Key Takeaways:
- Texas Stock Exchange (TXSE) secures $120 million in funding, focusing on ETF listings.
- Backed by BlackRock and Citadel Securities, TXSE aims to rival NYSE and Nasdaq, appealing to crypto firms.
- TXSE plans to file registration statements with the SEC by the end of 2024, potentially reducing fees and fostering competition.
The Texas Stock Exchange (TXSE) has reportedly secured around $120 million in funding and is prioritizing ETF listings.
The initiative is backed by BlackRock and Citadel Securities, aiming to offer a more competitive alternative to the NYSE and Nasdaq.
BlackRock, Citadel-backed group to start new national stock exchange in Texas, WSJ reports https://t.co/pjQos8Ougy pic.twitter.com/FPZHhC4OFY
— Reuters (@Reuters) June 5, 2024
TXSE plans to file registration statements with the SEC by the end of 2024, positioning itself as a viable option for crypto companies looking to go public.
Currently, crypto firms like Coinbase and Bitcoin miners Riot Platforms and Marathon Digital are listed on Nasdaq, while approved spot Bitcoin ETFs are on both Nasdaq and NYSE.
⚠️ JUST IN:
— Investing.com (@Investingcom) June 5, 2024
*BLACKROCK, CITADEL SECURITIES ARE BACKING PLANS TO START A NEW NATIONAL STOCK EXCHANGE IN TEXAS TO CHALLENGE THE NEW YORK STOCK EXCHANGE
WHAT ARE YOUR THOUGHTS?
🇺🇸🇺🇸 pic.twitter.com/4mC0XcLhpE
The pro-crypto state’s stock exchange could attract more crypto firms and investors, fostering greater competition.
This increased competition might lead to lower fees for companies, making it easier for crypto firms to go public.
JUST IN: A group backed by BlackRock and Citadel is planning to launch a new, national U.S. stock exchange in the Great State of Texas.
— Stock Talk (@stocktalkweekly) June 5, 2024
The Texas Stock Exchange' or 'TXSE' will register with the SEC later this year, facilitate trades in 2025 & host its first listing in 2026. pic.twitter.com/eSZ5x5rKa1
Additionally, the SEC’s recent approval of spot Ether ETFs highlights the growing acceptance and potential for more crypto-related financial products.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.
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