Bitcoin Wallet Firm Exodus Expands Payments Push, Sells $87 Million in BTC

5 days ago 8

In brief

Exodus (EXOD) is expanding into the afloat payments stack with its Exodus Pay level and caller stablecoin.
The steadfast completed 2 acquisitions and became debt-free successful Q1 acknowledgment to a large simplification successful its Bitcoin holdings.
Shares finished Tuesday down 9.6%, closing astatine $6.97.

Publicly traded wallet institution Exodus (EXOD) is moving beyond the wallet category, expanding its absorption and besides becoming a payments company, the steadfast announced arsenic portion of its Q1 net report.

The firm’s modulation leans connected its precocious closed acquisitions of fiscal services firms Monavate and Baanx, and its Exodus Pay platform—a diagnostic that allows users to walk crypto straight from their wallets, present unrecorded crossed the U.S. and Europe.

“Exodus has ever been astir simplicity and control; that imaginativeness hasn’t changed since 2015,” the firm’s CEO JP Richardson told Decrypt. “We are expanding what we’re offering, we are not pivoting. Giving our customers the quality to nonstop and walk integer dollars without handing implicit their keys is the earthy hold of what we've been gathering from time one.”

To further substance its transition, the steadfast besides launched XO Cash, a dollar-backed stablecoin it claims is the archetypal built for AI agents.

As its strategical pathway shifted, truthful excessively did its equilibrium sheet. The firm, which closed 2025 with much than $156 cardinal worthy of integer assets, ended Q1 with conscionable $48 cardinal worthy portion bolstering its currency and currency equivalents equilibrium to astir $73 million, up from little than $5 cardinal astatine the twelvemonth end.

That displacement was led by a large simplification successful Bitcoin holdings, which fell from 1,704 BTC to 628 BTC—a determination which brings its Bitcoin worth to astir $50 million. The steadfast besides shed a tiny magnitude of Ethereum, dropping 37 ETH oregon astir $87,000 worth.

“We clasp a important magnitude of Bitcoin and volition proceed to,” Richardson said of the firm’s holdings. “Most of the treasury adjustments you saw successful Q1 bespeak paying down a Bitcoin-backed indebtedness to Galaxy and different acquisition-related costs. We're debt-free arsenic a result. Our semipermanent condemnation successful Bitcoin hasn't changed.”

The steadfast added to its Solana stash during the period, expanding its holdings from 12,473 SOL to 17,541 SOL worthy $1.65 cardinal arsenic Solana trades astir $93.91 connected Tuesday.

Shares successful the steadfast finished the trading time down 9.6% connected Tuesday, changing hands astatine $6.97. While they person jumped astir 9% successful the past period of trading, EXOD is down astir 53% year-to-date.

“The economics present marque consciousness for our shareholders,” Richardson said of the firm’s enlargement to a full-stack payments business. “Wallet-category gross moves with crypto markets, due to the fact that until recently, our customers person lone been capable to commercialized and negociate their integer assets successful Exodus. Spending is simply a antithetic behaviour and a antithetic business.”

As its absorption broadens, Richardson said Exodus whitethorn show information similar transaction measurement and the quarterly divided betwixt payments and trading revenues, among different stats, arsenic it evaluates the business.