Wallet provider Exodus stock rallies 37% on NYSE American debut

Exodus Movement is now trading on NYSE American as of Wednesday, a company representative told The Block. This places Exodus — the makers of one of the oldest operating crypto wallet developers — among a handful of publicly traded crypto companies on a major U.S. exchange. 

The firm’s stock (ticker: EXOD) is up over 37% as the trading day closes after hitting an all-time high of $64.50, according to Google Finance. EXOD is currently changing hands for around $53.

NYSE American is owned and operated by the New York Stock Exchange in New York City. Exodus, founded in 2015, previously traded on listed OTC Markets under the same ticker. It announced it would look to "uplist" earlier this year.

The company received approval to list its common stock on the 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,” Exodus CEO and co-founder JP Richardson said at the time. 

Exodus saw $20.1 million in revenues and a net loss of around $800,000 in the third quarter of this fiscal year, according to its third-quarter filing  in November. The firm primarily derives revenues from exchange services including fiat onboarding as well as staking and consulting services.

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

“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,” CFO James Gernetzke said.