Crypto Market

Exodus debuted on Wall Street with a bullish rally

Companies related to digital assets that come to Wall Street are moving the market forcefully, as demonstrated by the sudden increase in the stock of Exodus, a bitcoin (BTC) self-custody wallet, on its first day of trading.

Under the ticker EXOD, the company’s Class A common stock began trading on the New York Stock Exchange (NYSE) as of yesterday, December 18, 2024, reaching an increase close to 40% during the day.

It is worth clarifying that in cases like the EXOD, it is said to be a stock market rally or a rise in the price of the shares, since it was a rebound or increase in the price of the shares in a short period of time.

The reason for choosing to list as Class A shares is so that Exodus can offer its shares to everyone equally, without prioritizing accredited investors or private equity firms, the company said in a statement. release.

In his debut, EXOD shares hit an all-time high of $64and then fell to $53 at the end of operations yesterday, as seen in the following graph.

Shares of the Exodus wallet on the NYSE stock exchange. Source: Google Finance.

This positive performance marks a milestone for the company founded in 2015 by JP Richardson and Daniel Castagnoli.

With a face value of $0.000001, the company seeks to open the doors to traditional investors and the general public, expanding the company’s financial reach. As CriptoNoticias reported at the time, approval to list on the New York Stock Exchange came in May of this year.

Exodus’ strategy could also facilitate its integration with other market sectors, given its focus on cryptocurrency-related services.

Company income

Exodus’ revenue primarily comes from its cryptocurrency exchange service, which includes fiat currency onboarding, staking, and consulting services.

In your report of the third quarter presented in November, The company reported revenue of $20 million.although it also reported a net loss of around $800,000. Profits, so far this year, have decreased, as seen in the following graph. However, the arrival on Wall Street could reverse this year’s trend for the company.

Exodus wallet earnings in 2024
The company’s earnings have been declining since a rebound in early 2024. Source: Exodus.

The company had already taken a first step towards the public market in 2021, when it received approval from the United States Securities and Exchange Commission (SEC) to launch shares to the public.

The listing on the NYSE not only positions Exodus on the radar of the main players in the financial market, but also could serve as a barometer of general enthusiasm towards cryptocurrencies in a regulated environment.

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