Exodus Movement (EXOD)
Company Information
Stock Chart
Business Model
Business Mode
Self-custody wallet ecosystem: As an industry-leading non-custodial cryptocurrency wallet platform, Exodus supports the storage and trading of over 10,000 digital assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Users can access the wallet via desktop, mobile, and browser. Its core advantages lie in local encrypted storage and privacy protection, allowing users complete control over their private keys. Fiat channels and staking services: Providing fiat currency deposit (such as USD, EUR) and withdrawal services, allowing users to directly purchase cryptocurrencies with credit cards. At the same time, users can stake ETH, SOL, and other cryptocurrencies in their wallets to earn returns, with staking service revenue accounting for 18% of total revenue in Q1 2025. Strategic asset allocation: The company holds a large amount of Bitcoin as a long-term reserve. As of July 2025, it has increased its holdings to 4,636 Bitcoins through the open market, with a total cost of 360 million USD, and plans to increase the reserve to 105,000 Bitcoins by the end of 2027. Technical cooperation and innovation: Collaborating with hardware wallet manufacturer Ledger to integrate hardware security modules, jointly launching an on-chain trading aggregator with the NFT platform Magic Eden, while exploring compliant trading of tokenized stocks (such as Tesla and Amazon).
Profit Model
Transaction fees: Users need to pay a transaction fee of 0.5% - 1.5% when exchanging cryptocurrencies through the Exodus platform. In Q1 2025, this part of the revenue reached 6.48 million dollars, accounting for 18% of total revenue. Staking service distribution: From the earnings generated by users staking digital assets, Exodus charges a service fee of 10% - 20%. Taking SOL staking as an example, the current annual yield is approximately 8%, and the platform extracts about 560,000 USD from it each month. Advertising and Partner Revenue: By displaying compliant cryptocurrency project advertisements within the wallet and collaborating with exchanges and DeFi protocol API integrations, the related revenue for Q1 2025 reached $3.12 million. Bitcoin appreciation gains: The fair value changes and gains or losses arise from the fluctuations in the market price of the Bitcoin reserves held by the company. In Q1 2025, when the price of Bitcoin rose to $82,000, the value of the reserves increased by 62% compared to the beginning of the year, contributing an unrealized gain of $103 million.
Profit Model Impact
Compliance and Institutional Trust: As the first cryptocurrency wallet company listed on the American Stock Exchange (NYSE American) (stock code EXOD), Exodus provides traditional financial institutions with a compliant channel for investing in crypto assets. Its Q1 2025 financial report shows that the proportion of shares held by institutional investors has reached 37%, including funds under BlackRock. Market price guidance: The company regularly discloses changes in its Bitcoin reserves, and its accumulation behavior often triggers market following. For example, after announcing an increase of 4,636 Bitcoins on July 22, 2025, the price of Bitcoin rose 2.8% on that day. Technological empowerment of financial inclusion: By simplifying the cryptocurrency usage process (such as Passkeys password-free login and multi-chain aggregated trading), Exodus has lowered the participation threshold for ordinary users. In Q1 2025, the proportion of new users who are first-time cryptocurrency users reached 61%.
Impact on Cryptocurrencies
Bitcoin ( BTC ): The company is an important institutional participant in the Bitcoin market. Its mining operations contribute approximately 0.03% of the global hash rate, directly affecting the security and block generation efficiency of the Bitcoin network. The purchasing behavior in the secondary market drives price increases by boosting demand, with its accumulation in the second quarter of 2025 accounting for 0.05% of the total corporate Bitcoin purchases globally. Ethereum ( ETH ): Exodus supports staking of ETH and interactions with Layer 2 networks. In Q1 2025, the trading volume of ETH increased by 45% compared to the previous quarter, driving its market capitalization share to 28% of the platform's total trading volume. Solana (SOL): By partnering with Magic Eden to launch an NFT aggregator, SOL's on-chain transaction fee revenue increased by 120% in Q1 2025, making SOL the third largest trading currency on the platform.