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Exodus Sells 1,076 Bitcoin to Fund Payments Push as Q1 Loss Widens

The move seeks to cut the company’s dependence on trading fees that rise and fall with crypto markets.

Exodus wallet dumps bitcoin for payments push
Exodus dumps 1,000 bitcoin: why the crypto wallet is cashing out to fund a payments empire
Exodus movement sells 1,076 bitcoin to fund global payments expansion
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Overview

  • Exodus closed the Monavate and Baanx acquisitions on May 1, adding card issuing and program management so it can run crypto-linked payment programs in-house.
  • Exodus launched Exodus Pay in the U.S. and Europe, letting customers spend directly from their self-custody wallet, and introduced XO Cash, a dollar-backed stablecoin built to power those payments.
  • The company sold $73.2 million of digital assets in Q1 and reduced its bitcoin holdings by 1,076 BTC to 628 BTC to fund acquisition obligations tied to W3C’s payments units, lifting cash and stablecoins to $74.4 million.
  • Management said proceeds also paid down a bitcoin-backed loan to Galaxy, leaving the company debt-free going into the payments buildout.
  • Quarterly results showed revenue of $22.7 million, down 37% year over year, a net loss of $32.1 million, exchange volume of $1.18 billion, and a drop in funded users to about 1.4 million.