A long-awaited NYSE American listing

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . Industry insiders have predicted more crypto IPOs in 2025. In a possible preview, today we saw a segment player uplisted to a major exchange. Shares of crypto wallet provider Exodus became available on the NYSE American stock exchange Wednesday. It was a “finally” moment for the company, which had prepared for this in May before an unexpected delay . Exodus considers itself “a pure-play crypto company” at a time when more investors seek exposure. CFO James Gertneztke said access to capital markets could be helpful for product and marketing initiatives, or for buying other companies. The focus in 2025 is to launch and (extend the reach of) products that bridge the TradFi-crypto gap (i.e. passkeys and XO Swap), he noted. “We have a large warchest already so this is not necessarily an immediate impact,” Gertneztke said of the capital markets access. Part of that warchest he’s referring to is a treasury comprising 1900 BTC and 2,660 ETH. Exodus has held bitcoin since its 2015 founding. The company receives most of its revenue in BTC and USDC; revenues linked to its exchange aggregator processing record volume in Q4 helped Exodus recently add 100 BTC to its treasury . “We have no debt, so our holdings are not ‘levered,’” the CFO added. The company’s BTC holdings might seem small relative to MicroStrategy’s (439,000 BTC). But 1,900 BTC (currently worth ~$200 million) is nothing to sneeze at, and corporate BTC buying sprees seem poised to continue. Gertneztke, indeed, made it clear to me: “We don’t plan on stopping in the new year.” Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.