Exodus Movement, a leading developer of crypto wallets, announced on Monday its successful approval for listing its common stock on the NYSE American, a significant milestone for the company. The stock, denoted by the ticker symbol EXOD, is slated to commence trading on the platform starting May 9.

JP Richardson, CEO, and Co-founder of Exodus, expressed enthusiasm about the approval, stating, "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."

The NYSE American, formerly known as the American Stock Exchange (AMEX), is tailored for companies with smaller market capitalization relative to the NYSE, providing a conducive environment for growth and expansion.

EXOD shares have previously been listed on the OTCQX market, and this latest approval signifies Exodus' transition to the NYSE, a move known as "uplisting." The company emphasized that existing stockholders do not need to take any preemptive action ahead of the NYSE American listing.

Founded in 2015, Exodus Movement specializes in developing self-custodial wallet services catering to various cryptocurrencies, including bitcoin, ether, and other digital assets. Notably, the company's EXOD security tokens, which represent Class A EXOD common shares, have been tokenized on the Algorand blockchain, providing investors with enhanced accessibility and management options through Exodus wallets. This distinction makes Exodus the sole entity in the United States to tokenize its common stock on the blockchain.

In its preliminary review for Q1, 2024, Exodus reported robust financial performance, with a revenue of $29.1 million, marking a remarkable 118% increase compared to the corresponding period last year. Additionally, the company boasted approximately 1.69 million monthly active users in the first quarter, underscoring its growing user base and market traction.

The approval for NYSE American listing represents a significant milestone for Exodus Movement, positioning the company for enhanced visibility, accessibility, and long-term growth prospects within the investor community and the broader market.