US SEC approves crypto wallet Exodus to issue A-shares

Cryptocurrency wallet provider Exodus recently received approval from the United States Securities and Exchange Commission (SEC) to sell shares of its business.

According to a public statement from Exodus: "Exodus Movement, Inc. is a Delaware corporation that has developed a leading non-custodial cryptocurrency software platform and has received SEC approval to offer its Class A common stock under Reg A+."

The shares can be purchased through the wallet itself. Exodus has existed as a desktop wallet for crypto users for years, compatible with a range of digital assets. The wallet also has a feature that allows users to swap between assets within the wallet. According to the announcement, users can now also purchase Exodus shares through the app.

Bitpush previously reported that Exodus submitted an application to the U.S. Securities and Exchange Commission (SEC) in March this year for a license to publicly issue the company's tokenized shares. After approval, a Class A Level 2 regulatory offering (i.e. Reg A+) will be conducted. The sale will be conducted within the application and will be limited to purchases of Bitcoin, Ethereum and USDC. Exodus hopes to raise $75 million using approximately 1 million active users of its wallet.

The statement pointed out that the price per unit of Class A common stock is $27.42. Buyers can subscribe for a minimum of one share and a maximum of 2,733,229 shares. All investors must register with Exodus Transfer Agent Securitize, and there are two ways to register: through securitization registration, or through the Exodus wallet itself.

Only U.S. residents can purchase the stock. However, people in Arizona, Florida, and Texas cannot participate.

The statement added: “Exodus is currently exploring partnerships with alternative trading systems (ATSs) that may expand the availability of Exodus shares. Exodus intends to make the Class A common stock available for trading on several ATSs, including the tZERO ATS, within nine months of this offering.”

Image credit: Exodus