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Exodus Movement (NYSE: EXOD), the developer of the self-custody Exodus wallet, sold 1,076 bitcoin during Q1 2026, cutting its BTC holdings from 1,704 to 628 coins. The move reduced the treasury’s value from $149.2 million to $42.8 million. Over the same period, the company also added 5,068 Solana tokens.
In total, Exodus sold $73.2 million in cryptocurrency during the quarter while buying just $962,000. In its quarterly filing, the company said it continued to sell digital assets to prepare for the next disbursement related to the W3C closing, and that it had set aside over $70 million in U.S. dollar reserves for these obligations. Cash, equivalents, and stablecoins rose to $74.4 million from $5.2 million at year-end.
Exodus closed its acquisition of Monavate and Baanx on May 1, the two payments subsidiaries of W3C Corp, for a total of $175 million. The deal adds card-issuing and payments infrastructure directly into Exodus’s self-custody wallet stack. Baanx provides crypto debit card infrastructure, while Monavate handles card programme management.
The strategy aligns with Exodus’s earlier announcement of a fully reserved, dollar-backed stablecoin built with MoonPay and M0, intended to underpin the Exodus Pay feature inside the app. XO Cash, a Solana-based stablecoin toolkit built with MoonPay, is already live and allows AI agents to spend money through Visa rails without exposing users’ private keys.
Exodus reported Q1 revenue of $22.7 million, down 36.8% from $36 million a year earlier. Its exchange aggregation revenue line fell by $13.8 million as user trading volumes declined.
The net loss widened to $32.1 million from $12.9 million. The filing attributed part of the deterioration to a $36.4 million loss on crypto holdings, as bitcoin fell 23% and Solana dropped more than 34% over the quarter.
Exodus described itself as repositioning from a pure wallet provider toward a crypto-native payments platform. Monthly active users declined to 1.5 million from 1.6 million a year earlier, and quarterly funded users fell 22.2% to 1.4 million. Over the past 12 months, EXOD stock has fallen 86%, and at the time of the Q1 filing it was trading near $7.71.
The company’s XO Cash and Exodus Pay suite, together with the Monavate and Baanx infrastructure, is positioned to support a direct competitive push in consumer payments against traditional fintech stablecoin offerings, including MoonPay and PayPal’s PYUSD.
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