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Exodus (EXOD), the publicly traded Bitcoin wallet firm, is expanding beyond wallets into a broader crypto payments business. The company announced the shift alongside its Q1 earnings results, supported by two acquisitions and a new stablecoin launch. Exodus shares closed Tuesday at $6.97, down 9.6% on the day.
Exodus said it is positioning itself as a full-stack payments company through its Exodus Pay platform. The platform enables users to spend crypto directly from their wallets without surrendering private keys. Exodus Pay is currently live across the United States and Europe.
To support the expansion, the company completed two acquisitions: Monavate and Baanx. Exodus said the deals provide the infrastructure needed to support crypto spending at scale. CEO JP Richardson described the move as an extension of the company’s founding vision rather than a pivot.
Alongside Exodus Pay, Exodus launched XO Cash, a dollar-backed stablecoin. The company claims XO Cash is the first stablecoin built specifically for AI agents.
Exodus reported that it ended Q1 2026 with $48 million in digital assets, down from $156 million at the close of 2025. Cash and cash equivalents rose to nearly $73 million, compared with under $5 million at year-end, reflecting a treasury reallocation.
During the quarter, Exodus reduced its Bitcoin holdings from 1,704 BTC to 628 BTC. The company also sold 37 ETH, which it said was worth roughly $87,000 at the time of the transactions.
Exodus said these actions helped it repay a Bitcoin-backed loan from Galaxy and cover acquisition-related costs, leaving the company debt-free. Richardson said the treasury changes in Q1 primarily reflected paying down the Galaxy loan and other acquisition costs, adding that Exodus is debt-free as a result.
In addition to reducing Bitcoin exposure, Exodus increased its Solana holdings from 12,473 SOL to 17,541 SOL. At Tuesday’s price of about $93.91 per SOL, the stake was valued at approximately $1.65 million.
Looking ahead, Richardson said Exodus will track transaction volume and the quarterly split between payments and trading revenues. He said spending represents different customer behavior and a different business model than wallet-only revenue.
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