Exodus Movement SEC Filings

Exodus Movement, Inc. files its annual report describing a self-custodial digital asset wallet business focused on letting users control their own crypto. The Exodus Platform has been downloaded over 19.2 million times, with about 3.5 million downloads in 2025, and supports over 700,000 digital assets plus access to third-party services for exchanging, staking and fiat on/off-ramps.

The company earns most of its revenue from fees charged to API Providers that integrate services such as exchange aggregation and fiat onboarding. Users have swapped a cumulative $24.9 billion of digital assets through these providers as of December 31, 2025, including $6.9 billion during 2025. Exodus remains a “controlled company,” with its founders and other Class B holders controlling most voting power, and re‑domiciled from Delaware to Texas in December 2025.

The business holds a crypto-heavy treasury. As of December 31, 2025, total treasury fair value was about $161.6M, with only 3% in cash and cash equivalents and the remainder in USDC and other digital assets such as Bitcoin, Ether and Solana. The company is pursuing growth through technology investment, business-to-business products and acquisitions, including a planned approximately $175M cash purchase of W3C Corp. expected to close in 2026 and a $2.7M asset acquisition of Gratitud Interna Ltd. completed in November 2025.

Exodus Movement reported record full-year 2025 revenue of $121.6 million, up 5%, driven by its B2B XO Swap infrastructure and swap volume of $6.89 billion, up 21%. Despite this, the company swung to a net loss of $11.4 million versus net income of $113.0 million in 2024, largely due to a $18.9 million loss on digital assets after a prior-year gain.

Q4 2025 revenue was $29.5 million, down 34% from Q4 2024, with net loss at $53.2 million versus net income of $67.0 million a year earlier. Exchange provider processed volume fell 32% year over year to $1.59 billion, while monthly active users declined to 1.5 million, down 35%.

XO Swap contributed 19% of Q4 revenue, and B2B partners generated $416 million of Q4 volume, or 26% of the total. As of December 31, 2025, Exodus held $161.6 million in digital and liquid assets, including Bitcoin valued at $149.2 million, Ether at $5.6 million, and $5.2 million in cash, cash equivalents, and USD Coin. The company took on and fully repaid $60 million of debt in 2025 tied to its planned W3C acquisition, reducing its Bitcoin treasury.

Management highlighted the pending W3C acquisition as key to building “Exodus Pay,” extending from XO Swap into card issuance and stablecoin settlement. Preliminary early 2026 data show 1.6 million monthly active users as of February 28, 2026 and $435 million exchange volume in February, with $99 million from XO Swap partners.

Exodus Movement, Inc. director and Chief Executive Officer Jon Paul Richardson reported a small administrative share transaction linked to equity compensation. In connection with the vesting and settlement of previously granted Restricted Stock Units, the company withheld 9,464 shares of Class A Common Stock at $10.20 per share to satisfy tax withholding obligations. Following this tax-withholding disposition, Richardson directly holds 824,574 shares of Class A Common Stock, and his remaining RSUs continue to vest over time under existing equity incentive plans.

Exodus Movement, Inc. Chief Financial Officer James Gernetzke reported a Form 4 transaction involving restricted stock units. In connection with RSU vesting, the company withheld 5,479 shares of Class A common stock at $10.20 per share to cover tax obligations, a non‑market, tax-withholding disposition. Following this, he directly owned 496,480 shares of Class A common stock.

Exodus Movement, Inc. President and 10% owner Daniel Castagnoli reported a tax-related share disposition tied to restricted stock units (RSUs). On the vesting date, the company withheld 8,892 shares of Class A Common Stock at $10.20 per share to cover tax withholding obligations, rather than selling shares on the market. After this withholding, Castagnoli directly owned 745,993 shares of Class A Common Stock.

Footnotes explain that these holdings also relate to RSU awards originally granted in 2023, 2024, and 2025, which vest in equal monthly installments through January 1, 2027, January 1, 2028, and January 1, 2029, respectively. Each RSU entitles the holder to one share of Class A Common Stock upon settlement.

Exodus Movement, Inc. approved and adopted its 2026 Equity Incentive Plan by written consent of holders of a majority of the voting power. The Written Consent was delivered on February 18, 2026, and the Notice and Information Statement were first sent on or about February 23, 2026. The company states that holders of 851,527 shares of Class A Common Stock and 18,751,950 shares of Class B Common Stock executed the consent, representing approximately 93.1% of the combined voting power as of the Record Date.

The 2026 Plan establishes an initial share pool of 4,280,000 shares of Class A Common Stock, with automatic annual increases equal to 5% of outstanding Class A shares on each December 31 from 2027 through 2036, subject to Administrator discretion. The company plans to file a Form S-8 to register shares available under the Plan after effectiveness, which the company expects to effect no earlier than March 19, 2026.

Exodus Movement, Inc. filed an 8-K announcing that its 2026 Annual Meeting of Shareholders will be held on Friday, May 1, 2026. The company plans to provide the meeting’s exact time, location, and agenda items in a future proxy statement.

Shareholders seeking to include proposals in the proxy statement under SEC Rule 14a-8 must deliver them to the Corporate Secretary in Omaha, Nebraska by the close of business on February 27, 2026. Separate advance notice rules in the Bylaws require shareholder director nominations or other non-Rule 14a-8 business to be received by February 23, 2026, and any shareholder using universal proxy rules for director nominees must provide additional notice by March 2, 2026.

FTX Recovery Trust filed an updated Schedule 13G reporting its beneficial ownership in Exodus Movement, Inc. Class A common stock. The trust reports owning 1,823,486 shares, representing 18.4% of the class, with sole voting and dispositive power over all reported shares.

The filing explains that this operates as an amendment to a prior Schedule 13D and corrects an administrative error that had overstated its ownership percentage by about 2.23 percentage points. The trust states it has at all times owned less than 20% of Exodus’s Class A common stock and certifies that the shares were not acquired to change or influence control of the company.

Exodus Movement, Inc. CEO Jon Paul Richardson reported a routine tax-related share withholding tied to restricted stock unit (RSU) vesting. On 02/01/2026, 9,464 shares of Class A common stock were withheld at $13.09 per share to satisfy tax obligations on vested RSUs.

After this transaction, Richardson beneficially owned 834,038 shares of Class A common stock directly. This total includes RSUs granted on January 1, 2023 (143,230 units vesting monthly through January 1, 2027), March 13, 2024 (146,984 units vesting monthly through January 1, 2028), and May 21, 2025 (93,476 units vesting monthly through January 1, 2029), each convertible into one share upon settlement.