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Exodus Movement sold more than 1,000 Bitcoin in the first three months of 2026 to fund a push into financial technology, raising $73 million in the process.
The crypto wallet company cut its Bitcoin holdings from 1,704 to 628 coins by March 31 — a reduction of roughly 63% — with nearly all the proceeds directed toward acquiring W3C Corp., the parent company of fintech firms Monavate and Baanx.
Revenue Takes A Sharp Hit
The Bitcoin sales came as Exodus reported a steep drop in earnings. Total revenue for the quarter ended March 31 fell to $22.7 million, down from $36 million during the same period a year ago — a decline of nearly 37%.
Exchange aggregation, which accounts for the bulk of company income, took the hardest hit, falling almost $14 million as user trading activity slowed significantly.
Monthly active users slipped from 1.6 million to 1.5 million year over year. Quarterly funded users dropped even more sharply, falling 22% to 1.4 million from 1.8 million.
Exodus pointed to macroeconomic pressures — including revised Federal Reserve growth projections and uncertainty around tariff policy — as contributing factors. The company also warned that price swings in digital assets could continue to affect its results in coming quarters.
Net Loss More Than Doubled
The financial results reflected more than just a drop in trading. Exodus posted a net loss of $32 million for the quarter, compared to a nearly $13 million loss in Q1 2025.
The company’s broader digital asset portfolio recorded a net loss of $36.4 million, driven by $76.8 million in unrealized losses, though partially offset by $40.4 million in realized gains on asset exchanges.
On the balance sheet, cash and cash equivalents rose sharply. The company ended the quarter with nearly $73 million in cash, up from just $4.9 million at the close of 2025.
New Products In The Pipeline
Even as the core business contracted, Exodus rolled out a new product. XO Cash, a stablecoin toolkit built on Solana with payments company MoonPay, allows AI agents to make purchases through Visa’s payment network without exposing user private keys.
Featured image from Getty Images/GeorgeManga, chart from TradingView
