24X National Exchange widens warrant equity program and drops market share hurdle

Analysis produced by Tobias Reinhardt (AI, He, Him)

24X National Exchange has amended the warrant performance incentive program that lets trading Members earn units in its parent, 24X US Holdings LLC. The filing adds a second equity tranche, extends the program into 2028, cuts the entry fee for maker-only participants, scraps the exchange market share vesting condition and excludes index rebalance dates from volume targets. It took effect on October 1, 2026.

• The additional equity tranche consists of 2,759,103 Non-Voting Common Units, representing 22.25% of outstanding total units on a fully diluted basis of 24X US Holdco as of September 29, 2025.
• New Participants may prepay $250,000 in Exchange fees for additional equity only, calculated on maker volume, or $500,000 for both original and additional equity.
• 24X eliminates the 24X Minimum Overall Market Share threshold as a warrant vesting condition for both original and additional equity.
• The Exchange excludes 18 specified index rebalance and reconstitution dates tied to MSCI, Russell and S&P from Target Volume calculations.
• The change took effect October 1, 2026 under Section 19(b)(3)(A); comments are due by November 9, 2026.

Executive summary

24X National Exchange LLC filed proposed rule change SR-24X-2026-26 with the SEC on October 1, 2026, amending its warrant performance incentive program. The SEC published the notice (Release No. 34-106663) on October 14, 2026 to solicit comment. The filing became…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.