Exodus Movement Appoints Receiver in United Kingdom to Take Control of Monavate and Baanx

Exodus Movement (NYSE: EXOD) appointed Receivers in the United Kingdom to take control of shares in Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd after borrower W3C Corp defaulted on a secured loan.

Rhea-AI Summary

Exodus Movement (NYSE: EXOD) appointed Receivers in the United Kingdom to take control of shares in Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd after borrower W3C Corp defaulted on a secured loan.

Exodus is a secured lender that provided a $70 million term facility governed by English law, declared payable on April 13, 2026, demanded repayment by 5:00 p.m. BST on April 27, 2026, and, after nonpayment, placed the subsidiaries into a receiver-led sale process; Exodus intends to bid.

Positive

• Secured recovery action: Exercised contractual right to appoint UK Receivers
• $70 million secured loan noted as the amount of the facility
• Experienced receivers: AlixPartners partners lead the receiver team
• Bid participation: Exodus intends to participate as a bidder in the sale

Negative

• Borrower default: W3C failed to repay the on-demand loan by the April 27, 2026 deadline
• Enforcement required: Recovery required appointment of Receivers and sale of pledged shares

Argus Apr 28 session

-6.84% close to close Open Argus

Details

News Market Reaction – EXOD

In the Apr 28 session, EXOD declined 6.84%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -6.8% in the session following this news. A negative reaction despite Exodus enforci...

Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite Exodus enforcing its rights as a secured lender would fit prior instances where seemingly constructive news, such as product launches and partnerships, coincided with declines of 4.46% to 7.01%. With shares already trading below the $19.09 200-day MA and well under the $56 52-week high, sentiment has been fragile. Future price behavior may hinge on clarity around the Receiver-led sale of Monavate and Baanx and recovery of the $70 million loan.

Key Figures

Loan to W3C: $70 million Repayment deadline: 5:00 p.m. BST Receiver experience: More than 55 years +5 more

Loan to W3C

$70 million

Secured term facility to W3C under English law

Repayment deadline

5:00 p.m. BST

Deadline for W3C to repay on-demand loan on April 27, 2026

Receiver experience

More than 55 years

Combined restructuring and interim management experience of Receiver team

Current price

$7.905

Price prior to market reaction to Receiver appointment news

24h price change

-3.66%

Move ahead of the announcement

52-week high

$56

Pre-news 52-week high reference

52-week low

$5.8901

Pre-news 52-week low reference

Market cap

$244,471,700

Equity value prior to this announcement

Historical Context

5 past events · Latest: Apr 16

5 events

1. Apr 16

   XRPL integration

   24h Move

   -4.5%

   Expanded XRP Ledger support and RLUSD collaboration with Ripple inside Exodus wallet.

2. Apr 13

   W3C litigation

   24h Move

   +7.3%

   Filed suit to compel W3C stock sale and exercised loan security rights.

3. Apr 09

   Product launch

   24h Move

   -7.0%

   Launched Exodus Pay to enable self-custodial payments and rewards in one app.

4. Apr 08

   Governance update

   24h Move

   -7.0%

   Changed physical location for the 2026 Annual Meeting of Shareholders.

5. Apr 08

   Treasury metrics

   24h Move

   +5.7%

   Reported higher digital asset holdings and March exchange volume and MAUs.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

self-custodial, secured loan, secured lender, term facility, +4 more

8 terms

self-custodial technical

"Exodus, a leading self-custodial cryptocurrency platform, today announced that it has..."

Self-custodial describes a setup where an individual or entity holds and controls their own assets or credentials directly, rather than trusting a third party to store them. For investors, it means you have full control and responsibility—like holding the only key to a safe: greater autonomy and potentially lower counterparty risk, but also greater responsibility for secure storage, loss recovery, and personal security practices.

secured loan financial

"...whose shares were pledged as security for a secured loan on which W3C has defaulted."

A secured loan is debt backed by a specific asset—such as property, equipment, or inventory—that the lender can seize if the borrower fails to repay. Think of it like pawning a watch for cash: the lender has a tangible fallback. For investors, secured loans matter because they reduce lender risk, typically carry lower interest and higher repayment priority in distress, and can affect a borrower’s credit profile and balance-sheet flexibility.

secured lender financial

"Exodus is a secured lender to W3C, having loaned $70 million to W3C..."

A secured lender is a creditor that provides a loan backed by specific assets—like a mortgage on a house or a lien on equipment—so the lender can seize or sell those assets if the borrower defaults. For investors, secured lending matters because it lowers the lender’s risk and establishes repayment priority in a default, which affects interest rates, the lender’s recovery chances, and how much value remains for shareholders and unsecured creditors.

term facility financial

"...having loaned $70 million to W3C under a term facility governed by English law."

A term facility is a loan that a borrower takes out for a fixed period with a set repayment schedule and usually a fixed or variable interest rate, similar to a mortgage with a set end date. Investors care because it changes a company’s debt timeline and cash commitments — knowing when principal must be repaid and how much interest will be paid helps assess financial risk, cash flow stability, and the need for future refinancing.

on-demand loan financial

"On April 27, 2026, Exodus demanded immediate repayment of its on-demand loan..."

An on-demand loan is a type of borrowing that the lender can require the borrower to repay at any time, without a fixed long-term schedule. For investors, it matters because it creates sudden cash needs and liquidity risk for a company—like a short leash on a pet, the lender can pull back funds unexpectedly, which can affect the company’s ability to operate, meet other obligations, or finance growth.

receivers regulatory

"it has exercised its contractual right to appoint Receivers in the United Kingdom..."

Receivers are neutral individuals or firms appointed by a court or a lender to take temporary control of a troubled company’s assets and operations. They work to preserve value, manage or sell assets, collect payments and sometimes reorganize operations — like a firefighter containing a blaze to stop further damage — and their decisions can materially affect how much and when shareholders and creditors recover value.

restructuring financial

"...experience in the area of restructuring and interim management in the United Kingdom."

Restructuring is a deliberate rearrangement of a company’s operations, finances, or ownership—like reorganizing a cluttered house to run more efficiently—often involving cost cuts, asset sales, debt changes, or staff moves. Investors pay attention because restructuring can improve profitability and free up cash, but it can also signal distress, incur one-time costs, or dilute shareholder value; its success affects future earnings and stock performance.

interim management financial

"...experience in the area of restructuring and interim management in the United Kingdom."

Temporary leaders or a temporary leadership team appointed to run a company for a limited period while the board searches for permanent executives, manages a crisis, or implements short-term changes. Think of them like a substitute teacher or interim coach who keeps the organization operating, restores stability, and prepares the ground for a long-term leader; investors watch these appointments because they affect continuity, strategy, and near-term risk and performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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OMAHA, Neb., April 28, 2026 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced that it has exercised its contractual right to appoint Receivers in the United Kingdom to take control of Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd — three subsidiaries of W3C Corp (“W3C”), whose shares were pledged as security for a secured loan on which W3C has defaulted.  

Exodus is a secured lender to W3C, having loaned $70 million to W3C under a term facility governed by English law. As previously disclosed, on April 13, 2026, Exodus declared these loans to be payable on demand. On April 27, 2026, Exodus demanded immediate repayment of its on-demand loan by 5:00 p.m. BST. When W3C failed to repay the loan, Exodus exercised its contractual right to appoint Receivers in the United Kingdom to take control over the shares in Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd.

The Receiver team includes two Partners and Managing Directors of the financial advisory and global consulting firm AlixPartners, who together have more than 55 years’ experience in the area of restructuring and interim management in the United Kingdom. The Receivers intend to conduct a sale of the shares of Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd., and Exodus intends to participate as a bidder in this sale process.

JP Richardson, CEO and Co-Founder of Exodus, commented, “Exodus acted decisively to protect our shareholders. Nothing will change for Monavate and Baanx customers or team members during the receiver process, and we look forward to a successful resolution.”

About Exodus

Founded in 2015, Exodus Movement, Inc. (NYSE American: EXOD) is pioneering self-custodial finance by giving people the tools to earn rewards, spend, manage, and swap digital assets across borders, all without giving up control. Exodus serves millions of users through its products built on a simple principle: your money should be yours.

Exodus also powers crypto infrastructure for enterprise platforms serving millions of users through its enterprise product suite. Headquartered in Omaha, Nebraska, Exodus is financial software where ownership is the default. For more information, visit exodus.com.

Investor Contact
investors@exodus.com

Media Contact
Aubrey Strobel/Elena Nisonoff, Halcyon Communications
exodus@halcyonpr.xyz

Disclosure Information

Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: "will," "expect," "would," "should," "intend."

Forward-looking statements in this document include, but are not limited to, the Receivers' plan to sell the shares of Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd., and Exodus’s intent to participate in this sale process. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2026, as well as in our other reports filed with the SEC from time to time.

All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Exodus (EXOD) announce about Monavate and Baanx on April 28, 2026?

Exodus announced it appointed UK Receivers to control shares in Monavate and Baanx after a loan default. According to the company, the move follows W3C's failure to repay a secured loan and starts a receiver-led sale process.

How much did Exodus lend to W3C under the term facility referenced by EXOD?

Exodus lent $70 million to W3C under an English-law term facility. According to the company, those shares were pledged as security and became subject to Receivers after nonpayment.

When did Exodus declare the W3C loans payable and demand repayment for EXOD investors?

Exodus declared the loans payable on April 13, 2026 and demanded repayment by 5:00 p.m. BST on April 27, 2026. According to the company, repayment was not made by that deadline.

Who is serving as Receivers for the Monavate and Baanx shares in the EXOD action?

The Receiver team includes two partners and managing directors from AlixPartners with over 55 years' combined UK restructuring experience. According to the company, they will manage the sale process.

Will Exodus (EXOD) participate in the sale of Monavate and Baanx shares?

Yes. Exodus intends to participate as a bidder in the sale of the shares. According to the company, the Receivers will conduct the sale and Exodus plans to submit a bid.