Exodus Crypto Wallet Debuts on Wall Street, Shares 36%

Exodus Movement Inc., the fintech company behind the self-custody crypto wallet Exodus, has officially entered Wall Street.

It joins a select group of crypto-centric companies making their mark on major US exchanges, trading under the ticker “EXOD” on NYSE American, a sister platform of the New York Stock Exchange.

Taking Wall Street by storm

The company’s first full day on the market was eventful, with its shares surging 36.33% to close at $53.50, while hitting an impressive intraday high of $67.00 dollars, according to data from Yahoo Finance.

Interestingly, the performance dwarfed that of many other crypto-related stocks, with the likes of Coinbase and Bit Digital shaving 10% and 12% off, respectively, in the past 24 hours. Similarly, Bitcoin miner MARA Holdings fell 12.15%, and its shares closed the day at $21.61.

Despite the remarkable debut, Exodus’ journey to Wall Street was not without obstacles. It previously traded on over-the-counter markets before seeking approval from the US Securities and Exchange Commission (SEC) to join mainstream trading platforms.

After initial delays by the regulator amid claims it was still reviewing the company’s registration, it finally won approval in December 2024 to list on NYSE American, which specializes in small- and mid-cap assets.

Some in the community see the company’s IPO ratification as a sign of changing regulatory sentiment after President-elect Donald Trump’s landslide victory in the November polls and the imminent departure of SEC Chairman Gary Gensler , which has been repeatedly accused of stifling the crypto industry through its “regulation by enforcement” approach.

Pioneering crypto wallet solutions

Founded in 2015, Exodus has been at the forefront of the development of non-custodial wallets. It supports a wide range of digital assets, including cryptocurrencies and non-fungible tokens (NFTs).

In August, the company posted a net loss of $10 million in its first quarterly filing since filing for a listing, a far cry from the $2 million in profits it made in the same quarter of 2023. However that, at the time, CFO James Gernetzke emphasized that it had a track record of $121 million that included Bitcoin (BTC) and Ethereum (ETH).

Despite the loss, year-over-year revenue rose 80% to $22.3 million as the crypto company expanded its services to more than 50 networks and added staking support for Ethereum and Solana.

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