Exodus cut about 25% of its workforce, citing a pivot to stablecoin payments and the integration of Monavate and Baanx. The restructuring is expected to save $10M to $13M annually by 2027.
Exodus Movement cut roughly a quarter of its workforce as the crypto wallet company reorganizes around a stablecoin payments platform.
A July 17 notice filed with the SEC said the reduction aligns costs and staffing with the company's card issuance and payments strategy. Exodus also cited market conditions and the integration of Monavate and Baanx as factors.
Exodus reported 215 full-time employees as of Dec. 31, 2025, in its annual filing. That suggests roughly 54 positions could be affected. The company did not give an exact number or name the departments.
Affected workers will get severance, continued benefits and other support, the filing said. CEO JP Richardson acknowledged the impact on staff while linking the move to the payments plan.
“These decisions are never easy because they affect talented people who have helped build Exodus,” Richardson said. “We are deeply grateful for their contributions and committed to supporting them through this transition.”
Shares fell more than 8% to about $4.62 after Monday's open. The stock closed at $5.06 on Friday. EXOD later traded near $4.76, down roughly 6%, with an intraday low of $4.70, according to MarketWatch.
Exodus expects the restructuring to deliver $10 million to $13 million in annualized cash operating expense savings. The full financial benefit will hit in 2027, the company said. Before that, Exodus expects $2.5 million to $3.5 million in pre-tax charges, mostly severance and related costs.
The projected annual savings, measured against the estimated headcount reduction, suggest the company is cutting more than salary costs. Exodus has not published a breakdown of wages, benefits or overlapping roles, leaving the composition of the $10 million to $13 million estimate undisclosed.
Exodus also plans to keep reviewing its cost base and operating model while integrating Monavate and Baanx. The purchases expanded product capabilities, customer base and geographic reach, creating a larger organization that needs a different staff structure, the company said.
Robinhood cut about 290 positions in June, roughly 10% of its workforce, recording about $28 million in charges. CEO Vlad Tenev described that reduction as a move from a strong business position. Cloudflare cut more than 1,100 jobs in May, about 20% of its workforce, adopting an “agentic AI-first operating model.” Reuters reported Cloudflare expected $140 million to $150 million in related charges.
Exodus's restructuring follows its May purchase of all outstanding shares in Monavate Holdings and Baanx.com for about $76.27 million. That price matched the principal and interest outstanding on a loan to W3C Corp, the former parent of the two businesses, as of April 30.
Monavate supplies card issuing, processing and regulatory infrastructure. Baanx provides technology for crypto-linked cards and self-custodial stablecoin settlement. The combined operation can support payment card issuance through Visa, Mastercard and Discover across the U.S., U.K. and European Union, Exodus said.
Bringing those functions in-house reduces Exodus's reliance on outside payment providers. A March company update said Monavate would give Exodus card-issuing capabilities in key markets, while Baanx technology would support real-time settlement using stablecoins held in self-custody.
The workforce reduction ties that payments expansion to a leaner cost base. Exodus said it will continue integrating the acquired businesses while directing resources toward cards, stablecoin settlement and the infrastructure connecting those services to its existing wallet platform.
Exodus trades on the NYSE American under EXOD. The company's MA stock page shows an Alpha Score of 72, rated Moderate.
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