Exodus Crypto Wallet Tokenized Share Offering Launches Following SEC Approval Under Exemption Rules

Exodus Movement — the Delaware corporation behind major crypto asset wallet software Exodus — received Regulation A approval for the third-ever Regulation A token offering.

The offering is already live, with 2,200 participants already purchasing tokenized shares of the company through the dedicated wallet.

What Happened: According to an announcement shared with Benzinga, Exodus started offering to its customers a way to buy the tokenized shares through a “mini-IPO” under Reg A+ directly within the wallet software.

Regulation A+ allows the public to invest in private companies whose stocks are not traded on a public stock exchange.

This regulation is aimed to allow startups to raise small amounts of capital from a large pool of investors.

Why It Matter: In order to participate in the sale, investors have to verify their identities inside the latest version of the Exodus wallet software and fund it with Bitcoin BTC/USD, Ether ETH/USD, or USD Coin USDC/USD.

After jumping through those hoops, users are able to acquire a minimum of one and a maximum of 2,733,229 Class A common Exodus Movement stock at $27.42 per share.

The news follows the firm's early March application with the United States Securities and Exchange Commission (SEC) to carry out this public offering of tokenized shares. Industry news outlet Coindesk reported at the time that Exodus hopes to raise $75 million from about a million of the platform's users.