Exodus Raises Nearly $60 Million In Public Offering

crypto wallet exodus raised $60 million from investors

Los Angeles (CoinChapter) – Crypto wallet provider Exodus raised just under $60 million from investors in a successful regulated offering. The Delaware-based firm began selling stock last Thursday after receiving clearance from the U.S. Securities and Exchange Commission (SEC). The shares went for $27.42 apiece, with a maximum investment of 2,733,229 shares.

The offering will close once the maximum offering amount of $75 million has been reached. The crypto wallet company has already reached 80% that target, seeing participation from over 4,000 investors.

Interestingly enough, the majority of the investment has come from retail traders, with just 8% of the total coming from institutional investors.

The Regulation A sale helped Exodus reach a broader range of investors. Particularly those who are often left out of securities sales. However, the opportunity to buy shares was only available to U.S.-based investors. Residents of Arizona, Texas and Florida were not allowed to take part in the sale.

Furthermore, Exodus did not accept fiat payments. Rather, investors were asked to pay with either Bitcoin, Ether or USD Coin.

After a successful week, the crypto wallet provider is now exploring partnerships with alternative trading systems. That could potentially expand the availability of the shares. Exodus hopes to make the Class A common stock available for trading on several platforms by the end of the year.

Exodus eyeing tZERO for potential common stock offering

One platform that Exodus has its eye on for a potential common stock offering is tZERO. It is an SEC-compliant security token trading platform and a subsidiary of Medici Ventures.

tZERO is known for its impressive feat of completing the largest regulated crypto offering to date. However, they will soon be surpassed by Coinbase, which goes public on the Nasdaq Wednesday.

Valuations for the crypto exchange have been between $60 billion and $140 billion. Shares went for $600 in pre-trading, although a much more modest reference price of $250 was recently set.

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