set to debut on the NYSE American stock exchange. The company’s Class A common stock, trading under the symbol “EXOD,” will commence trading on December 18, 2024.
Until then, the stock will continue to trade on the OTCQX. The transition will mark an important moment for Exodus and its shareholders.
Exodus Stock to List on NYSE after OTC Trading
The company shared the news in an official announcement, which was also reinforced in a post on X (formerly Twitter).
“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 company shared.
Indeed, the move reflects Exodus’ growing influence within the cryptocurrency ecosystem, as the NYSE listing provides broader exposure to institutional and retail investors. The transition is expected to enhance trading liquidity and increase the company’s visibility within traditional financial markets.
JP Richardson, CEO and co-founder of Exodus echoed this sentiment, indicating that it highlights how innovative companies can trade on America’s premier stock exchanges. In his opinion, this uplisting could raise Exodus’ corporate profile while enhancing liquidity for its current and future shareholders.
“We expect this uplisting will raise Exodus’ corporate profile, while also enhancing liquidity for our current and future shareholders,” Richardson shared.
Meanwhile, this is not the first time Exodus has pursued a NYSE listing. In May 2024, the company expressed similar plans to list to the NYSE American. At the time, it cited the intention to create long-term value for shareholders and broaden market awareness.
Though the May initiative faced delays, the company’s persistence could pay off. This displays its commitment to bridging the gap between traditional finance (TradFi) and blockchain innovation.
Broader Context for Crypto on Wall Street
Elsewhere, Exodus’ NYSE listing reflects the growing acceptance of crypto-related companies on Wall Street. While Exodus secured its spot on the exchange, other prominent crypto players, such as Grayscale and ProShares, remain in regulatory limbo.
Grayscale is awaiting SEC approval for its diverse cryptocurrency ETF on NYSE Arca. On the other hand, ProShares seeks authorization for its spot Ethereum ETF (exchange-traded fund) listing. Taken together, these developments signal a cautious yet progressive shift in the integration of digital assets within the TradFi ecosystem.
The NYSE itself has taken steps to accommodate the increasing demand for cryptocurrency-related assets. As BeInCrypto reported, the NYSE is exploring the possibility of extending trading hours for Bitcoin ETFs.
This reflects the growing appetite among investors for digital asset exposure. Such initiatives reflect a broader trend of traditional exchanges adapting to the needs of the fast-paced crypto sector.
As the NYSE opens up to crypto and Wall Street in general warms up to the industry, experts suggest blockchain technology could address long-standing challenges in traditional stock trading. For instance, blockchain’s transparency and efficiency could help mitigate trading glitches, which have occasionally disrupted operations on the NYSE.
These advancements could pave the way for a stronger and more reliable trading infrastructure, benefiting both traditional and crypto markets.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
