Exodus Crypto Wallet Debuts on Wall Street, Shares Skyrocket 36%

Exodus Movement Inc., the financial technology company behind the Exodus self-custodial crypto wallet, has officially entered Wall Street.

It joins a select group of crypto-centric companies making their mark on major U.S. bourses, trading under the ticker “EXOD” on NYSE American, a sister platform of the New York Stock Exchange.

Taking Wall Street by Storm

The firm’s first full day on the market was eventful, with its stock surging 36.33% to close at $53.50 while registering an impressive intra-day high of $67.00, per data from Yahoo Finance.

Interestingly, the performance dwarfed those of many other crypto-related equities, with the likes of Coinbase and Bit Digital shaving 10% and 12% off their share price, respectively, in the last 24 hours. Similarly, Bitcoin miner MARA Holdings dipped 12.15%, with its stock closing the day at  $21.61.

Despite the remarkable debut, Exodus’ journey to Wall Street was not without obstacles. It previously traded on over-the-counter markets before seeking approval from the U.S. Securities and Exchange Commission (SEC) to up-list to mainstream trading platforms.

After initial delays from the regulator amid claims it was still reviewing the company’s registration, it finally got approval in December 2024 to list on NYSE American, which specializes in small and mid-cap assets.

Some in the community view the company’s listing ratification as a sign of shifting regulatory sentiment following President-elect Donald Trump’s resounding victory in the November polls and the impending departure of SEC Chair Gary Gensler, who has been repeatedly accused of stifling the crypto industry through his “regulation by enforcement” approach.

Pioneering Crypto Wallet Solutions

Founded in 2015, Exodus has been at the forefront of non-custodial wallet development. It supports a wide array of digital assets, including cryptocurrencies and non-fungible tokens (NFTs).

In August, the firm reported net losses of $10 million in its first quarterly filing since applying for a listing, a far cry from the $2 million profit made in the same quarter in 2023. However, at the time, CFO James Gernetzke stressed that it boasted a $121 million runway that included Bitcoin (BTC) and Ethereum (ETH) holdings.

Despite the loss, year-over-year revenue went up 80% to $22.3 million as the crypto company expanded its services to more than 50 networks and added staking support for Ethereum and Solana.