Exodus to Cut 25% of Workforce as it Pivots Toward Stablecoin Payments

TL;DR

• Crypto wallet provider Exodus will lay off around 25% of its global workforce as part of a restructuring plan.

• The company is shifting its focus toward stablecoin payments and card infrastructure following its acquisitions of Monavate and Baanx.

• Exodus expects $10 million to $13 million in annual operating cost savings beginning in 2027.

Crypto wallet provider Exodus Movement is reducing its global workforce by approximately 25% as the company restructures its operations to prioritize stablecoin payments and payment card infrastructure.

The Omaha, Nebraska-based firm disclosed the layoffs in a regulatory filing, describing the move as part of a broader strategy to lower operating costs while expanding its presence in the digital payments sector.

Restructuring Follows Payments Acquisitions

The workforce reduction comes as Exodus integrates two recent acquisitions that have significantly expanded its payments capabilities.

The company has been incorporating Monavate, an electronic money institution, and Baanx, a crypto payments provider, into its business as it works toward building a full-stack payments platform with a broader international reach.

Management said the restructuring is intended to streamline operations while supporting long-term growth in digital payment services, particularly those powered by stablecoins.

Exodus estimates the restructuring will result in pre-tax charges of between $2.5 million and $3.5 million, primarily related to severance packages and other employee-related expenses.

Employees affected by the layoffs will receive severance pay, continued benefits, and transition assistance, according to the filing.

The company expects the cost-cutting measures to generate annual cash operating expense savings of between $10 million and $13 million, with the full financial impact anticipated in 2027.

Exodus becomes the latest company in the crypto space to reduce its workforce. In June, the Ethereum Foundation reduced its workforce by approximately 20%, cutting 54 jobs as part of a major organizational restructuring aimed at streamlining operations.

Shares Rise Despite Steep Yearly Decline

Investors reacted positively to the restructuring announcement, with Exodus (EXOD) shares rising approximately 2.2% in early Monday trading.

Despite the gain, the stock remains under pressure, having fallen nearly 85% over the past year, reflecting broader challenges across the cryptocurrency sector and investor concerns about profitability.

The restructuring underscores Exodus' efforts to reposition itself beyond its traditional crypto wallet business by expanding into regulated digital payments and stablecoin-based financial services.