Exodus Movement, Inc.

Company and structure

• Exodus Movement, Inc. and its wholly owned subsidiaries: Proper Trust AG, 3ZERO, LLC (“3ZERO”), XO Italia S.R.L., Osmium, LLC, Osmium Europe B.V., Osmium Canada LTD, and Osmium AU PTY LTD.
• Domestic history: launched Exodus in 2015; incorporated in Delaware in 2016; redomesticated from Delaware to Texas on December 8, 2025.
• Corporate governance: Jon Paul Richardson (CEO and Chair) and Daniel Castagnoli (President of 3ZERO and Board member) together control about 93% of the voting power of outstanding common stock; Class B holders control about 95% of voting power, making Exodus a controlled company under NYSE American standards.
• Recent acquisitions:
  • Gratitud Interna Ltd., acquired November 10, 2025, for cash and newly issued Class A shares (total purchase price $2.7 million).
  • W3C and its subsidiaries (Monavate Holdings Ltd. and Baanx entities), acquired November 24, 2025, for approximately $175 million in cash, subject to customary adjustments; closing expected in 2026.
• Strategic position: expanding into on-chain payments and broader FinTech/web3 capabilities through acquisitions and enhancements to payments and wallet features.

Core business model

• Self-custodial wallet platform: the Exodus Platform enables users to control private keys locally on their devices; Exodus does not retain users’ private keys.
• User experience: desktop and mobile wallets that support storage, sending, and receiving of digital assets, access to decentralized finance and blockchain apps, and integration with third-party API Providers for additional services.
• Revenue generation: primarily from fees charged to API Providers for services used by Exodus Platform users (exchange, fiat onboarding, staking, etc.). U.S. pricing is generally subscription-based; international pricing is typically transaction-based.

Products and services

Exodus Platform

• Downloads and usage: downloaded over 19.2 million times as of December 31, 2025; about 3.5 million downloads in 2025.
• Asset support: supports over 700,000 fungible and non-fungible assets (tokens and NFTs) ledgered on public blockchains.
• Pricing data: primary pricing from CoinMarketCap and secondary from CoinGecko; CryptoCompare used for verification. Price-display logic includes checks for material variance thresholds.
• User onboarding: users must be at least 18 (where applicable), accept Terms of Service, and review the privacy policy.
• Network forks: support for network forks is provided on a per-fork basis when deemed beneficial; users are notified and unsupported forks can be accessed via other wallets.
• Fiat on/off ramps: pricing and onboarding are provided by API Providers; supported fiat currencies include 33 currencies (for example, USD, EUR, GBP); fiat on/off ramp providers include Ramp, MoonPay, Sardine, CoinMe, and others. Users interact directly with API Providers for fiat transactions.
• Hosted services: Exodus provides wallet functionality and the user interface. Exodus does not hold user assets or private keys and relies on API Providers for exchange, fiat onboarding, and other services.

API Providers and Exchange Aggregator

• Role: Exodus integrates third-party API Providers to deliver exchange (swaps), fiat onboarding, staking, and related services through the Exodus Platform.
• Exchange Aggregator: algorithmically selects API Providers to offer competitive pricing, liquidity, and order fulfillment for asset swaps (API Providers support over 30,000 digital assets). Exodus does not control individual user transactions after the handoff to an API Provider.
• Pricing mechanics: API Providers set their own fees; the platform aggregates pricing information for user display and facilitates the handoff to the chosen provider.
• Volume highlights: users have swapped $24.9 billion of digital assets via API Providers since inception and $6.9 billion in 2025 alone.
• Example API Providers: 1inch, Aeroswap, ChangeHero, Changelly, ChangeNow, Exolix, Jupiter, LI-FI, n.Exchange, Rango, SimpleSwap, Switchain, Everstake (staking), Blockchain.com (fiat onboarding), MoonPay, PayPal, Ramp, Onramper, Sardine, CoinMe, Robinhood (fiat onboarding), Bitrefill (affiliate revenue; Bitrefill ceased operations in 2024), Magic Eden (affiliate revenue), Trezor (affiliate revenue), among others. Availability varies by jurisdiction.

Fiat on/off ramps and other financial services

• Providers include Ramp, MoonPay, CoinMe, Sardine, Onramper, PayPal, Robinhood and others; availability and supported fiat/asset pairings vary by jurisdiction.

Staking (Everstake and others)

• Everstake provides self-custodial staking for supported assets (examples: Ethereum, Solana, Tezos, Cardano, Aptos, Polygon, Cosmos, KAVA, INJ, Axelar, Osmosis).
• Exodus collects a monthly subscription fee from Everstake for staking-related services.
• Auto-restaking is available for certain assets (ATOM, KAVA, INJ, OSMO) under specified conditions; auto-restake expires after one year.
• Some staking occurs on-chain without Exodus or Everstake involvement (e.g., Ontology, VeChain). Algorand staking requires participation in Algorand governance and is not managed by Exodus.

Passkeys Wallet and product strategy

• Passkeys Wallet introduced in July 2024 to enhance onboarding and support potential B2B partnerships.
• Product priorities:
  • Improve platform technology and user experience.
  • Expand and diversify API Providers across geographies and performance characteristics.
  • Diversify revenue through app integrations and B2B partnerships (examples: Passkeys, XO Swap).
  • Maintain a consistent, high-quality user experience while broadening ecosystem integrations.

Scope and reach

• Global operations with international subsidiaries: Proper Trust AG (Switzerland); Osmium entities (Europe, Canada, Australia); XO Italia (Italy); 3ZERO as a core subsidiary; and other Osmium entities.
• The Exchange Aggregator connects to API Providers to facilitate swaps across many assets; Exodus does not hold customer assets.

Financial and performance indicators

• Platform metrics:
  • Downloads: 19.2 million total as of 12/31/2025; 3.5 million in 2025.
  • Assets supported: over 700,000 digital assets (fungible tokens and NFTs).
• Revenue and volume:
  • 2025 swap volume via API Providers: $6.9 billion.
  • Cumulative swap volume since inception: $24.9 billion (as of 12/31/2025).
• Acquisitions and timing:
  • Gratitud Interna Ltd. acquired 11/10/2025 for $2.7 million (cash plus Class A shares).
  • W3C acquisition announced 11/24/2025; aggregate cash consideration approximately $175 million; closing anticipated in 2026.

Governance and control

• Exodus re-domiciled to Texas on 12/08/2025.
• Leadership and major shareholders collectively control the voting power of outstanding common stock (approx. 93% combined for Richardson and Castagnoli; Class B holders control about 95% of voting power).

Disclosures and risk

• The platform relies on third-party API Providers; Exodus does not perform diligence on those third parties and cannot guarantee their processes or jurisdictions.
• The regulatory environment may treat certain digital assets or services as securities, which could subject the company to additional regulation and compliance obligations.
• The company recognizes potential risk of being viewed as a broker-dealer because revenue is tied to digital-asset transactions processed by API Providers.

Summary

Exodus operates a self-custodial wallet platform that enables users to manage a broad set of digital assets with private keys controlled by users. Revenue is primarily derived from fees charged to API Providers for exchange, fiat onboarding, and staking services integrated through the Exodus Platform. The company has expanded through acquisitions (Gratitud Interna and W3C) and continues to grow B2B and ecosystem capabilities (Passkeys, XO Swap). As of year-end 2025, the platform recorded substantial usage and multi-billion-dollar annual swap volumes through its API Providers while emphasizing privacy, user control, and a cohesive user experience across a wide asset ecosystem.