Exodus to cut 25% of staff in company reorganization
Summary
Exodus is cutting 25% of its workforce as part of a restructuring tied to its push into stablecoin payments infrastructure. The move is meant to align costs with its strategy to build a full-stack card issuance and payments platform, following its acquisitions of Monavate and Baanx to reduce reliance on third-party providers. Exodus expects $2.5 million to $3.5 million in pre-tax charges, mostly severance, and forecasts $10 million to $13 million in annualized cash operating expense savings, with the full benefit arriving in 2027. Based on 215 employees at year-end, about 54 workers may be affected. Shares fell more than 8% on Monday.
