The cryptocurrency wallet Exodus plans to go public and raise $75 million, with investors only able to subscribe using cryptocurrency assets
As of December 2020, Exodus held 694 BTC and 1613 ETH.This article is an original piece by Chain Catcher, authored by Gong Quanyu.
According to information disclosed on the SEC's official website, the cryptocurrency wallet Exodus officially submitted its listing application on February 26, planning to publicly raise up to $75 million of Class A common stock at a price of $27.42 per share, with an estimated valuation of approximately $1.78 billion, and intends to list directly on the Seychelles MERJ Exchange after the issuance is completed.
It is noteworthy that Exodus also stated that investors can only subscribe to its shares through the securitized token platform Securitize or by linking to that platform within the Exodus wallet and using BTC, ETH, or USDC. After nine months of qualified issuance, Exodus expects these stocks to be tokenized and stored in the wallet.
"We aim to be a platform for issuing shares within the application, designed to promote financial democratization and move beyond the outdated ICO token model, allowing users to become investors and actual owners of Exodus in a regulated manner," Exodus stated.
It is understood that Exodus is a cryptocurrency wallet application established in 2015, with 1.25 million users, currently supporting over 100 assets, and allowing users to access applications such as Exchange Aggregator, Compound Finance, and SportX.
According to Exodus's listing documents, the company's operating revenue in 2020 was $21.25 million, a year-on-year increase of 168%, with a net profit of $8.42 million, turning a profit compared to the previous year, and total assets of approximately $72.76 million. As of December 2020, Exodus held 694 BTC and 1,613 ETH.
Exodus's main source of revenue comes from API integration fees primarily based on transaction aggregation, charging relevant fees to API providers based on user interactions conducted through the API. In 2020, three API providers generated revenues of $8.1 million, $4.5 million, and $5.8 million respectively, accounting for approximately 86% of the total revenue for that year, with users conducting cryptocurrency asset transactions worth about $3.5 billion on the platform.
By region, 91% of Exodus's revenue in 2020 came from the Asia-Pacific region, while Europe, the Middle East, and Africa accounted for 5%, and the United States for 3%.
Recently, at least 10 cryptocurrency companies, including Coinbase, announced their listing plans, with Exodus being the first cryptocurrency wallet operating company among them.
