Exodus Movement ownership moved to FTX Recovery Trust — 1,823,486 shares

Rhea-AI Filing Summary

On 01/03/2025, pursuant to a confirmed Chapter 11 plan, all shares of Exodus Movement, Inc. previously owned by the debtors were deemed transferred to FTX Recovery Trust. The Form 4 reports that the Trust now beneficially owns 1,823,486 shares of Class A common stock. The transaction is recorded on the Form 4 with transaction code J and is explained as occurring under the confirmed reorganization plan.

The filing lists the reporting person as FTX Recovery Trust and indicates the Form was filed by one reporting person. No derivative securities are reported on Table II. The disclosure clarifies post-plan beneficial ownership but does not show any open-market sale or price per share.

Positive

• Clear disclosure of the transfer of 1,823,486 Class A shares to FTX Recovery Trust, improving transparency about post-reorganization ownership
• No derivative positions reported on Table II, simplifying the ownership picture to direct common shares

Negative

• Ownership changed as a result of a Chapter 11 reorganization, indicating the shares moved from debtor estates to a recovery trust rather than to diversified public holders
• Potential concentration of 1,823,486 Class A shares in a single recovery trust could affect future distributions or voting, based on the disclosed transfer

Insights

Financial Analyst

FTX Recovery Trust became the disclosed beneficial owner of 1.823M EXOD Class A shares under a confirmed bankruptcy plan.

The Form 4 documents a transfer effective 01/03/2025 that moved 1,823,486 Class A shares of Exodus Movement to FTX Recovery Trust. The transaction is recorded with code J and is described in the form's explanation as occurring under a confirmed Chapter 11 reorganization plan. There are no derivative holdings reported. For investors this filing updates the registry of beneficial ownership following the reorganization; it does not report a market sale or cash proceeds.

Corporate Governance Expert

From a governance view, shares previously held by the debtors are now centralized in a recovery trust, and the transfer is publicly disclosed.

The filing names FTX Recovery Trust as the beneficial owner of 1,823,486 Class A shares and marks the transfer as occurring on the reorganization plan's effective date. The Form indicates the reporting person relationship as a director and that the form was filed by a single reporting person. No derivative securities are listed, and the explanatory text ties the change directly to the confirmed Chapter 11 plan rather than to a market transaction.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FTX Recovery Trust

(Last) (First) (Middle)

2600 SOUTH SHORE BOULEVARD, SUITE 300

(Street)

LEAGUE CITY TX 77573

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Exodus Movement, Inc. [ EXOD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, par value $0.000001 per share	01/03/2025		J(1)		1,823,486	A	(1)	1,823,486	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On November 11 and November 14, 2022, FTX Trading Ltd. and certain of its subsidiaries (together with FTX Trading Ltd., the "Debtors") filed voluntary petitions for relief under chapter 11 of title 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). On October 8, 2024, the Bankruptcy Court entered an order confirming the "Second Amended Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and its Debtor Affiliates" (as amended, modified, or supplemented from time to time, the "Plan"). On January 3, 2025 (the "Effective Date"), all conditions precedent to the occurrence of the effective date as set forth in the Plan were satisfied or waived and the Plan became effective. On the Effective Date, in accordance with the Plan, all shares of the Issuer owned by the Debtors were deemed to be transferred to FTX Recovery Trust.

	Mary H. Cilia	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction was reported for Exodus Movement (EXOD)?

The Form 4 reports that on 01/03/2025 all shares of the issuer owned by the debtors were deemed transferred to FTX Recovery Trust, resulting in beneficial ownership of 1,823,486 Class A shares.

Who is the reporting person in the Form 4 for EXOD?

The reporting person is listed as FTX Recovery Trust. The form indicates it was filed by one reporting person and marks the reporting person relationship as Director.

Why did the shares transfer to FTX Recovery Trust?

The explanation states the transfer occurred because a confirmed Chapter 11 reorganization plan became effective, and under that plan the debtors' shares were deemed transferred to FTX Recovery Trust.

Were any derivative securities reported in this filing for EXOD?

No. Table II for derivative securities is empty; the filing only reports direct beneficial ownership of Class A common stock.

Does the Form 4 show a sale or price per share?

No sale price or market disposition is reported. The filing describes a deemed transfer under the reorganization plan and does not list a price per share.