Crypto wallet service provider Exodus has increased more than $59 million in just 5 days as investors flocked to participate in the public offering.
Exodus Movement, Inc., a company based in Delaware, started selling stock on 8 April in a sale that was approved by the United State Securities and Exchange Commission (SEC). The shares were listed for $27.42 apiece with a max. investment of 2,733,229 shares.
As per a 12 April report, the offering will close once the max. an offering price of $75 million has been picked. The Exodus is already 80% towards reaching that target with participation from over 4,000 investors.
The firm noted that the majority of the investment has come from retail traders or non-accredited investors with just eight percent of the total coming from accredited investors.
The Regulation A sale permitted the company to reach beyond deep-pocketed investors and offer participation to those often left out of securities sales. However, the sale was only available to United State based investors excluding the states of Arizona, Texas, and Florida.
The Crypto wallet provider accepted payments in crypto only using BTC, ETH, or USDC instead of accepting fiat.
Exodus is recently exploring partnerships with alternative trading systems (ATS) that could potentially expand the availability of the shares. The firm intends to make the Class A common stock available for trading on several platforms including tZERO within 9 months of this giving, the report added.
tZERO is an SEC-compliant security token trading platform and a subsidiary of Medici Ventures, which itself is a subsidiary of online retailer Overstock.
The multi-asset software wallet supplier claims to have completed the biggest regulated crypto offering to date, however, that accolade isn’t likely to last the day.
Coinbase is due to list its stock on the Nasdaq stock exchange in a few simple hours from now, which will no doubt be the biggest crypto offering ever. Valuations for the corporate, once it goes public, have been between $60 billion and $140 billion, and sentiment has been overwhelmingly positive from both the crypto and traditional financial markets.