Exodus Raises $59M, Mostly From Retail Investors
$75 million in shares were listed, priced at $27.42 each, but Exodus only accepted payment in bitcoin, ethereum or USD coin.
Exodus founders JP Richardson (left) and Daniel Castagnoli; Source: Exodus
- Exodus has raised about $59 million since April 8 via a Regulation A sale
- 92% of raised capital came from non-accredited investors
Crypto wallet provider Exodus has raised about $59 million in five days, almost entirely from non-accredited retail investors.
The Delaware-based firm began selling stock on April 8 as part of a regulated public offering approved by the Securities and Exchange Commission. $75 million in shares were listed, priced at $27.42 each, but Exodus only accepted payment in bitcoin, ethereum or USD coin.
Exodus has reached about 80% of their $75 million goal from over 4,000 investors. The Regulation A sale allowed retail investors to get involved, and only 8% of capital raised so far has come from accredited investors.
The company is currently looking into expanding the availability of shares and hopes to have the Class A common stock on trading platforms within nine months, according to a release posted Monday.
The public offering comes at a major moment for digital assets. Crypto exchange Coinbase is set to make its Nasdaq debut via direct listing Wednesday, becoming the just major crypto company to go public in the US. Coinbase valuations are expected to be between $60 billion and $140 billion.