WALLETS

Wallet provider Exodus stock rallies 37% on NYSE American debut

theblock.co 18/12/2024 - 22:09 PM

Exodus Movement Now Trading on NYSE American

Exodus Movement is officially trading on NYSE American as of Wednesday, as reported by a company representative to The Block. This advancement positions Exodus — one of the oldest operating crypto wallet developers — alongside a select group of publicly traded crypto companies on a major U.S. exchange.

The firm’s stock (ticker: EXOD) surged over 37% by the close of trading after reaching an all-time high of $64.50, according to Google Finance. Currently, EXOD is trading around $53.

NYSE American is operated by the New York Stock Exchange based in New York City. Founded in 2015, Exodus previously traded on OTC Markets under the same ticker and announced plans to "uplist" earlier this year.

The company received approval to list its common stock on NYSE American in May 2024.

“Trading on the NYSE American will allow Exodus to create greater long-term value for our stockholders by increasing our presence within the investor community and, in turn, increase liquidity,” said Exodus CEO and co-founder JP Richardson at the time.

In its third-quarter filing in November, Exodus reported $20.1 million in revenues and a net loss of around $800,000 for this fiscal year. The company primarily earns revenue through exchange services, including fiat onboarding and staking consultations.

Exodus has also partnered with hardware wallet provider Ledger and the NFT platform Magic Eden.

CFO James Gernetzke stated, “In Q3, we delivered both high year-over-year revenue growth and profitability, which demonstrates the strength of our business model as well as the growing adoption of the digital asset market."




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