Exodus (NYSE: EXOD) appoints UK receivers over Monavate and Baanx after $70M default
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Exodus Movement, Inc. has exercised its rights as a secured lender to appoint receivers in the United Kingdom over Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd, subsidiaries of W3C Corp that secured a $70 million term loan facility. W3C failed to repay the loans after Exodus declared them payable on demand and issued an immediate repayment request by 5:00 p.m. BST on April 27, 2026.
The receiver team, drawn from AlixPartners, plans to run a sale process for the shares in the three companies, and Exodus intends to participate as a bidder. Exodus’s CEO stated the move was taken to protect shareholders and that operations for Monavate and Baanx customers and team members are expected to continue unchanged during the receivership process.
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Insights
Exodus is enforcing a $70M loan after borrower default, using receivership and a planned share sale.
Exodus Movement is a secured lender on a $70 million English-law term facility to W3C Corp. After declaring the loans payable on demand and not receiving repayment, Exodus appointed UK receivers over Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd, whose shares secure the loan.
The receivers, led by experienced restructuring partners from AlixPartners, intend to sell the shares, with Exodus planning to bid. This creates a path for Exodus to recover value, potentially through credit bid-style participation. Actual financial impact will depend on sale proceeds relative to the $70 million exposure and any other secured claims.
Management highlights that services for Monavate and Baanx customers and staff are expected to remain unchanged during the process. Future company filings may clarify how much of the loan Exodus ultimately recovers and whether it gains ongoing ownership in any of these businesses.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Secured loan amount: $70 million
Demand repayment deadline: 5:00 p.m. BST
Loans declared payable date: April 13, 2026
+3 more
6 metrics
Secured loan amount
$70 million
Term facility from Exodus to W3C Corp
Demand repayment deadline
5:00 p.m. BST
Cutoff time on April 27, 2026 for W3C to repay
Loans declared payable date
April 13, 2026
Date Exodus declared loans payable on demand
Receivership press release date
April 28, 2026
Date of Exhibit 99.1 press release
Receiver experience
More than 55 years
Combined UK restructuring experience of AlixPartners receivers
Company founding year
2015
Year Exodus Movement, Inc. was founded
Key Terms
secured lender, receiver, term facility, self-custodial cryptocurrency platform, +1 more
5 terms
secured lender financial
"Exodus is a secured lender to W3C, having loaned $70 million"
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.
receiver regulatory
"appoint Receivers in the United Kingdom to take control of Monavate"
term facility financial
"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.
self-custodial cryptocurrency platform financial
"Exodus, a leading self-custodial cryptocurrency platform, today announced"
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 4/28/2026
______________________
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: 833 -992-2566
(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
Exodus Movement, Inc. (the “Company”) has exercised its contractual rights as a secured lender to appoint a receiver in the United Kingdom over certain subsidiaries of W3C Corp. (“W3C”), namely, Monavate Holdings Limited, Monavate Limited and Baanx Ltd., following W3C’s failure to repay amounts due under a term loan facility.
The Company previously declared the loans immediately payable and demanded repayment, which was not satisfied. The appointed receiver intends to conduct a sale process with respect to the shares of such subsidiaries, and the Company expects to participate in such process.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished herein pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit numbers | Description | |||||||
| 99.1 | Press release dated April 28, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXODUS MOVEMENT, INC. | |||||||||||
| Date: | April 28, 2026 | By: | /s/ James Gernetzke | ||||||||
| James Gernetzke, Chief Financial Officer | |||||||||||
Exhibit 99.1
April 28, 2026
Exodus Movement Appoints Receiver in United Kingdom to
Take Control of Monavate and Baanx
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.
Exhibit 99.1
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.
Released April 28, 2026
FAQ
What action did Exodus Movement (EXOD) take regarding W3C’s subsidiaries?
Exodus appointed receivers in the United Kingdom over Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd. These W3C Corp subsidiaries had their shares pledged as security for a loan, and the step follows W3C’s failure to repay amounts due under a term facility.
How large is Exodus Movement’s (EXOD) loan exposure to W3C Corp?
Exodus is a secured lender to W3C under a term loan facility of $70 million. The facility is governed by English law, and shares in Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd were pledged as security for this credit exposure.