BlackRock and Citadel Securities are ready to support the launch of the new national stock exchange in Texas, the Texas Stock Exchange (TXSE), which is favorable to listing crypto companies.
Summary
BlackRock and Citadel support the new Texas Stock Exchange favorable to the crypto sector
BlackRock e Citadel Securities have stepped in to support the launch of a new national stock exchange, the Texas Stock Exchange (TXSE).
“BlackRock and Citadel intend to launch a new national stock exchange in Texas to compete with the New York Stock Exchange.”
In practice, the company behind TXSE would have already obtained financing of about 120 million dollars, and it seems to have also won over the world’s largest asset manager, BlackRock, and the market maker of Citadel.
Not only that, the Texas Stock Exchange seems to have the intention of filing the registration statements with the Securities and Exchange Commission (SEC) of the United States towards the end of 2024.
The new TXSE will therefore be a new more competitive alternative compared to the two main US stock exchanges, the Nasdaq and the New York Stock Exchange (NYSE).
From what has emerged, the competition could lead the new stock exchange to be more favorable to the crypto sector, listing ETFs and cryptocurrency companies that decide to do so.
BlackRock and Citadel supporting the Texas Stock Exchange and the listing of crypto companies
At the moment, on X, there is a strong enthusiasm for the present news. Here are some examples of comments about it:
“Texas Stock Exchange? BlackRock and Citadel support a group that intends to start a new national exchange. They would try to list ETFs. via @cdriebusch”
“BlackRock and Citadel intend to launch a new national stock exchange in Texas to compete with the New York Stock Exchange! Here is a video of the CEO of BlackRock explaining how tokenization is the next evolution of finance… “Every stock, every bond” will be tokenized. “
The company or group behind the TXSE would therefore welcome more crypto companies, compared to the other exchanges already present.
So far, in fact, there are few cryptocurrency companies on Nasdaq, including the crypto-exchange Coinbase and the main Bitcoin mining companies, such as Riot Platforms and Marathon Digital.
The update on the request to issue a spot Ethereum ETF
The present news of BlackRock and Citadel behind the launch of the Texas Stock Exchange, comes after a week in which the largest global asset manager made its request to the SEC on Ethereum Spot ETFs.
In practice, BlackRock has submitted an update to the SEC on its request to issue a spot Ethereum ETF, after they had already been approved the previous week.
In this regard, the ETF expert, Eric Balchaunas, stated that one could consider the hypothesis that the landing of spot Ethereum ETFs on the US exchanges could happen at the end of June.
