Bitcoin Wallet Firm Exodus Expands Payments Push, Sells $87 Million in BTC
Exodus, a publicly traded crypto wallet company, is expanding into payments, leveraging its acquisitions of Monavate and Baanx and launching the Exodus Pay platform, which enables users to spend crypto directly from their wallets across the U.S. and Europe. The firm introduced XO Cash, a dollar-backed stablecoin designed for AI agents. Exodus emphasizes it is broadening its services, not changing its core mission, aiming to let users spend digital dollars without relinquishing wallet control. Financially, Exodus reduced its digital asset holdings from over $156 million to $48 million by the end of Q1, while cash and cash equivalents rose from under $5 million to nearly $73 million. The reduction was mainly from selling Bitcoin to pay down a loan and fund acquisitions; Bitcoin holdings fell from 1,704 to 628 BTC. The firm also increased its Solana holdings, while slightly decreasing its Ethereum stash. Despite its strategic expansion, EXOD shares are down 53% year-to-date. Exodus plans to track metrics like transaction volume and the split between payments and trading revenues as it evaluates its new business focus.
