Trump Media & Technology Group said on Monday it has become the first company to be listed on NYSE Texas, handing an early boost to the exchange as it gears up for fierce competition in the Lone Star state.
The company, which operates Truth Social and is primarily owned by President Trump, said it will also list its warrants on the Texas exchange. Its primary listing, however, will remain on the Nasdaq.
The move could bolster Intercontinental Exchange-owned NYSE, which on Monday became the first exchange to operate in Texas.
The state is home to the largest number of companies listed on the New York Stock Exchange, with a combined market value of over $3.7 trillion, and is now seeing rising competition for market dominance among stock exchanges.
NYSE will have to contend with rival Nasdaq, which promised to open a regional headquarters in the state earlier this month, and the Texas Stock Exchange, a venture backed by heavyweights including BlackRock and Citadel Securities.
The Texas Stock Exchange submitted paperwork in January to operate as a national securities exchange, and is eyeing a launch in 2026.
“This listing, alongside our plans to reincorporate in Florida, shows we’re part of a growing movement to take our business to states that value free enterprise and personal freedom,” said Trump Media CEO Devin Nunes.
Trump Media is a popular stock on retail trading forums and has often seen wild bouts of volatility in the past, such as around the election in November.
Securing the listing is a major win for the NYSE, but some consider the move “symbolic” – a perception that the exchange will likely need to change, while also strengthening liquidity.
Still, the growing competition between listing venues could strengthen the state’s emergence as a financial hub and a challenger to New York.
“The Texas business-friendly environment — lack of all the political issues and a stronger focus on what business should be — has a really unique position,” said Derek Wilson, co-founder of Dallas Opportunity Partners, an investor in the Texas Stock Exchange.
The announcement came on the heels of a filing late on Friday that BlackRock’s iShares division has filed for SEC approval to launch a Texas-focused exchange traded fund. The asset management giant did not disclose the exchange on which it proposes to list the ETF.
The fund will invest in stocks of companies headquartered in Texas that make up the Russell Texas Equity Index, a subset of the Russell 3000 index Unless regulators block or delay the offering, it could begin trading by early June.
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