Stacks

United

Citadel

BlackRock

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, <a href="https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba" target="_blank" rel="noopener nofollow">according</a> 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 (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) mining firms, such as Riot Platforms and Marathon Digital.
However, the 11 approved spot&nbsp;<a href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds">Bitcoin exchange-traded funds (ETFs)</a> are listed on both the <a href="https://cointelegraph.com/news/bitcoin-etf-second-best-inflow-day-887-millon">Nasdaq and the New York Stock Exchange&nbsp;(NYSE)</a>. It was reported that the TXSE is focused on securing ETF listings.
The news comes only weeks after the SEC gave the <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved">regulatory green light</a> to spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs in the United States. Bloomberg ETF analyst Eric Balchunas <a href="https://cointelegraph.com/news/ether-etf-launch-june-possible-blackrock-amended-s-1">recently forecast that spot</a> 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.
Related: <a href="https://cointelegraph.com/news/warren-buffett-berkshire-hathaway-crash-99-against-bitcoin-since-2015">Warren Buffett’s Berkshire Hathaway did crash 99%... against Bitcoin since 2015</a>
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&nbsp;<a href="https://cointelegraph.com/news/bitcoin-halving">Bitcoin halving</a> 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&nbsp;the Bitcoin halving.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-stacks-price-predictions-cryptocurrency-daan-crypto-trades-hall-of-flame/">If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame</a>

BlackRock and Citadel back new Texas national stock exchange

Cointelegraph

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