Exodus Wallet raises almost $60M in crypto in regulated offering

Crypto wallet provider Exodus has raised more than $59 million in just five days as investors flocked to participate in the public offering.

Exodus Movement Inc., a firm based in Delaware, began selling stock on Thursday in a sale that was approved by the United States Securities and Exchange Commission. The shares were listed for $27.42 apiece, with a maximum investment of 2,733,229 shares.

According to a report on Monday, the offering will close once the maximum offering amount of $75 million has been reached. The crypto wallet company is already 80% toward reaching that target, with participation from over 4,000 investors.

The firm noted that the majority of the investment has come from retail traders or non-accredited investors, with just 8% of the total coming from accredited investors.

The Regulation A sale allowed the firm to reach beyond deep-pocketed investors and offer participation to 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.

Exodus only accepted payments in Bitcoin (BTC), Ether (ETH) or USD Coin (USDC) instead of accepting fiat.

Exodus is currently exploring partnerships with alternative trading systems that could potentially expand the availability of the shares. The firm intends to make the Class A common stock available for trading on several platforms including tZer within nine months of this offering, the report added.

TZero is an SEC-compliant security token trading platform and a subsidiary of Medici Ventures, which itself is a subsidiary of online retailer Overstock.

The multi-asset software wallet provider claims to have completed the largest regulated crypto offering to date, however, that accolade isn’t likely to last the day.

Coinbase is due to list its stock on the Nasdaq stock exchange just hours from now, which will no doubt be the largest crypto offering ever. Valuations for the company, once it goes public, have been between $60 billion and $140 billion, and sentiment has been overwhelmingly positive from both the crypto and traditional financial markets.