Crypto Wallet Provider Exodus Makes Wall Street Debut, Shares Pop 37%

Exodus Movement Inc. EXOD commenced trading on the NYSE American exchange Wednesday, becoming the latest publicly traded company on Wall Street with cryptocurrency as the core business.

What happened: The shares of the self-custodial wallet provider closed 37% higher at $53.50 after getting listed on NYSE American, the sibling exchange to the New York Stock Exchange.

Owned by the New York Stock Exchange, NYSE American specializes in small- and mid-cap equities.

The company, which previously traded on over-the-counter markets, got approval to list its common stock last week.

See Also: MicroStrategy’s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community

Why It Matters: Founded in 2015, Exodus is one of the oldest providers of non-custodial cryptocurrency wallets, supporting top coins like Bitcoin BTC/USD and Ethereum ETH/USD.

With its debut, it joined the niche list of Wall Street companies that primarily deal in cryptocurrencies, including Coinbase, the largest cryptocurrency exchange in the U.S., and Japan’s cryptocurrency behemoth Coincheck.

An exchange listing, especially in the U.S., exposes a company to a broader spectrum of institutional and retail investors, thereby increasing its liquidity and visibility.

Photo Courtesy: Maor_Winetrob On Shutterstock.com

Read Next: 

• Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy’s Michael Saylor: ‘BTC Doesn’t Generate Any Income’