Exodus Sells $87M in Bitcoin as It Expands Crypto Payments Business

TLDR

• Exodus sold 1,076 BTC in Q1 2026, cutting its Bitcoin holdings from 1,704 BTC to 628 BTC.
• The company used proceeds to fund acquisitions and repay a Bitcoin-backed loan to Galaxy.
• Exodus Pay is now live in the U.S. and Europe for direct crypto wallet spending.
• Exodus launched XO Cash, a dollar-backed stablecoin tied to its payments expansion.
• Exodus shares closed down 9.6% at $6.97 after the payments and treasury update.

Exodus is expanding beyond its core crypto wallet business with a wider payments strategy, supported by the launch of Exodus Pay and a new dollar-pegged stablecoin called XO Cash.

The publicly traded wallet company said the shift is part of its plan to become a full-stack crypto payments firm. Exodus Pay allows users in the United States and Europe to spend crypto directly from their wallets while keeping control of their private keys.

The move follows Exodus’ acquisitions of Monavate and Baanx, two financial services firms that support the company’s payments expansion. Exodus said the new structure gives customers more ways to send, hold and spend digital assets through its platform.

Chief Executive JP Richardson said the company is expanding its product offering rather than leaving its wallet business behind. He said Exodus has focused on simplicity and user control since 2015, and payments are a natural extension of that strategy.

Exodus Sells Bitcoin to Fund Expansion

Exodus made a major change to its treasury during the first quarter of 2026. The company sold 1,076 BTC, worth about $87 million, reducing its Bitcoin holdings from 1,704 BTC to 628 BTC.

The sale reduced Exodus’ Bitcoin position by more than 60%. The company said proceeds were used to fund acquisition-related costs and repay a Bitcoin-backed loan to Galaxy.

Richardson said the treasury adjustment helped make Exodus debt-free. He said the company still holds a meaningful Bitcoin position and that its long-term view on Bitcoin has not changed.

After the sale, Exodus’ Bitcoin holdings were worth about $50 million. The company also reduced a small portion of its Ethereum holdings, selling 37 ETH worth about $87,000.

The balance sheet shift increased cash and cash equivalents to nearly $73 million, up from less than $5 million at the end of 2025. Exodus ended 2025 with more than $156 million in digital assets, but that figure fell to about $48 million by the end of the first quarter.

Exodus Pay and XO Cash Lead Payments Push

The company’s payments strategy centers on Exodus Pay, which is now live across the U.S. and Europe. The feature allows customers to spend crypto directly from their wallets instead of only holding or trading digital assets.

Exodus also launched XO Cash, a dollar-backed stablecoin designed for payments and AI-agent use cases. The company described XO Cash as part of its effort to support digital dollar transactions inside a self-custody environment.

The payments strategy gives Exodus a business line that may behave differently from wallet trading revenue. Richardson said wallet-category revenue often moves with crypto market activity because users mainly trade and manage assets. Spending, he said, creates a different type of customer behavior and revenue opportunity.

The company expects to track metrics such as payment transaction volume and the split between payments revenue and trading revenue as the business develops.

Exodus’ expansion also reflects a broader crypto industry shift toward stablecoins, payment cards, on-chain settlement and direct wallet-based spending. Wallet companies are increasingly trying to turn self-custody tools into everyday financial applications.

Solana Holdings Rise as Shares Fall

While Exodus reduced its Bitcoin holdings, the company increased its Solana position during the quarter. Its SOL holdings rose from 12,473 SOL to 17,541 SOL, worth about $1.65 million based on Solana trading near $93.91 on Tuesday.

The treasury change shows that Exodus did not move entirely away from crypto holdings. Instead, it shifted its balance sheet toward more cash, less Bitcoin debt exposure and a larger Solana position.

Investors reacted negatively to the update. Exodus shares closed down 9.6% on Tuesday at $6.97. The stock has gained nearly 9% over the past month but remains down about 53% year-to-date.

The share decline came as investors weighed the Bitcoin sale, the company’s payments expansion and the cost of moving into new business lines. Exodus is attempting to build a payments operation while still serving its existing wallet users.

The company’s next phase will depend on whether Exodus Pay gains usage in the U.S. and Europe, whether XO Cash finds demand, and whether payments revenue can reduce reliance on trading activity during weaker crypto market periods.

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