Exodus Movement Inc. EXOD started trading on the American stock exchange NYSE on Wednesday, making it the youngest listed company on Wall Street whose core business is cryptocurrencies.
What happened: Shares of the self-custodial wallet provider closed 37% higher at $53.50 after listing on the NYSE American, the New York Stock Exchange’s sister exchange.
NYSE American is owned by the New York Stock Exchange and specializes in small and mid-cap stocks.
The company, which previously traded on over-the-counter markets, received approval to list its common shares last week.
See also: MicroStrategy’s aggressive Bitcoin strategy is causing a stir in the crypto community
Why it matters: Founded in 2015, Exodus is one of the oldest non-custodial cryptocurrency wallet providers, supporting top coins like Bitcoin BTC/USD And Ethereum ETH/USD.
With its debut, it joins the niche list of Wall Street firms that primarily trade cryptocurrencies, including Coinbasethe largest cryptocurrency exchange in the US and Japan’s cryptocurrency giant Coin check.
A stock market listing, particularly in the US, makes a company accessible to a wider range of institutional and private investors, thereby increasing its liquidity and visibility.
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