Self-custodial wallet company Exodus Movement is reducing its global workforce by approximately 25% as part of a strategic realignment toward a full-stack card issuance and stablecoin payments platform. The Omaha-based firm, listed on NYSE American as EXOD, announced the layoffs on July 17, framing the move as an operational shift to match spending with its recent acquisitions.
CEO JP Richardson emphasized that the decision positions Exodus for its next growth phase rather than signaling retreat. “These decisions are never easy because they affect talented people who have helped build Exodus,” he said, noting that affected employees will receive severance, continued benefits, and transition support.
The company expects to incur approximately $2.5 million to $3.5 million in pre-tax charges, primarily from severance costs, while generating $10 million to $13 million in annualized cash operating expense savings by 2027. The savings will be redirected into the payments infrastructure acquired through the recent integrations of Monavate and Baanx—both folded into Exodus earlier this year for roughly $76.3 million after their parent defaulted on a secured loan.
The cuts come amid a challenging period for Exodus, which reported first-quarter revenue of $22.7 million (down 37% year-over-year) and a net loss of $32.1 million, largely due to the crypto market downturn that impacts its trading-dependent revenue. Analysts at Benchmark maintain a Buy rating on EXOD shares but lowered the price target from $23 to $12. The stock currently trades near $4.63, having lost nearly 69% of its value year-to-date.
The restructuring continues the integration of the $175 million acquisition of W3C Corp (parent of Baanx and Monavate), financed partly through Bitcoin-backed credit. Exodus is also building consumer-facing products including Exodus Pay and a dollar-pegged stablecoin developed with MoonPay, expected later this year.
