Exodus to Cut 25% of Staff in Reorganization

Exodus Movement will cut 25% of its workforce as part of a reorganization to focus on building a full-stack card issuance and payments platform that supports stablecoins. The reduction was disclosed in a Friday filing.

The filing estimated pre-tax charges of about $2.5 million to $3.5 million, primarily for severance and related personnel costs. It projected annualized cash operating expense savings of roughly $10 million to $13 million, with the company expecting to see the full benefit in 2027.

The filing noted: “Exodus expects to recognize approximately $2.5 million to $3.5 million of pre-tax charges in connection with the action, consisting primarily of severance and related personnel costs.” It also stated: “The Company expects the action to generate approximately $10 million to $13 million of annualized cash operating expense savings and to see the full benefit of these savings in 2027.”

As of Dec. 31 the company reported 215 full-time employees, so a 25% reduction would affect about 54 workers. The notice did not identify which offices or roles would be eliminated.

The reorganization follows Exodus’s acquisitions of Monavate and Baanx. Company materials indicate those deals are intended to reduce reliance on third-party providers for services such as stablecoin payments and to combine those capabilities with Exodus’s wallet technology to create a more integrated payments stack.

Shares of Exodus Movement, traded on the New York Stock Exchange under the ticker EXOD, fell more than 8% to $4.62 on Monday after the filing. The company described the charges as short-term costs to achieve longer-term operating savings tied to the strategic shift.