Exodus shares surge 36% in Wall Street debut

Exodus Movement Inc., the company behind the Exodus self-custodial crypto wallet, made a remarkable entrance on Wall Street, with its shares skyrocketing by 36.33% on its first full trading day.

Listed under the ticker “EXOD” on NYSE American, the stock closed at $53.50, reaching an intra-day high of $67.00, as reported by Yahoo Finance.

Exodus' performance outshined other crypto-related stocks, including Coinbase, which fell 10%, and MARA Holdings, which dropped 12.15% to $21.61.

This strong debut highlights investor enthusiasm for the company despite broader challenges in the cryptocurrency equity market.

The journey to Wall Street wasn’t without hurdles.

Previously trading over-the-counter, Exodus faced delays in obtaining approval from the U.S. Securities and Exchange Commission (SEC) to up-list to a major trading platform.

The regulatory nod finally came in December 2024, allowing Exodus to list on NYSE American, which specialises in small and mid-cap stocks.

The timing of the listing aligns with potential shifts in regulatory sentiment.

President-elect Donald Trump’s upcoming inauguration and the departure of SEC Chair Gary Gensler are seen by some as signals of a more favorable environment for the crypto industry.

Gensler has faced criticism for his strict regulatory stance, described by some as “regulation by enforcement.”

Founded in 2015, Exodus is recognised for its pioneering role in non-custodial wallets, supporting cryptocurrencies and NFTs.

Despite reporting a $10 million loss in its latest quarterly filing, CFO James Gernetzke highlighted the company’s strong $121 million financial runway, which includes holdings in Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).

Year-over-year revenue increased by 80% to $22.3 million, driven by the company’s expansion into over 50 networks and added staking options for Ethereum and Solana (CRYPTO:SOL).