Cryptocurrency wallet and exchange firm Exodus Movement reported a deepening net loss of $32.1 million for Q1 2026, more than doubling its loss from the same period last year. The company liquidated approximately 63% of its Bitcoin treasury to fund a major acquisition, raising $73.2 million. Total revenue fell 36.8% to $22.7 million as user trading activity declined significantly.
Exodus Movement saw its net loss widen to $32.1 million in the first quarter of 2026. This compares to a loss of $12.9 million in the prior-year period.
Total revenue fell to $22.7 million, down from $36 million a year earlier. The decline was primarily driven by a $13.8 million drop in its main exchange aggregation business.
Monthly active users dipped to 1.5 million from 1.6 million. Quarterly funded users fell more sharply by 22.2% to 1.4 million.
The company cited macroeconomic pressures and Federal Reserve policy as market drivers. “The Company expects that volatility in digital asset prices will continue and may result in significant fluctuations in the Company’s results of operations in future periods,” it added.
Exodus sold 1,076 Bitcoin, reducing its holdings from 1,704 to 628 BTC. The $73.2 million in proceeds were earmarked to fund its acquisition of W3C Corp..
Its broader digital asset portfolio recorded a net loss of $36.4 million. This reflected $76.8 million in unrealized losses partly offset by $40.4 million in realized gains.
Cash and equivalents ballooned to $72.9 million, up from $4.9 million at the end of 2025. The company’s shares fell following the earnings announcement.
In a separate product push, Exodus has rolled out XO Cash, a Solana-based stablecoin toolkit. The system, built with MoonPay, allows AI agents to spend via Visa without exposing private keys.
