The Texas Stock Exchange reportedly secured around $120 million in funding and is prioritizing ETF listings. It also aims to offer a more competitive alternative to the two major U.S. stock exchanges.
The world’s largest asset manager, BlackRock, and market maker Citadel Securities have reportedly backed a firm in launching a new national stock exchange in Texas.
The Texas Stock Exchange (TXSE) has reportedly already secured approximately $120 million in funding and intends to file registration statements with the United States Securities and Exchange Commission (SEC) toward the end of 2024, according to a June 4 Wall Street Journal report.
The pro-crypto state’s stock exchange could be another alternative for crypto companies looking to go public.
So far, there are a handful of crypto firms on the Nasdaq stock exchange, including cryptocurrency exchange Coinbase and major Bitcoin
BTC $70,844 mining firms, such as Riot Platforms and Marathon Digital.
However, the 11 approved spot Bitcoin exchange-traded funds (ETFs) are listed on both the Nasdaq and the New York Stock Exchange (NYSE). It was reported that the TXSE is focused on securing ETF listings.
The news comes only weeks after the SEC gave the regulatory green light to spot Ether ETH $3,794 ETFs in the United States. Bloomberg ETF analyst Eric Balchunas recently forecast that spot Ether ETFs have a “legit possibility” of launching by the end of June.
A new stock exchange is also good news for investors looking to gain exposure to crypto because it means more competition pressure for the two major exchanges: the NYSE and the Nasdaq.
This competition might lead to lower fees for companies, making it easier for crypto firms such as Bitcoin miners to go public.
Bitcoin mining stocks tend to surge when there’s good news or anticipation in the crypto industry, such as the approval of spot Bitcoin ETFs or in the lead-up to the Bitcoin halving event.
On April 20, Cointelegraph reported that several Bitcoin mining firms on the Nasdaq stock exchange closed the trading week with a noticeable 24-hour increase in share prices ahead of the Bitcoin halving.
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