BlackRock and Citadel Securities Back New Crypto-friendly Stock Exchange in Texas
Summary:
BlackRock and Citadel Securities have supported the launch of a new national stock exchange in Texas - the Texas Stock Exchange (TXSE), which has raised approximately $120 million in funding. The exchange provides another platform for crypto firms planning to go public. The TXSE plans to file registration statements with the SEC and aims to secure ETF listings. The emergence of TXSE could lead to competitive pressure on major exchanges, possibly resulting in lower fees for crypto firms.
BlackRock, the world's premier asset manager, joined forces with Citadel Securities, a prominent market maker, to support a new national stock exchange's creation in Texas. The soon-to-be-operational Texas Stock Exchange (TXSE) has successfully gathered approximately $120 million in funding. The organization plans to submit its registration documents to the U.S. Securities and Exchange Commission (SEC) later this year, as reported by the Wall Street Journal on June 4.
This new stock exchange in a state that has shown openness to cryptocurrencies offers another avenue for crypto companies planning to go public. Several crypto enterprises, such as the popular cryptocurrency platform Coinbase and bitcoin mining giants like Riot Platforms and Marathon Digital, are already listed on the Nasdaq stock exchange.
However, the 11 spot Bitcoin exchange-traded funds (ETFs), approved since January 11, are listed on both Nasdaq and the New York Stock Exchange (NYSE). Reports indicate that the TXSE is planning to secure ETF listings. This development is hot on the heels of the recent SEC approval of spot Ether (ETH) ETFs in the U.S.
Bloomberg ETF analyst, Eric Balchunas, speculated that the new spot Ether ETFs have a sound chance of launching by the end of June. A new competitive player in the market, like the TXSE, could benefit investors interested in crypto. It may drive competitive pressure, possibly leading to cost reductions for crypto firms planning to go public, such as Bitcoin mining companies.
Consider that Bitcoin mining stocks often rise with any positive or anticipated development within the crypto sector, such as the approval of spot Bitcoin ETFs or the Bitcoin halving event's anticipation. Indeed, on April 20, several BTC mining firms listed on the Nasdaq ended their trade week with a significant 24-hour uptick in their share prices, leading up to the Bitcoin halving.
Magazine: Forecasts suggest that if Bitcoin's value doubles, Stacks will surge fourfold by 2025: Daan Crypto Trades, X Hall of Flame.
Published At
6/5/2024 10:32:25 AM
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