First! Crypto Wallet Exodus Movement Becomes First Company to Raise $75 Million Under Updated Reg A+ Rules

Exodus Movement has hit the maximum amount allowable under Reg A+ raising $75 million from over 6800 individual investors in the issuance of 2.733 million “EXIT” shares, according to a note from the company. Exodus reported that it initially raised approximately $60 million in the first five days of offering the securities.

Exodus is a non-custodial cryptocurrency wallet that is available for both mobile and desktop environments. Users can hold and trade top digital assets as well as more than 10,000 pairs, says the company.

As was previously reported, Exodus’s offering circular indicated that if $75 million was raised $22,500,000 would go to selling shareholders with the rest ($52.5 million) dedicated towards platform development $52,500,000.

Exodus said it is currently is working with Securitize and tZERO to get the “EXIT” shares ready for trading on the secondary market. The company expects this process could be completed within 60 days. Prior to secondary trading, EXIT shares will remain priced at $27.42 and will be visible in your Exodus wallet like any other digital asset in your portfolio.

JP Richardson, co-founder and CEO Exodus, issued the following statement:

“Given the novel approach to fundraising, our utilization of blockchain technology and all the challenges faced, we were blown away by the response. There’s a lot of excitement and gratitude around the company to be joined by 6,800+ new stakeholders in our mission. This offering reinforces our core belief that if you democratize financial systems and make finance easy, people will participate and benefit from opportunities traditionally available to only the wealthy elite. Retail investors who bought a couple shares got the exact same deal as billionaires. That felt pretty cool and true to the spirit of blockchain and the crypto community.”

Richardson added that they are looking to accommodating investors outside the US as well as replicating the funding model.

Prior to March of 2021, issuers using the Reg A+ securities exemption could raise up to $50 million. Beginning the middle of March, issuers could raise up to $75 million following updates enacted by the Securities and Exchange Commission (SEC). As far as CI knows, this is the first securities issuer to hit the new funding cap. Under Reg A+, the offering document must be qualified by the SEC and is thus sometimes described as a mini-IPO type offering. Securities issued using Reg A+ may trade immediately on an exchange, or an ATS – like tZERO.


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