Long-Term Stock Exchange

What Long-Term Stock Exchange does

Long-Term Stock Exchange (LTSE) is an SEC-registered national securities exchange—the 14th in the U.S.—founded by Eric Ries in 2015 and headquartered in New York. The exchange enables public companies to dual-list alongside their primary listing on NYSE or NASDAQ while committing to five SEC-approved long-term principles: Stakeholders, Strategy, Compensation, Governance, and Investors. Companies must create, publish, and maintain long-term policies tied to these principles as a condition of listing. LTSE's technology platform delivers trading with tight bid-ask spreads—Bloomberg Intelligence (March 2025) ranked LTSE first among independent exchanges on narrowest volume-weighted-average spreads—and provides the proprietary LTSE Long-Term Score as an investor alignment tool.

The company's go-to-market combines enterprise field sales for listings acquisition (led by Managing Director Susan Levitt), thought-leadership-driven community building (The Eric Ries Show podcast, research reports, earned media across WSJ, Bloomberg, CNBC, and others), and strategic endorsements from large asset managers such as MFS Investment Management (over $600B AUM). Revenue is generated through listing fees and trading-related fees (connectivity, trading, market data) under a monthly, transaction-based pricing model that is not publicly disclosed at the line-item level. Listed company examples include Asana, ThredUp, Bladex, and Twilio (the first dual-lister in 2021 alongside Asana).

LTSE is venture-backed by Andreessen Horowitz, Founders Fund, Greylock Partners, Obvious Ventures, Collab Fund, Pareto, Y Combinator, Alumni Ventures, and 500 Global, with cumulative disclosed funding exceeding $169M including a $100M round in June 2022. The company has expanded beyond the core exchange into LTSE Private Markets Solutions, targeting late-stage private companies with long-term investor engagement services. In September 2025 LTSE petitioned the SEC for an optional semi-annual reporting regime, and in 2026 the SEC formally proposed amendments allowing voluntary semi-annual reports on new Form 10-S—an outcome LTSE publicly endorsed as advancing long-term-oriented market structure.

Name

Long-Term Stock Exchange

Legal name

LTSE Services, Inc.

Website

https://ltse.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Long-Term Stock Exchange (LTSE) is an SEC-registered U.S. national securities exchange that enables public companies to dual-list while committing to five SEC-approved long-term principles (Stakeholders, Strategy, Compensation, Governance, Investors), serving visionary issuers and long-term-focused institutional investors.

Ownership category

akta.pro rank

Product category

Securities Exchange / Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Primary Listing Stock Exchanges (FSAFAAAA)

akta.pro secondary industries

Retail Multi-Asset Exchanges (FSAFAEAA), Multi-Asset Electronic Trading Platforms (FSAFANAH)

Keywords

• National securities exchange
• Dual listing services
• Long-term governance principles
• Equity trading platform
• Investor alignment tools

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Listing Fees: The exchange generates revenue through fees charged to companies for listing on the exchange. Companies must meet financial and governance thresholds similar to other U.S. exchanges, plus maintain long-term policies as a listing requirement.
2. Trading Fees: Revenue generated from trading activity on the exchange platform, including connectivity, trading, and market data costs charged to participants throughout the month. The exchange publishes a transparent fee schedule covering these various trading-related charges.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Long-Term Stock Exchange operates an SEC-registered national securities exchange that enables visionary public companies to dual-list alongside their primary exchange (NYSE or NASDAQ) while adopting five SEC-approved long-term governance principles (Stakeholders, Strategy, Compensation, Governance, Investors). Revenue is generated from issuer listing fees and from connectivity, trading, and market-data fees charged to member broker-dealers and trading participants on a monthly billing cadence.

Product overview

The Long-Term Stock Exchange operates as a unified platform centered on its core SEC-registered national securities exchange, which enables companies to dual-list alongside their primary exchange while committing to long-term focused governance principles. The platform encompasses the main trading and listings infrastructure, complemented by LTSE Private Markets Solutions for late-stage private companies, the LTSE Long-Term Score℠ investor alignment tool, and The Eric Ries Show podcast content series. The platform's defining feature is its five SEC-approved principles (Stakeholders, Strategy, Compensation, Governance, Investors) that companies must adopt as long-term policies as a listing requirement.

Differentiator

Problem solved

Functional benefit

Products and services

• Long-Term Stock Exchange (LTSE) Platform A purpose-based, SEC-registered national securities exchange that supports innovative public companies prioritizing long-term focus through five SEC-approved principles (Stakeholders, Strategy, Compensation, Governance, Investors). The exchange provides dual listing capabilities alongside primary exchanges like NYSE or NASDAQ, with a proprietary market model and trading platform offering tight bid-ask spreads.
• LTSE Private Markets Solutions Services designed to connect late-stage private companies planning to go public with long-term focused investors, extending LTSE's principles-based approach into private market capital raising, investor engagement, and pre-IPO governance preparation.

Quantifiable outcome

• Bloomberg Intelligence March 2025: LTSE has the narrowest volume-weighted-average (VWA) spread among independent exchanges
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• MFS Investment ManagementflagshipStrategic or Co-development PartnerMFS Investment Management, a global asset manager with over $600 billion in assets, has published a white paper endorsing LTSE's approach to transforming capital markets. Their President Carol W. Geremia has publicly stated LTSE 'represents a bold attempt to reshape the capital markets ecosystem.' This is a strategic endorsement from one of the world's largest long-term focused asset managers.
• Corporate Board MembercoreStrategic or Co-development PartnerCorporate Board Member, a leading governance publication, has co-sponsored research with LTSE on boardroom pressures around long-term growth, including surveys of CEOs and board members on short-term pressures threatening long-term planning.
• Harvard Law School Forum on Corporate GovernancecoreStrategic or Co-development PartnerLTSE's approach to long-term governance and durability has been featured in the Harvard Law School Forum on Corporate Governance, a leading academic publication on corporate governance issues, validating the exchange's governance innovations.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Investors Exchange (IEX): Operator of the IEX national securities exchange, founded with a mission-driven approach to address specific structural concerns in U.S. equity markets (originally speed-based, now with proprietary Aurora routing). Comparable to LTSE as a newer, independently operated national securities exchange targeting differentiated execution quality rather than competing head-on with NYSE/NASDAQ on scale.
• Members Exchange (MEMX): Member-owned national securities exchange launched in 2019 as a low-cost alternative to incumbent exchanges, backed by major broker-dealers and trading firms. Closely comparable to LTSE as a recently established U.S. equity exchange competing for listings and trading volume against legacy incumbents on cost and execution quality.
• MIAX Options / MIAX Pearl Equities: Miami International Holdings operates multiple national securities exchanges including MIAX Pearl for equities, launched in 2020. Comparable to LTSE as a newer U.S. national securities exchange building scale against incumbents, though focused primarily on options and a broader multi-asset footprint.

Broad incumbents

• NYSE (Intercontinental Exchange): The largest U.S. equities exchange operator, owned by Intercontinental Exchange (ICE). NYSE's primary listing franchise, deep liquidity, and brand recognition represent the dominant incumbent position LTSE must compete against for dual-listing adoption among prospective issuers.
• Nasdaq, Inc. Operator of the Nasdaq Stock Market, the second-largest U.S. equities exchange and a dominant listing venue for technology and growth companies — a primary competitor for LTSE's target issuer segment of visionary, technology-oriented public companies.
• Cboe Global Markets: Operator of multiple U.S. equity and options exchanges including Cboe BZX and EDGX. Comparable as an established multi-asset exchange operator with execution-quality differentiation, though at materially greater scale and with a broader product portfolio than LTSE.

Emerging players

• 24X National Exchange: Newer U.S. national securities exchange seeking SEC approval to offer 24/5 trading hours. Comparable to LTSE as an emerging exchange entrant attempting to differentiate through structural innovation rather than scale competition, though focused on trading-hours rather than governance principles.

Regional players

• London Stock Exchange Group (LSEG): Global exchange operator running the London Stock Exchange and other primary listings venues, with growing U.S. footprint via Refinitiv. Comparable as a principles-oriented listing venue with long-term-issuer initiatives, though operating primarily outside the U.S. equities market where LTSE is focused.

Others

• Bloomberg L.P. Global financial data, analytics, and media company whose Bloomberg Intelligence division produced the spread-quality report ranking LTSE best among independent exchanges. Adjacent ecosystem participant that indirectly validates LTSE's market quality and could be a natural distribution partner for LTSE Long-Term Score analytics.
• Shareholder Services / ISS (Institutional Shareholder Services): Leading provider of corporate governance and proxy advisory services to institutional investors. Comparable ecosystem player addressing the same long-term-vs-short-term governance tension LTSE targets, though operating in the advisory/data layer rather than the listing venue layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ltse
• YouTubeyoutube.com/@longtermstockexchange
• LinkedInlinkedin.com/company/the-long-term-stock-exchange
• Facebookfacebook.com/longtermstockexchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds7 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Long-Term Stock Exchange