Exodus cuts 25% of staff to focus on stablecoin payments platform

Exodus Movement, the publicly‑traded crypto self‑custody wallet company (ticker EXOD), announced it will lay off roughly 25% of its global workforce, about 77 positions. The cuts are tied to the integration of its recent $175 million acquisition of W3C Corp, which added Monavate Holdings and Baanx assets and gives Exodus card‑issuance and compliance capabilities.

The restructuring will incur pre‑tax severance costs of $2.5 million to $3.5 million, but is projected to generate $10 million to $13 million in annual cost savings once fully realized in 2027. Management said the move positions Exodus to build a full‑stack stablecoin payment and card platform, enabling crypto spending via Visa, Mastercard and Discover. Following the filing with the SEC, the company’s share price rose about 2.2% in early trading.

The layoffs are part of a broader shift from a generic crypto‑wallet business to a payments‑focused fintech model.