KETJU Research

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tokenized-rwa

Exodus Movement (EXOD) common stock tokens

Favorable research; shelf not set
Research assessment
favorable with conditions
Firm shelf
research only
Model-client eligibility
eligible with conditions
Selection
not considered
Action and amount
Not set by research
Reviewed
2026-09-23 · v1
Next review
2026-12-23
Research basis
Individual research
Chains
Solana · crypto-backed
Symbols
EXOD
Eligibility file
What the holder owns and who may hold it

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

Exodus Movement is the rare case where the company itself put its stock on a blockchain, and its filings are careful about what that does and does not mean. Each share of Class A common stock (NYSE American: EXOD, CUSIP 30209R106) has a matching Common Stock Token. The token is not the share. The Form 10 that took the company to the NYSE American in December 2024 says the tokens ”give no ownership interest in the Class A common stock” and carry no economic or voting rights; ownership is ”recorded solely on the books” of Securitize, the SEC-registered transfer agent. Moving a token between two wallets that Securitize has whitelisted tells Securitize to move the share on its books. In the SEC staff’s January 28, 2026 terms that is the issuer-sponsored model in which the token is used ”indirectly to effect transfers” and the off-chain file governs: issuer-indirect. The tokens began on Algorand after a $75 million Regulation A+ offering at $27.42 a share in 2021. Since October 2025 a holder can also move shares to Superstate, a second registered transfer agent, and hold them as a token on Solana. Exodus’s own release says those tokens ”are not shares” either. Its support pages say ”Legal ownership is recorded on-chain”; the filings control. The listing changed who uses the tokens. Exchange-bought shares sit in street name at DTC, and only record holders get tokens, so a brokerage client must direct-register with Securitize, pass its identity checks, and whitelist a wallet. Going back takes about five business days. On September 23, 2026 about 11.16 million EXIT tokens sat outside Securitize’s reserve on Algorand, 10.96 million of them in one address, and about 208,000 in some 3,300 other wallets. That is slightly more than the 11,015,102 Class A shares Exodus reported on August 3, 2026; we could not reconcile the gap from public records. Superstate showed 60 shares as Solana tokens. Securitize controls the Algorand asset. It is frozen by default until Securitize approves a wallet, and Securitize holds clawback power, which the offering circular says it uses to pull tokens from a seller’s wallet and burn them. Superstate’s Solana mint has a permanent delegate. A US advisor’s client can hold these tokens, because they record a listed share the client can own directly. The token adds nothing to the share’s rights and takes the custodian out of the record. We rate it favorable with conditions: the client holds as a record holder in a wallet the client controls, and plans exits five business days out. For most clients the share in a brokerage account is the better way to own EXOD.

The research file

What the token is

The April 9, 2021 offering circular set the rule that still holds: ”Common Stock Tokens are not shares of Class A common stock; rather, they are digital representations of the number of shares purchased and held by a given stockholder.” They carry no voting, governance or economic rights and ”cannot be traded independently of the Class A common stock.” Exodus sold $75 million of Class A stock at $27.42 a share under Regulation A+, paid in Bitcoin, Ether or USDC, with Securitize as transfer agent. The tokens went live on Algorand in 2021 under the ticker EXIT.

The SEC staff pressed the point during the Form 10 review in 2024. Its October 31, 2024 letter said calling the tokens analogous to paper certificates conflicted with the statement that tokens give no ownership interest, and Exodus removed the analogy. Its November 12, 2024 reply called the tokens ”digital markers” that ”are devoid of any legal rights or economic value.” When Exodus moved its charter from Delaware to Texas on December 8, 2025, each token ”automatically continued in existence” and now represents the Texas share.

Under the SEC staff statement of January 28, 2026, an issuer can put the securityholder file on chain (issuer-direct) or issue a token that ”does not convey any rights, obligations, or benefits of the security” and is used ”indirectly to effect transfers of the security on the master securityholder file.” Exodus’s filings describe the second model. The Knowledge Base page that says ”Legal ownership is recorded on-chain via Superstate’s Opening Bell” contradicts both the 10-K, which says the tokenized stock ”represents the same ownership interests as the corresponding shares … reflected in the company’s official share register,” and the October 20, 2025 release.

Two transfer agents, two chains, and a class B token

Securitize keeps the master file. On Algorand it uses a standard asset rather than its DS Protocol, which Algorand does not support; the asset is frozen by default, and Securitize unfreezes a wallet only after KYC. When a token moves, Securitize checks both wallets and the transfer restrictions, records the share transfer, and reconciles its books against the chain at each transfer and nightly; on a mismatch it may reverse the transaction, relying on Rules 17Ad-10 and 17Ad-11. Asset 213345970 names one account, MAKF3…, as manager, reserve and clawback; the Form 10 says only Securitize can create or delete tokens.

Superstate Services LLC became co-transfer agent under an August 8, 2025 agreement that pays it $1 a year. Superstate keeps ”Subsidiary Security holder Records” for shares it holds and passes changes to Securitize for the master file. It must keep an allowlist of wallets and DEX pools and program the token so only allowlisted addresses can hold it; it mints or burns on a shareholder’s written instruction; and on termination it may ”freeze the continued ability to transfer Tokenized Shares.” The Solana mint is a Token-2022 mint with frozen default accounts and a permanent delegate. Superstate showed 60 shares on Solana and 250 in book entry on September 23, 2026.

Amendment No. 6 to the Securitize agreement, effective August 28, 2025, prices each new tokenized share class at $7,500. On Arbitrum a Securitize DS token named $EXOD-B holds 19,072,962 units, close to the 19,188,156 Class B shares outstanding. No Exodus filing we found describes it.

Who may hold and how

Anyone who can own EXOD can hold the token, but only as a record holder. The Form 10 says tokens are ”available only to record holders”; tokens for shares in street name at DTC ”will be held by Securitize.” A brokerage client must ask the broker to direct-register (DRS) the shares with Securitize’s co-agent, Pacific Stock Transfer, which takes about five business days; create a Securitize ID and pass KYC; and register an Algorand wallet by email. For Solana the holder then signs a transfer document to move book-entry shares to Superstate (requests after 1 p.m. ET go the next business day), adds a Solana wallet to Superstate’s allowlist, and tokenizes.

The 2021 offering excluded residents of Arizona, Florida and Texas from the primary sale; that limit applied to the offering, and no filing we read limits holding by state. The whitelist admits ”persons or entities.” No minimum appears in any filing or support page we read. Exodus’s FAQ says brokerages and custodians do not support the tokens, which are ”intended for use in self-custodial environments.”

The exit and where it trades

There is no redemption because the token is not a claim on anyone. To sell, a holder sends Algorand tokens back to Securitize, which burns them and books the shares; a Solana holder first detokenizes at Superstate and moves the shares to Securitize. A broker then pulls the shares by DRS, and the holder sells on the NYSE American for dollars. Exodus puts the full trip at about five business days. Peer-to-peer token transfers between whitelisted record holders also move the shares, but neither Exodus nor Securitize publishes counterparties.

The token venues are gone. Securitize Markets stopped trading EXOD in October 2023 and the tZERO ATS in December 2023. The stock moved to the OTCQB in January 2024, the OTCQX in April 2024, and the NYSE American on December 18, 2024. The Form 10 predicted that token use ”will meaningfully decrease” once shares settled through DTC, and the numbers bear it out: about 208,000 of 11 million Class A tokens sit in Algorand wallets other than the two largest.

What an advisor must decide

Rights, votes and any dividend follow the share on Securitize’s books; the token carries none of them. A client who holds EXOD in token form is a direct-registered shareholder with a self-custodied pointer, not a brokerage customer: no SIPC, no custodian statement, and a key the client must guard. An adviser who held the key would have custody. Securitize can claw back and burn Algorand tokens and reverse transfers it finds wrong, and Superstate’s delegate can move Solana tokens, so a mistaken or stolen token is fixed on the books, not on the chain. Exodus also reserves the right to stop using tokens. Counterfeit Algorand assets named Exodus or EXOD exist, including one named ”213345970”; only asset 213345970 carries Securitize’s clawback. EXOD is a controlled company; Class B holds ten votes a share. The token is sound as a record and useless as a trading form, so it suits only a client who wants to hold EXOD in self-custody on purpose.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.

ChainVerdictGradeControl constraint
SolanaFavorable with conditions crypto-backed no admin key can seize funds, but stake concentration and a sub-25 Nakamoto coefficient are the standing watch items.
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