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Exodus Movement, Inc. (NYSE American: EXOD) said on May 1, 2026 that it has acquired the outstanding shares of Monavate Holdings Limited and Baanx.com Ltd., subsidiaries of W3C Corp, from receivers appointed in the United Kingdom. The receivers took control after W3C defaulted on a loan secured by the shares.
Exodus said the purchase price for the shares is $76,273,333.30, which it described as the exact amount of principal and interest outstanding on the W3C loan as of April 30, 2026.
Exodus said Monavate Holdings Limited, together with its subsidiary Monavate Ltd, and Baanx.com Ltd, provide card and payments infrastructure for fintech, crypto, and enterprise clients.
The company said the acquired capabilities include issuing, processing, and regulatory functions. Exodus plans to integrate these capabilities directly into its existing consumer and enterprise product suite.
Exodus said the transaction will give it ownership of the underlying card and payments stack, reducing its dependence on third-party providers. The company also said the move is intended to support a wider range of assets, including widely used payment stablecoins.
Exodus added that it expects to be positioned to issue payment cards through networks such as Visa, Mastercard, and Discover. It also said the acquisition is expected to broaden its geographic reach to support new products and partnerships across the US, UK, and the EU.
JP Richardson, CEO and co-founder of Exodus, said: “This is a turning point for Exodus. Bringing payments in-house lays the foundation for the next generation of products built on self-custody. We look forward to working with the Monavate and Baanx UK teams to keep expanding what we offer to our customers.”
Founded in 2015, Exodus Movement, Inc. is a self-custodial cryptocurrency platform headquartered in Omaha, Nebraska. The company describes its products as enabling users to earn rewards, spend, manage, and swap digital assets across borders without giving up control.
Exodus also provides enterprise crypto infrastructure through its enterprise product suite, serving millions of users, according to the company.
Exodus said the press release includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. It noted that statements other than historical facts may be forward-looking and could differ materially due to risks and uncertainties, including factors described in its Form 10-K filed with the SEC on March 11, 2026 and other SEC filings.
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