BlackRock and Citadel Securities are reportedly supporting the launch of a new national stock exchange in Texas called the Texas Stock Exchange (TXSE), which has already secured about $120 million in funding. The exchange aims to file registration statements with the SEC by the end of 2024. Given Texas’s pro-crypto stance, the TXSE could offer another avenue for crypto companies seeking to go public. While some crypto firms like Coinbase are already listed on Nasdaq, the TXSE’s focus on securing ETF listings could attract more crypto-related companies. The recent approval of spot Ether ETFs by the SEC adds to the anticipation, with forecasts suggesting they could launch by the end of June.
This development is positive for investors seeking exposure to crypto as it introduces competition to the dominant NYSE and Nasdaq, potentially leading to lower fees for companies and making it easier for crypto firms, including Bitcoin miners, to go public. The prospect of new listings and competition often triggers surges in Bitcoin mining stocks.
