The Texas Stock Exchange is putting an emphasis on exchange-traded fund listings after obtaining around $120 million in capital. A more competitive alternative to the two main U.S. stock exchanges is also one of its ambitions.
According to reports, a company is seeking backing from Citadel Securities, the market maker, and BlackRock, the biggest asset manager in the world, in order to establish a new national stock exchange in Texas.
A June 4 Wall Street Journal article said that the Texas Stock Exchange (TXSE) plans to submit registration statements to the US Securities and Exchange Commission (SEC) in late 2024 after obtaining over $120 million in financing.
Crypto enterprises seeking an option to go public may choose to consider the pro-crypto state’s stock market.
Only a small number of cryptocurrency companies have listed on the Nasdaq stock market so far. These include Riot Platforms and Marathon Digital, two of the largest Bitcoin mining operations, and cryptocurrency exchange Coinbase.
Having said that, you can find the eleven authorized spot Bitcoin ETFs on either the Nasdaq or the NYSE. The pursuit of exchange-traded fund listings seems to be the TXSE’s primary objective.
This announcement follows the SEC’s recent regulatory approval of spot Ether ETFs in the US. “Spot Ether ETFs have a real probability” of debuting before the end of June, according to Bloomberg ETF expert Eric Balchunas.
Investors seeking crypto exposure will be pleased to hear that the introduction of a new stock exchange will increase competition for the two main exchanges, the NYSE and the Nasdaq.
Companies could see reduced costs as a result of this competition, which would make going public for crypto enterprises like Bitcoin miners simpler.
In times of positive crypto industry news or anticipation, like the introduction of spot Bitcoin ETFs or the run-up to the Bitcoin halving event, Bitcoin mining stocks have a tendency to soar.
Cointelegraph revealed on April 20 that in the 24 hours leading up to the Bitcoin halving, the share prices of a number of Nasdaq-listed Bitcoin mining businesses rose noticeably.
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