Exodus Introduces Exodus Pay to Make Stablecoin Spending Mainstream
Rhea-AI Summary
PRA Group (Nasdaq: PRAA) announced a proposed private offering of €300 million aggregate principal amount of senior notes due 2032, subject to market and other conditions.
The Notes will be guaranteed on a senior unsecured basis by the company and its applicable domestic subsidiaries. Net proceeds are intended to repay approximately $174 million of North American revolving borrowings and approximately $174 million of European revolving borrowings.
The offering is being made only to qualified institutional buyers under Rule 144A and to persons outside the U.S. under Regulation S, will not be registered under the Securities Act, and is not available to EEA or U.K. retail investors; MiFID II and UK MiFIR target market assessments identify professional investors and eligible counterparties only.
Positive
- €300 million senior notes due 2032
- Proceeds to repay ~ $348 million of revolver borrowings
- Notes guaranteed by company and domestic subsidiaries
Negative
- Notes will not be registered under the Securities Act
- Offering restricted to institutional/non-retail investors (EEA/UK excluded)
News Market Reaction
On the day this news was published, PRAA declined 0.58%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
EXOD was up 1.57% while close peers were mostly down, including SABR -8.54% and PSFE -4.12%, suggesting stock-specific factors rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 01 | Acquisition financing | Positive | -10.4% | Advisory role and financing package supporting Exodus’s W3C acquisition. |
| Nov 24 | Strategic acquisition | Positive | +3.6% | Agreement to acquire W3C Corp to add card and payments stack. |
| Nov 10 | Q3 2025 earnings | Positive | +1.1% | Strong revenue and net income growth with higher exchange activity. |
| Nov 10 | Crypto acquisition | Positive | +1.1% | Acquisition of Grateful to strengthen stablecoin-based merchant services. |
| Nov 06 | Treasury update | Positive | -7.7% | Higher BTC, ETH, SOL balances and increased swap volume in October. |
Recent news has mostly been positive with 3 aligned price reactions and 2 selloffs on good news, indicating occasional profit-taking or skepticism after strong announcements.
Over the past months, Exodus has focused on scaling crypto payments and infrastructure. On Nov 24, 2025 it agreed to acquire W3C Corp (Monavate and Baanx) for about $175 million, followed by further detail in an 8-K/A. Q3 2025 results on Nov 10, 2025 showed revenue of $30.3 million and net income of $17.0 million, alongside the Grateful acquisition to bolster stablecoin payments. Treasury updates highlighted growing BTC, ETH and SOL balances and rising swap volumes, even as the stock occasionally sold off after strong operational metrics.
Market Pulse Summary
This announcement details a private offering of €300 million in senior notes due 2032, targeted exclusively at institutional and professional investors under frameworks such as Rule 144A, Regulation S, MiFID II and the PRIIPs Regulation. Proceeds are intended to repay about $174 million on each of two revolving credit facilities. Investors may focus on how this refinancing alters the issuer’s debt profile and on future disclosures about interest costs, covenants, and balance-sheet flexibility.
Key Terms
senior notes financial
Rule 144A regulatory
Regulation S regulatory
MiFID II regulatory
Financial Services and Markets Act 2000 regulatory
Prospectus Regulation regulatory
PRIIPs Regulation regulatory
AI-generated analysis. Not financial advice.
Exodus Pay is a self-custodial payments platform built for consumers with zero crypto experience. The waitlist opens today.
OMAHA, Neb., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus” or the “Company”) today announced Exodus Pay, the first step in Exodus’ evolution from a self-custodial digital asset wallet into a single app for holding, spending, and sending digital dollars, without compromising self-custody. Exodus Pay leverages the power of stablecoins, giving users the ability to make instant payments, spend with a card, earn rewards, and access everyday money tools without needing to understand anything about cryptocurrency.
For the last decade, millions around the world have trusted Exodus to send and receive their digital assets. Exodus Pay builds on that foundation, aiming to extend self-custody beyond crypto and into dollars, daily spending, and real-world financial use. This launch marks a pivotal moment for Exodus and aligns with a broader shift in how consumers expect money to work.
“Today, most people need at least three different apps to manage their money, one to get paid, one to pay friends, and one to invest or buy crypto,” said JP Richardson, Co-Founder and CEO of Exodus. “It should be one simple app where you can hold, spend, and send digital dollars, while keeping real ownership and control. Exodus Pay aims to bring everything you need to manage digital assets into the seamless experience our customers already know and love—and makes stablecoin spending feel as easy as tap-to-pay.”
Exodus Pay will allow people to manage all of their assets in one place—from dollars to crypto, and future asset classes. It positions Exodus at the heart of a generational shift as digital dollars grow and younger consumers move beyond traditional banking.
Integrated directly into the existing Exodus app, Exodus Pay will enable users to:
- Spend anywhere with a card or Apple Pay
- Send digital dollars and stablecoins to friends using phone numbers
- Earn rewards for holding balances and spending
- Fund their balances with digital dollars and stablecoins
- Maintain self-custodial ownership of their assets
- Easily explore crypto within the same app
“Payments are undergoing a once-in-a-generation shift toward an always-on digital system,” said James Gernetzke, CFO of Exodus. “Exodus Pay expands our platform from holding digital assets to using digital dollars in daily life.”
By unifying self-custody, stablecoins, and intuitive design, Exodus aims to become the default money app for millions worldwide—making it easy to store and spend crypto in one place.
Exodus Pay will begin rolling out early 2026. Users can join the waitlist at exodus.com/pay.
About Exodus
Exodus is a financial technology leader empowering individuals and businesses with secure, user-friendly crypto software solutions. Since 2015, Exodus has made digital assets accessible to everyone through its multi-asset crypto wallets prioritizing design and ease of use.
With self-custodial wallets, Exodus puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its business solutions include Passkeys Wallet and XO Swap, industry-leading tools for embedded crypto wallets and swap aggregation.
Exodus is committed to driving the future of accessible and secure finance. Learn more at exodus.com or follow us on X at x.com/exodus.
Investor Contact
investors@exodus.com
Media Contacts
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 website exodus.com/investors 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, as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, regarding Exodus that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the expected timing and rollout of Exodus Pay in the U.S. and broader global availability, and the expected availability of product features are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” or the negative of these words or other similar expressions. You should not rely on forward-looking statements as predictions of future events.
These statements are based on our current expectations and projections about future events and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements, including, among others, changes in regulatory requirements or interpretations; product development timelines; the ability to establish, maintain, and perform under relationships with third-party service providers and partners necessary to support payments functionality; the availability of features across jurisdictions; market conditions; and other risks and uncertainties set forth in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances after the date hereof, except as required by law.
FAQ
What did PRA Group (Nasdaq: PRAA) announce on Sept. 22, 2025 about debt financing?
How will PRA Group use proceeds from the €300 million notes offering?
Who guarantees the PRA Group senior notes due 2032?
Can retail investors in the EEA or U.K. buy the PRA Group notes?
Under what rules and to whom are the PRA Group notes being offered?
