Exodus Wallet raised around $60M in crypto via a regulated offering
Exodus Wallet has raised approximately $60 million in just five days as investors rushed to participate in the public offering.
Exodus Movement, Inc. began selling stock on April 8 in a sale that was approved by the U.S. Securities and Exchange Commission (SEC). The shares were listed for $27.42 apiece with a maximum investment of 2,733,229 shares.
As per a report published by BusinessWire on April 12, the offering will go off once the maximum offering amount of $75 million raised. The crypto wallet company has already reached 80% towards its target with over 4,000 participants.
Majority of the investment came from the retail traders and just 8% of the total from accredited investors. The Regulation A sale allowed the firm to reach beyond deep-pocketed investors and offered to participate in those often left out of securities sales. However, the sale was only available to U.S. based investors excluding the states of Arizona, Texas, and Florida.
In the fund raising, Exodus accepted payments in mainstream crypto using BTC, ETH, USDC and not accepting fiat.
The Wallet company is exploring partnerships with alternative trading systems (ATS) that could potentially expand the availability of the shares.
Report adds, the firm is planning to make the Class A common stock available for trading on several platforms including tZERO, within nine months of this offering, which is a SEC-compliant security token trading platform and a subsidiary of Medici Ventures.