Crypto wallet developer Exodus Movement Inc has made history in its journey as it got uplisted on the New York Stock Exchange (NYSE) American. For a firm that traded in the OTC Markets (OTCQX), this NYSE listing marks a major upgrade for the firm.
Exodus Innovation Paid Off?
The self-custodial crypto wallet maker came into the limelight in 2015 and has launched backing for different protocols, including Bitcoin and Algorand. Prior to its listing on the NYSE American, the firm’s stock was under the ticker symbol “EXOD.” Known as a mild performer, the stock recorded an all-time high of $41 on hype around the uplisting in December 2024.
In May, the United States Securities and Exchange Commission (SEC) blocked the firm’s NYSE listing attempt. The 11th-hour approval now marks a major shift in the crypto regulatory landscape in the U.S. This is due to Donald Trump’s pro-crypto stance. The US president-elect has so far been welcoming to industry leaders and recently met with Ripple’s CEO Brad Garlinghouse.
With the listing, Exodus represents the first time common stock will be tokenized on a blockchain.
BREAKING: The NYSE officially welcomes @exodus, which is tokenized on the Algorand blockchain.
This marks the first time common stock has been tokenized on a blockchain. pic.twitter.com/lks6u8ViMV
— Chain Gab (@ChainGab) January 8, 2025
Meanwhile, the listing has triggered a major selloff in EXOD, triggering reactions from the community. Many remain concerned that the listing might not have paid off after all. Per market data, EXOD price was down by 10.71% in 24 hours to $35.10. Amid this, the firm’s stock is maintaining a 14% surge in the past 5 trading days.
Spotlight for Lagging Supported Tokens
The Exodus Wallet supports a number of digital currencies in the market, including Bitcoin (BTC), Algorand (ALGO), and EOS, among others.
The firm’s public debut on the NYSE will further place the spotlight on these assets. This spotlight may help drive renewed interest to these assets.
While the impact of Exodus listing on NYSE might be an indirect boost for the market, it has effectively set the pace for other firms eyeing an IPO this year.
Bitwise on Firms To Go Public This Year
As part of the Bitwise 2025 predictions, the asset management firm forecasted that at least 5 crypto unicorns will go public in the US this year.
The asset manager named Kraken Exchange and stablecoin issuer Circle Internet Financial as the top candidates. It also named Figure, Chainalysis, and Anchorage Digital to complete the top 5 list of potential candidates.
Circle has made proactive moves regarding its IPO plans. However, while awaiting the US SEC’s greenlight, the firm unveiled Hong Kong expansion plans last year.
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