•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Publicly traded wallet company Exodus (EXOD) is expanding beyond its wallet category, positioning itself as a payments company, the firm said in its Q1 earnings report. The shift is supported by its recently closed acquisitions of financial services firms Monavate and Baanx, as well as its Exodus Pay platform, which enables users to spend crypto directly from their wallets.
Exodus Pay is now live across the U.S. and Europe. CEO JP Richardson said the company is expanding its offering rather than changing its core mission. “Exodus has always been about simplicity and control; that vision hasn’t changed since 2015,” Richardson told Decrypt. “We are expanding what we’re offering, we are not pivoting. Giving our customers the ability to send and spend digital dollars without handing over their keys is the natural extension of what we've been building from day one.”
To further support the transition, Exodus launched XO Cash, a dollar-backed stablecoin it described as the first built for AI agents.
As the company’s strategy evolved, its balance sheet changed materially. Exodus reported that it closed 2025 with more than $156 million worth of digital assets, but ended Q1 with $48 million. The firm also increased its cash and cash equivalents to nearly $73 million, up from less than $5 million at year-end.
Richardson attributed the change largely to a reduction in Bitcoin holdings. Bitcoin fell from 1,704 BTC to 628 BTC, bringing the Bitcoin value to around $50 million. The company also reduced Ethereum holdings by 37 ETH, or about $87,000.
“We hold a significant amount of Bitcoin and will continue to,” Richardson said. “Most of the treasury adjustments you saw in Q1 reflect paying down a Bitcoin-backed loan to Galaxy and other acquisition-related costs. We're debt-free as a result. Our long-term conviction in Bitcoin hasn't changed.”
Exodus added to its Solana position during the period, increasing holdings from 12,473 SOL to 17,541 SOL. The company valued the increase at $1.65 million, with Solana trading around $93.91 on Tuesday.
Shares in Exodus finished Tuesday’s trading session down 9.6%, trading at $6.97. The stock has risen nearly 9% over the last month of trading but is down nearly 53% year-to-date.
Richardson said the company believes the economics of the broader business model support shareholders. “The economics here make sense for our shareholders,” he said, describing the move toward a full-stack payments business. He added that wallet-category revenue tends to track crypto market conditions, while spending represents a different behavior and a different business.
As Exodus broadens its focus, Richardson said the company may monitor metrics such as transaction volume and the quarterly split between payments and trading revenues, among other statistics, as it evaluates performance.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
