Long-Term Stock Exchange, Inc.

Long-Term Stock Exchange, commonly known as LTSE, is a U.S.-based national securities exchange created to promote longer-term approaches to corporate management, investment, and public-market governance. Unlike a conventional exchange brand whose principal differentiation is trading infrastructure or market share, LTSE presents itself as a governance-led alternative: companies using its market are expected to articulate how they create durable value, identify stakeholders important to their business, disclose relevant environmental and social effects, and connect executive and board incentives to longer-term performance. The concept was developed by entrepreneur Eric Ries, who discussed the idea of a market structure oriented toward long-term behavior in his 2011 book The Lean Startup. Ries subsequently organized the concept as a business and assembled a team that included people with experience at the New York Stock Exchange, the U.S. Treasury, and other parts of the financial and technology ecosystem. The project attracted approximately $19 million in early funding from a group of institutional and individual backers, including Andreessen Horowitz, Founders Fund, Greylock Partners, SV Angel, Reid Hoffman, Dick Costolo, Steve Case, Andrew Mason, Marc Andreessen, Tim O'Reilly, and Aneesh Chopra. Amy Butte, a former New York Stock Exchange chief financial officer, served as an adviser. Before obtaining its own exchange authorization, LTSE worked with IEX Group on a 2018 proposal involving new listing standards. LTSE then pursued an independent application with the U.S. Securities and Exchange Commission. The SEC approved the application in May 2019, making LTSE the fourteenth national securities exchange authorized in the United States at that time. The approval followed regulatory concerns and revisions to the proposed exchange framework. Trading began in September 2020 after delays associated with the COVID-19 pandemic. On its opening day, the exchange handled 283,765 shares with a reported notional value of approximately $117.7 million. Some participants experienced temporary order delays, but the launch established LTSE as an operating venue rather than merely a policy proposal. Its early listing strategy emphasized dual listings, allowing companies to retain their primary listing on a larger established exchange while also listing on LTSE. Twilio and Asana became the first companies to list on LTSE in 2021, and online resale platform ThredUp followed in 2023. LTSE's listing standards are intended to discourage short-term managerial incentives. They restrict certain executive bonuses linked narrowly to short-term results and prohibit listed companies from issuing quarterly earnings guidance, while companies remain subject to the quarterly reporting requirements applicable under U.S. securities law. LTSE has also promoted tenure-based voting concepts under which a shareholder's voting power could increase with the duration of ownership, subject to a stated cap. Supporters view this as a possible alternative to founder-oriented multiple-class structures; critics argue that it may entrench control by long-standing shareholders or insiders. The exchange's broader positioning combines market infrastructure with an explicit long-termism agenda, including sustainability, environmental, social, and governance considerations, corporate accountability, and stakeholder commitments. It also operates LTSE Equity, a software product focused on hiring planning and capitalization-table management for private companies. In June 2022, LTSE announced a $100 million investment from James Walton, working with The Space Between, following earlier backing from venture investors and other individuals. In 2025, LTSE petitioned the SEC to permit U.S. public companies generally to choose semiannual rather than quarterly earnings reporting, arguing that quarterly reporting can impose costs and encourage short-term management behavior. The petition extended LTSE's role beyond exchange operation into advocacy for changes to public-company reporting policy.

The Long-Term Stock Exchange emerged from a proposal to redesign public-market incentives around durable value creation. Eric Ries first outlined the concept in his 2011 book The Lean Startup and later developed it into an operating venture. The project recruited a small team and advisers with backgrounds in exchange operations, government, venture capital, and technology. Early financing of approximately $19 million came from around 70 investors, including Andreessen Horowitz, Founders Fund, Greylock Partners, SV Angel, and several prominent technology entrepreneurs. The idea initially attracted skepticism because it challenged the prevailing emphasis on quarterly performance and conventional exchange competition. LTSE initially explored cooperation with IEX Group. In 2018, the two organizations proposed listing standards intended to encourage longer-term governance while LTSE prepared its own application to the SEC. The regulator approved LTSE's application in May 2019, authorizing it as a national securities exchange. This made LTSE the fourteenth U.S. exchange with that status at the time. Approval required changes to earlier proposals and represented a significant transition from an intellectual and policy project to regulated market infrastructure. The exchange launched trading in September 2020. Its opening was delayed by the COVID-19 pandemic, and the company had approximately 39 employees when trading began. First-day activity totaled 283,765 shares and about $117.7 million in notional value, although some clients reported temporary order delays. Rather than immediately competing for large primary listings, LTSE initially used a dual-listing model. Twilio and Asana joined in 2021, retaining their principal New York Stock Exchange listings, and ThredUp joined in 2023. LTSE's central differentiation is its listing framework. Listed companies are expected to explain their long-term strategy, identify critical stakeholders, describe relevant environmental effects, and connect governance and compensation practices to sustained performance. The rules also restrict certain short-term executive incentives and prohibit quarterly earnings guidance, although U.S. securities law still requires quarterly reporting. LTSE has advanced tenure-based voting as a potential alternative to dual-class structures, proposing greater voting power for shareholders who hold shares for longer periods, with a cap after ten years. The concept has generated debate over whether it promotes patient ownership or risks reinforcing incumbent control. The company expanded its financing base in June 2022 through a reported $100 million investment from James Walton in partnership with The Space Between, a venture fund that included former LTSE chief operating officer Holly Grant and board adviser Xue Devand. Alongside the exchange, LTSE operates LTSE Equity, a software platform serving private-company hiring planning and capitalization-table needs. In 2025, LTSE petitioned the SEC to allow all U.S. public companies to choose semiannual earnings reporting. That initiative illustrates the company's broader strategy: operating an exchange while also advocating regulatory and governance changes intended to reduce short-term pressures in public markets.

• 2025

  Semiannual reporting petition

  [1]Long-Term Stock Exchangeen.wikipedia.org

  LTSE petitioned the SEC for an option allowing public companies to report earnings semiannually instead of quarterly.

• 2023

  ThredUp joins the exchange

  [1]Long-Term Stock Exchangeen.wikipedia.org

  ThredUp became another company to dual-list on LTSE.

• 2022

  Additional $100 million financing

  [1]Long-Term Stock Exchangeen.wikipedia.org

  James Walton invested $100 million in LTSE in partnership with The Space Between.

• 2021

  First company listings

  [1]Long-Term Stock Exchangeen.wikipedia.org

  Twilio and Asana became the exchange's first listed companies through dual listings.

• 2020

  Trading operations begin

  [1]Long-Term Stock Exchangeen.wikipedia.org

  LTSE commenced trading in September after pandemic-related delays.

• 2019

  National exchange authorization

  [1]Long-Term Stock Exchangeen.wikipedia.org

  The SEC approved LTSE's application to operate as a U.S. national securities exchange.

• 2018

  LTSE works with IEX on proposed listing standards

  [1]Long-Term Stock Exchangeen.wikipedia.org

  Before operating independently, LTSE partnered with IEX Group on a proposal for long-term-oriented listing requirements.

• 2011

  LTSE concept is outlined

  [1]Long-Term Stock Exchangeen.wikipedia.org

  Eric Ries presented the basic idea of a stock exchange designed to support long-term corporate behavior in The Lean Startup.

A governance-focused U.S. stock exchange and financial-technology platform that seeks to align public-market incentives with durable business performance, stakeholder commitments, and reduced short-term pressure.

• National securities exchange · 2020

  LTSE exchange

  LTSE operates a U.S. national securities exchange for equity trading. Its principal distinction is the integration of governance and disclosure expectations into the listing framework, rather than competing solely on trading volume. The exchange supports companies seeking an additional venue alongside an established primary listing and is designed to make long-term strategy, stakeholder relationships, and sustainability-related considerations more visible to investors.

• Corporate governance and listing service · 2019

  LTSE listing standards

  The listing standards require participating companies to describe their long-term strategy, identify important stakeholders, discuss environmental effects, and explain how governance supports durable value creation. The framework also limits certain short-term incentive practices and prohibits quarterly earnings guidance. Noncompliance can expose a listed company to delisting action under the exchange's rules.

• Private-company software

  LTSE Equity

  LTSE Equity is a software platform for private-company administrative and planning needs, including hiring planning and capitalization-table management. It extends LTSE's long-term ownership and governance positioning into the venture-backed company lifecycle, before a business reaches the public markets.

• 2025

  Petition for optional semiannual earnings reportingOther

  Background

  LTSE argued that mandatory quarterly reporting can impose administrative burdens and encourage companies to prioritize short-term results.

  Action taken

  The exchange petitioned the SEC to allow all U.S. public companies to choose semiannual rather than quarterly earnings reporting.

  Aftermath

  The petition positioned LTSE as an advocate for broader public-market reporting reform; its final regulatory outcome is not established in the supplied material.

  Source

• 2021

  Adoption of a dual-listing-led growth strategyStrategy

  Background

  As a new exchange, LTSE initially needed to attract issuers without requiring them to abandon established primary venues.

  Action taken

  LTSE began with dual listings, adding Twilio and Asana while they retained their primary New York Stock Exchange listings.

  Aftermath

  The model provided LTSE with initial listed-company participation and a way to test its governance proposition.

  Source

• 2020

  Launch of LTSE tradingProduct launch

  Background

  After regulatory approval and pandemic-related delays, LTSE needed to establish itself as an operating exchange.

  Action taken

  LTSE opened its market for trading in September 2020.

  Aftermath

  The exchange recorded 283,765 shares of first-day volume, though some clients experienced temporary order delays.

  First-day notional trading value. $117.7 million (September 2020)

  Source

• 2019

  Pursuit of independent national-exchange statusStrategy

  Background

  LTSE sought to move from a proposed governance model and partnership work with IEX into a separately regulated U.S. exchange.

  Action taken

  The company revised its proposal and obtained SEC approval to operate as a national securities exchange.

  Aftermath

  The approval enabled LTSE to launch its own trading venue in 2020.

  Source

• 2025

  LTSE petitions SEC over semiannual reporting[1]Long-Term Stock Exchangeen.wikipedia.org

  Regulation

  LTSE asked the SEC to give U.S. public companies the option to report earnings semiannually rather than quarterly, arguing that quarterly reporting can encourage short-term management behavior.

• 2023

  ThredUp begins dual listing on LTSE[1]Long-Term Stock Exchangeen.wikipedia.org

  Product launch

  ThredUp became an additional company to list on LTSE while maintaining its existing primary-market listing.

• 2022

  James Walton provides $100 million in LTSE funding[1]Long-Term Stock Exchangeen.wikipedia.org

  M&A

  LTSE announced a $100 million investment from James Walton in partnership with The Space Between, adding to previous venture and individual backing.

• 2021

  Twilio and Asana become LTSE's first listed companies[1]Long-Term Stock Exchangeen.wikipedia.org

  Product launch

  Twilio and Asana began dual-listing their shares on LTSE while retaining their primary listings on the New York Stock Exchange.

• 2020

  Long-Term Stock Exchange begins trading[1]Long-Term Stock Exchangeen.wikipedia.org

  Product launch

  LTSE launched its trading operations in September 2020 following delays associated with the COVID-19 pandemic.

• 2019

  SEC approves Long-Term Stock Exchange application[1]Long-Term Stock Exchangeen.wikipedia.org

  Regulation

  The Securities and Exchange Commission approved LTSE's application to operate as a national securities exchange after the company revised aspects of its proposal.

1. 1Long-Term Stock Exchangeen.wikipedia.org
2. 2Long-Term Stock Exchange official websitelongtermstockexchange.com