Exodus to Cut 25% of Workforce as It Pivots to Stablecoin Payments, Card Infrastructure
Summary
- Exodus Movement said it will cut 25% of its workforce and restructure its business around stablecoin payments and card infrastructure.
- The restructuring follows the acquisitions and integration of Monavate and Baanx, and is expected to generate $2.5 million to $3.5 million in pretax costs.
- Exodus said annual cost savings of $10 million to $13 million are expected to begin showing up from 2027, while Exodus shares (EXOD) rose 2.2% on the day but remained down about 85% from a year earlier.
Forecast Trend Report by Period
Exodus Movement, a cryptocurrency wallet company, is cutting 25% of its workforce as it restructures its business around stablecoin payments and card infrastructure.
CoinDesk reported on July 20 that the Omaha, Nebraska-based company said in a regulatory filing the layoffs are part of a restructuring designed to cut costs and support its strategy of building a payments platform.
The move coincides with the integration of two recent acquisitions. Exodus acquired electronic money institution Monavate and crypto payments company Baanx, expanding its payments capabilities and international reach.
Exodus said it expects to take $2.5 million to $3.5 million in pretax charges tied to the restructuring. Most of the expense will be for severance and other employee-related costs. Affected workers will receive severance, continued benefits and outplacement support.
The company projects annual savings of $10 million to $13 million, with the full effect expected to be reflected from 2027. Exodus shares (EXOD) rose 2.2% in early trading on July 20, but were still down about 85% from a year earlier.
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