Crypto:
30188
Bitcoin:
$69.630
% 4.75
BTC Dominance:
%54.4
% 0.13
Market Cap:
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% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.630
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

BlackRock and Citadel Support Establishment of New National Stock Exchange in Texas

Blackrock

The Texas Stock Exchange (TXSE), which has raised approximately $120 million in funding, aims to provide a more competitive alternative to the two major U.S. exchanges by prioritizing exchange-traded fund (ETF) listings.

BlackRock, the world’s largest asset manager, and market maker Citadel Securities are backing a firm that will launch a new national exchange in Texas.

The Texas Stock Exchange (TXSE) has raised approximately $120 million in funding and plans to file registration applications with the U.S. Securities and Exchange Commission (SEC) toward the end of this year, the Wall Street Journal reported on June 4.

Known as crypto-friendly, this new exchange in Texas could be an alternative platform for crypto companies looking to go public.

Currently, several crypto firms are listed on the Nasdaq exchange. These companies include cryptocurrency exchange Coinbase (COIN) and major Bitcoin mining companies Riot Platforms (RIOT) and Marathon Digital (MARA).

However, 11 approved spot Bitcoin exchange-traded funds (ETFs) are listed on both Nasdaq and the New York Stock Exchange (NYSE). TXSE is also reportedly focused on obtaining ETF listings.

This news comes just weeks after the SEC granted regulatory approval to spot Ethereum ETFs in the US. Bloomberg ETF analyst Eric Balchunas predicted there is a “real possibility” spot Ether ETFs could launch by the end of June.

A new exchange is also good news for investors looking to invest in crypto, as it could increase competitive pressure on the NYSE and Nasdaq.

This competition could mean lower fees for companies, making it easier for crypto firms like Bitcoin miners to go public. Bitcoin mining stocks often rise on positive developments in the crypto industry, such as the approval of spot Bitcoin ETFs or the Bitcoin halving event.

READ:  CEO of Crypto Giant Resigns, Successor Announced!

Cointelegraph reported on April 20 that several Nasdaq-listed Bitcoin mining firms ended the trading week ahead of the Bitcoin halving with a notable 24-hour share price increase.


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