As a seasoned crypto investor with over a decade of experience navigating the volatile landscape of digital assets, I must admit that witnessing Exodus Movement Inc.’s debut on Wall Street feels like watching the underdog finally making it to the big leagues. The company’s journey from an over-the-counter trading platform to a NYSE American listed entity is nothing short of inspiring.
The financial technology firm known as Exodus Movement Inc., creators of the Exodus personal cryptocurrency wallet with self-custody, has now made its debut on Wall Street.
This company has become part of an exclusive club of cryptocurrency-focused businesses listed on significant U.S. stock exchanges. It can now be traded using the symbol “EXOD” on the NYSE American, which is related to the New York Stock Exchange.
Taking Wall Street by Storm
On its first day trading publicly, the company experienced a lively debut. Its shares skyrocketed by 36.33%, ending the day at $53.50. Data from Yahoo Finance reveals that it reached an impressive peak of $67.00 during the trading day.
Surprisingly, my crypto investment outperformed many other related stocks over the past day, while companies like Coinbase and Bit Digital saw their share prices drop by 10% and 12% respectively. Similarly, Bitcoin miner MARA Holdings also took a hit, dipping 12.15%, ending the day at $21.61 per share.
Although its initial launch was impressive, Exodus’ path towards Wall Street wasn’t free of hurdles. Prior to aiming for approval from the U.S. Securities and Exchange Commission (SEC), it had been traded on alternative markets, and now it is seeking permission to move up to mainstream trading exchanges.
Initially facing hold-ups by the regulatory body due to allegations of ongoing evaluation of the firm’s enrollment, they eventually received approval in December 2024 to go public on NYSE American – a marketplace that focuses on smaller and medium-sized companies.
Some people within the community interpret the company’s approval to go public as a potential change in regulatory attitude. This shift could be due to President-elect Donald Trump’s decisive win in the November elections and the forthcoming departure of SEC Chair Gary Gensler, who has faced criticism for his “enforcement through regulation” strategy towards the crypto industry.
Pioneering Crypto Wallet Solutions
Established in 2015, Exodus has taken the lead in creating non-custodial digital wallets. This versatile platform accommodates various types of digital assets such as cryptocurrencies, NFTs, and more.
In August, the company disclosed a net loss of $10 million in its initial quarterly report after going public. This is quite different from the $2 million profit they made during the same period in 2023. Yet, Chief Financial Officer James Gernetzke highlighted at that time that the company had a substantial financial buffer of around $121 million, which included investments in Bitcoin (BTC) and Ethereum (ETH).
Although we faced a setback with the loss, it’s important to note that our yearly earnings significantly increased by 80%, reaching an impressive $22.3 million. This growth was fueled by our crypto company’s strategic expansion into over 50 networks, as well as the addition of staking support for both Ethereum and Solana.
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2024-12-19 17:18