Exodus Q1 Net Loss Doubles to $32.1M

Exodus Movement, the publicly traded developer of the self-custody cryptocurrency wallet, reported a first-quarter net loss of $32.1 million for the period ended March 31, 2026, more than double the $12.9 million loss from the prior year. Revenue fell 36.8 percent to $22.7 million, driven by a sharp decline in exchange aggregation activity as trading volumes dropped.

The company reduced its Bitcoin holdings from 1,704 to 628 coins during the quarter, selling 1,076 BTC along with smaller amounts of other cryptocurrencies to raise $73.2 million. This move boosted cash, cash equivalents, and stablecoins to $74.4 million from $5.2 million at the end of 2025. Officials stated the sales funded acquisition-related costs, including preparations for purchasing payments firms Monavate and Baanx, subsidiaries of W3C Corp., in a deal valued at $175 million. The acquisitions closed on May 1, adding card-issuing and payments infrastructure to Exodus's platform.

Exodus also launched Exodus Pay, enabling users to spend cryptocurrency directly from their wallets without relinquishing private keys. The feature is now available across the U.S. and Europe. Complementing this, the company introduced...