05 Jun

BlackRock, the world's largest asset manager, and Citadel Securities are reportedly supporting the launch of a new national stock exchange in Texas.

The Texas Stock Exchange (TXSE) has already secured around $120 million in funding and plans to file registration statements with the SEC by the end of 2024, as per a report from the Wall Street Journal on June 4.

The emergence of a pro-crypto state's stock exchange could offer another avenue for crypto companies seeking to go public. Currently, only a few crypto firms are listed on the Nasdaq stock exchange, including Coinbase and major Bitcoin mining companies like Riot Platforms and Marathon Digital.

However, the TXSE aims to focus on securing listings for ETFs, particularly after the approval of 11 spot Bitcoin ETFs, which are listed on both the Nasdaq and NYSE.

This development comes shortly after the SEC's approval of spot Ether ETFs in the US, with analysts predicting their potential launch by the end of June.

The establishment of a new stock exchange presents an opportunity for investors seeking exposure to crypto assets, as it introduces competition for major exchanges like NYSE and Nasdaq. This competition could drive down fees for companies, facilitating easier access for crypto firms, including Bitcoin miners, to go public.

Bitcoin mining stocks often experience surges in value during positive industry developments, such as the approval of spot Bitcoin ETFs or leading up to Bitcoin halving events.

June 2024, Cryptoniteuae

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