Crypto wallet company Exodus is laying off 25% its workforce as it looks to restructure its business towards stablecoin payments. Exodus announced the cut on Friday, saying the decision is intended to align the company’s cost structure and priorities with its ongoing efforts to become a card issuance and payments platform through its recently acquired businesses, Monavate and Baanx. The company expects to save $10 million to $13 million in annualized cash operating expense from the cut, with the full benefit landing in 2027. “These actions position Exodus for its next phase as we build a full-stack payments platform that delivers meaningful, everyday utility,” said JP Richardson, the CEO of Exodus. The restructuring comes as Exodus faces a rough stretch for its business and shares. The company’s Q1 revenue came in at around $22.7 million, down 37% from a year earlier, and it reported a net loss of $32.1 million. The weak Q1 result was largely due to the meltdown across the crypto markets, as most of Exodus’ revenue comes from crypto trading. Exodus shifts its business to stablecoin payments In May, Exodus closed the acquisition of Monavate, an electronic money institution, and crypto payments firm Baanx, with plans to diversify its business to include card issuance and stablecoin payments. The crypto wallet firm began the acquisition process in November 2025, announcing it would acquire W3C Corp , the parent of both firms, for $175 million, using cash and financing, as Cryptopolitan reported. “This is a turning point for Exodus,” Richardson said. “Bringing payments in-house lays the foundation for the next generation of products built on self-custody.” Analysts at Benchmark are bullish on Exodus’ acquiring Monavate and Baanx, saying investors are “underappreciating the optionality embedded in the payments infrastructure.” Benchmark maintained a Buy rating on Exodus shares but lowered its price target from $23 to $12 due to the downturn in the crypto market. EXOD currently trades at $4.6250 on the NYSE, down 8.60% from the previous trading day. So far this year, the EXOD has lost 68.73% of its market value. Exodus Movement, Inc. (EXOD) YTD price chart. Source: Yahoo Finance Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
