The Exodus Movement (EXOD) reduced its BTC holdings by 1,076 BTC while increasing its SOL holdings by 5,068 SOL, as the crypto wallet provider is converting more assets on its balance sheet into cash to prepare for an upcoming economic recession. Completed the payment agreement with W3C.
As of March 31, the company held 628 bitcoins. From below, according to its latest data, the bitcoin holdings amounted to 1,704 as of December 31. Quarterly filing The value of these assets declined from $149.2 million to $42.8 million.
According to Exodus's financial report, its first-quarter revenue decreased by 36.8% year-over-year to $22.7 million, compared to $36 million in the same period last year. Net loss expanded from $12.9 million to $32.1 million, partly due to a $36.4 million loss from its cryptocurrency business.
During the same period, the number of Solana tokens held by Exodus increased from 12,473 SOL to 17,541 SOL. However, due to the broader cryptocurrency sell-off during the same period, its fair value still declined from $1.6 million to $1.5 million.
Exodus stated that it sold $73.2 million worth of cryptocurrency and purchased $962,000 worth of cryptocurrency this quarter. The company said the increase in net cash sales was related to funds used for the acquisition of W3C.
The document states: “In the first quarter of 2026, the company continued to sell digital assets in preparation for the next payment related to the W3C settlement and has reserved over $70 million in U.S. dollar reserves for these obligations.”
Cash, cash equivalents, and stablecoins increased from $52 million at year-end to $74.4 million. The total amount of held cryptocurrencies and liquid assets decreased from $161.6 million to $122.6 million.
This file does not break down sales by token. Balance sheet changes were primarily concentrated in Bitcoin, which declined by 63%, while SOL rose by 41%. Bitcoin depreciated by approximately 23% in the first quarter, while SOL fell more than 34% during the same period.
On May 1, Exodus integrated card issuance and payment infrastructure into its self-custody business by closing the acquisition of Monavate and Baanx. Prior to this, the company had agreed to a $175 million deal to acquire the payment division and business of W3C. Advancing stablecoin payments.
EXOD pre-market trading is down 3.1% to $7.47.