EXp World Holdings, the parent company of virtual brokerage eXp Realty, crossed $ 1 billion in market cap — making it slightly more valuable than Re/Max — on its first day trading on Nasdaq.
At the close of markets on Monday, eXp World Holdings’ market cap stood at $ 1.044 billion. The company started trading on Nasdaq Monday after applying in April to uplist from the middle-tier venture market OTCQB where it had been trading prior. Moving to Nasdaq requires greater market cap and trading volume.
“Today marks a special day in the history of eXp Realty. Our move to Nasdaq is a continuation of almost nine years of iterating around the long-term value proposition for real estate professionals,” eXp World Holdings CEO Glenn Sanford said in a statement about the company’s move to Nasdaq.
“We are proud of our ability to be able to deliver on our promise to our agents, brokers, staff and shareholders who have believed in our vision over the years.”
EXp didn’t immediately respond to request for comment about crossing the $ 1 billion threshold. For comparison, Re/Max has a market cap of $ 944 million, Redfin is at $ 1.83 billion, and Realogy is at $ 3 billion.
EXp Realty, founded in 2009 by internet entrepreneur-turned-Keller-Williams-team-leader, Sanford, is a cloud-based brokerage that includes an entire virtual world where brokers create avatars to attend classes and network, 24/7. Users can create and customize their own virtual avatars in a fashion similar to massive online multiplayer games like “Second Life.”
EXp Realty agents earn company stock when they make deals or accomplish tasks like recruiting new agents to the brokerage — helping the company in its move to Nasdaq.
It has since expanded to 47 states, the District of Columbia and Alberta, Canada, and claims to be the largest brokerage by geographic area in North America.