Exodus, the popular and time-served cryptocurrency wallet, is considering a potential offering of shares of its Class A common stock, provisionally estimated at $25 per share.
Unlike exchanges such as COINBASE who are looking at a full blown Initial Public Offering (IPO), EXODUS are proposing issuing under Regulation A of the United States Securities Regulations which is less expensive and more accommodating for smaller market cap companies.
Although at this stage Exodus are merely testing the waters to gauge the likely uptake of the offer, everything appears to be in place for the launch to proceed should the authorities give it the green light.
Interestingly, this Exodus mini-IPO is proposing to make the offering directly from within the wallet which the company believe "...has the potential to revolutionise fundraising."
The shares would be issued on the Ethereum blockchain and held within the wallet.
Users of the wallet should upgrade to the latest release (21.1.15) where they will see a new icon added to the top of the user interface. Simply called "Exodus Shares", the icon will take the viewer through the process of registering their interest in the offering.
Exodus Icons (1. Portfolio. 2. Wallet. 3. Exchange. 4. NEW Exodus Shares. 5. Rewards)
Official Terminology
The Exodus website confirms up to $50 million of shares of its Class A common stock maybe offered to the public in the following manner:
- Subscriptions for the shares of Class A common stock would be made through the desktop version of the Shares App of the Exodus Wallet. (The Exodus Wallet with the Shares App is currently available for download on the exodus.io website).
- Subscriptions for the shares would be paid for with Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC).
- Securitize, Inc., a Delaware corporation, would be the transfer agent for the shares.
- The shares would be represented by digital Common Stock Tokens on the Ethereum blockchain and would be held in the Exodus Wallet.
- The ownership and transfer of the shares will be recorded on the Ethereum blockchain using the Common Stock Tokens.
Background
Last year, PUBLISH0X author BriRyi gave a thumbs up to Exodus following his review of the wallet in his article titled "Intel You Should Know About Exodus Wallet"
Exodus themselves state that "Since the creation of the Exodus Wallet, we estimate that we have had approximately 1.25 million customers with funded wallets across our desktop and mobile platforms."
That impressive figure comes after the first release of the desktop platform in December 2015.
According to the company, their "...website averages approximately 154,975 visitors per month, with a ratio of visits to unique clicks to download the desktop platform of 27%. As of August 2020, we had a cumulative total of over 3.5 million unique clicks on our website to download our desktop platform."
Those clicks are claimed to have translated to 190,800 new customers since January 2020 and expect to declare revenue for the last year that exceeds $20 million.
Further Details
Anyone looking for further information on the potential share offering would be first advised to take a look at the Share FAQs on the Exodus site.
