Exodus Movement, the company behind the self-custody Exodus wallet, significantly reduced its Bitcoin holdings during the first quarter of 2026, selling 1,076 BTC. The sale decreased the treasury from 1,704 BTC to 628 coins, with the value dropping from $149.2 million to $42.8 million. Over the same period, the firm added 5,068 Solana tokens to its portfolio.
Total cryptocurrency sales in Q1 reached $73.2 million, while purchases were minimal at $962,000. According to the quarterly filing, the sales were aimed at preparing for the W3C closing payment, with over $70 million set aside in USD reserves. The company’s cash, equivalents, and stablecoin holdings surged to $74.4 million, up from $5.2 million at the end of the previous year.
On May 1, Exodus finalized the acquisition of Monavate and Baanx, two subsidiaries of W3C Corp, for a total of $175 million. This deal integrates card-issuing and payments infrastructure into Exodus’s wallet platform. Baanx offers crypto debit card technology, while Monavate manages card programs. The move aligns with Exodus’s earlier plan to launch a fully reserved dollar-backed stablecoin with MoonPay and M0, which will support the Exodus Pay feature.
Exodus also introduced XO Cash, a Solana-based stablecoin toolkit developed with MoonPay. This allows AI agents to spend money via Visa without exposing private keys. However, Q1 revenue fell 36.8% to $22.7 million, mainly due to a decline in exchange aggregation volume, which dropped by $13.8 million. The net loss widened to $32.1 million from $12.9 million, partly because of a $36.4 million loss on crypto holdings as Bitcoin and Solana prices fell.
Despite these challenges, Exodus stands out as the only publicly traded self-custody wallet provider actively building a comprehensive payments system. Monthly active users decreased slightly to 1.5 million, and quarterly funded users fell 22.2% to 1.4 million. EXOD stock has plummeted 86% over the past year, trading around $7.71 at the time of the filing. The company is shifting from a pure wallet service to a crypto-native payments platform, potentially competing with traditional fintech stablecoin offerings from firms like MoonPay and PayPal’s PYUSD.