In its quarterly report, wallet company Exodus disclosed that its business is expanding from a single wallet service into the payments sector. The company stated that its new payment platform, Exodus Pay, will encompass a more comprehensive payment workflow, and as part of this expansion, it is launching the USD-stablecoin XO Cash.
Completed two acquisitions in the first quarter.
The company stated that this business initiative is not a shift, but rather an expansion of its existing products. Management said the goal is to enable users to send and use digital dollars without surrendering their private keys. Exodus also noted that XO Cash is a USD-pegged stablecoin designed for AI agent scenarios.
Bitcoin open interest has dropped significantly
As Exodus expanded its business focus, its balance sheet underwent significant changes. The value of digital assets held by the company decreased from over $156 million at the end of 2025 to approximately $48 million by the end of the first quarter this year; during the same period, cash and cash equivalents increased from under $5 million to nearly $73 million.
The change was primarily due to a reduction in Bitcoin holdings. The company disclosed that its Bitcoin holdings decreased from 1,704 to 628 coins in the first quarter, amounting to approximately $50 million based on the figures provided in the report. Ethereum holdings also slightly decreased by 37 coins, equivalent to about $87,000.
No debt remains after repaying the loan.
Management stated that the first-quarter treasury adjustments were primarily used to repay loans previously secured with Bitcoin from Galaxy and to cover costs related to the acquisition. The company noted that, following these arrangements, Exodus is now debt-free, while maintaining its long-term outlook on Bitcoin.
In addition to reducing its Bitcoin holdings, Exodus also increased its position in Solana. The company disclosed that its SOL holdings rose from 12,473 to 17,541, amounting to approximately $1.65 million at the price at the time of the report.
Management also indicated that, as the proportion of payment business increases, they may place greater emphasis on transaction volume and the changing ratio of payment revenue to transaction revenue on a quarterly basis to assess the progress of the new business.
- Digital assets as of the end of the first quarter: approximately $48 million
- Cash and cash equivalents as of the end of the first quarter: approximately $73 million
- Bitcoin holdings: decreased from 1,704 to 628 coins
Additional information: The company mentioned in the report that two acquisitions were completed in the first quarter, but the original text did not disclose the specific counterparties or amounts of these transactions.