Exodus Sells 1,076 Bitcoin in First Quarter to Raise Cash for Payments Expansion

Crypto wallet company Exodus sold a large portion of its Bitcoin holdings in the first quarter to raise cash for acquisitions tied to its payments infrastructure expansion.

CoinDesk reported on May 12 that Exodus reduced its Bitcoin holdings to 628 BTC from 1,704 BTC in the first quarter. That implies sales of about 1,076 BTC, cutting its holdings by roughly 63%.

The value of those Bitcoin holdings fell to $42.8 million from $149.2 million over the same period.

Its Solana holdings, meanwhile, increased to 17,541 SOL from 12,473 SOL.

Exodus said it sold a total of $73.2 million in digital assets during the quarter, while new purchases totaled about $962,000.

Crypto firms have recently been shifting their balance sheets toward cash as they expand into stablecoin payments and broader financial infrastructure businesses.

Exodus said it continued selling digital assets to prepare for funding needs related to closing the acquisition of W3C's payments business. The company said it has separately secured more than $70 million in dollar reserves.

As a result, its holdings of cash, cash equivalents and stablecoins surged to $74.4 million at the end of the first quarter from $5.2 million at the end of last year.

Its total digital-asset and liquid-asset holdings, however, fell to $122.6 million from $161.6 million.

Results were weak.

Exodus reported first-quarter revenue of $22.7 million, down about 36.8% from a year earlier. Net loss widened to $32.1 million from $12.9 million a year earlier.

The company said roughly $36.4 million of digital-asset impairment losses was one of the main drivers of the weaker performance.

Exodus completed its acquisitions of Monavate and Baanx on May 1. It plans to integrate card issuance and payments infrastructure capabilities into its self-custody business through the deals.