Exodus Movement has cut about 25% of its global workforce as the crypto wallet company reorganizes around a full-stack stablecoin payments platform.
Summary
- Exodus has cut 25% of its global workforce, potentially affecting about 54 employees.
- The company expects $10 million to $13 million in annual savings by 2027.
- Exodus is integrating Monavate and Baanx to build its stablecoin payments and card platform.
According to a July 17 company notice filed with the U.S. Securities and Exchange Commission, the reduction will align Exodus’s costs and staffing priorities with its card issuance and payments strategy. The company also cited current market conditions and the continuing integration of Monavate and Baanx as factors behind the decision.
Exodus reported 215 full-time employees as of Dec. 31, 2025, according to its annual filing, which suggests that approximately 54 positions could be affected. The company did not provide an exact number or identify the departments included in the layoffs.
Affected workers will receive severance, continued benefits and other support during the transition, Exodus stated. Co-founder and CEO JP Richardson acknowledged the effect of the decision on employees while linking the restructuring to the company’s payments plans.
“These decisions are never easy because they affect talented people who have helped build Exodus,” Richardson said. “We are deeply grateful for their contributions and committed to supporting them through this transition.”
Trading under EXOD on the NYSE American, Exodus shares fell more than 8% to about $4.62 after the market opened Monday, extending pressure on a stock that closed at $5.06 on Friday. MarketWatch data showed EXOD trading near $4.76 later in Monday’s session, down roughly 6%, with an intraday low of $4.70. MarketWatch
Job cuts promise up to $13 million in yearly savings
Exodus expects the restructuring to produce between $10 million and $13 million in annualized cash operating expense savings, according to its SEC notice. Management expects the company to receive the full financial benefit in 2027, meaning the reduction will not immediately deliver all the projected savings.
Before reaching that point, Exodus expects to record between $2.5 million and $3.5 million in pre-tax charges. The company attributed most of those costs to severance and other expenses linked to departing employees, without giving a precise timetable for recognizing the charges.
Measured against the estimated number of affected roles, the projected annual savings indicate that the company is removing more than direct salary costs. However, Exodus has not published a breakdown covering wages, benefits, overlapping positions or other operating expenses, leaving the composition of the $10 million to $13 million estimate undisclosed.
The company also plans to keep reviewing its combined cost base and operating model while integrating Monavate and Baanx. According to Exodus, those purchases have increased its product capabilities, customer base and geographic reach, creating a larger organization that now requires a different allocation of staff and spending.
Exodus joins other financial and technology companies that have recently reduced headcount while reorganizing their operations. Robinhood announced in June that it would eliminate about 290 positions, equal to roughly 10% of its full-time workforce, and record approximately $28 million in restructuring charges.
In a message to employees, Robinhood CEO Vlad Tenev described that reduction as a move made from a strong business position. Robinhood told the SEC that it wanted to remove management layers, operate more efficiently, and close a small number of unfilled roles while continuing selective hiring.
Cloudflare made a deeper reduction in May, cutting more than 1,100 jobs, or about 20% of its workforce, as it adopted what the company called an “agentic AI-first operating model.” Reuters reported that Cloudflare expected $140 million to $150 million in related charges, while its shares fell around 19% in extended trading despite first-quarter results that exceeded Wall Street forecasts.
Acquisitions put payment rails inside Exodus
Exodus’s restructuring follows its May purchase of all outstanding shares in Monavate Holdings and Baanx.com for approximately $76.27 million. According to the company, that price matched the principal and interest outstanding on a loan to W3C Corp, the former parent of the two payments businesses, as of April 30.
Monavate supplies card issuing, processing and regulatory infrastructure, while Baanx provides technology for crypto-linked cards and self-custodial stablecoin settlement. Exodus has said the combined operation can support payment card issuance through networks including Visa, Mastercard and Discover across the United States, United Kingdom and European Union.
Bringing those functions under its control is intended to reduce Exodus’s reliance on outside payment providers. A March company update stated that Monavate would give Exodus card-issuing capabilities in key markets, while Baanx technology would support real-time settlement using stablecoins held in self-custody.
The workforce reduction now ties that payments expansion to a leaner cost base. Exodus said it will continue integrating the acquired businesses while directing resources toward cards, stablecoin settlement and the infrastructure connecting those services to its existing wallet platform.
