Crypto wallet provider Exodus Movement has announced plans to shed about a quarter of its global workforce as it accelerates a strategic shift towards stablecoin payments and card infrastructure.
The Omaha, Nebraska-based firm said in a regulatory filing that roughly 25% of jobs will go as part of a restructuring aimed at cutting costs and transforming Exodus into a “full-stack payments platform” following two recent acquisitions.
The move comes as the listed company, which trades under the ticker EXOD, seeks to reposition itself from being primarily a crypto wallet operator to a broader payments and card-issuing business.
Drive to build full-stack payments platform
Exodus said the overhaul is directly linked to the integration of Monavate, an electronic money institution, and Baanx, a crypto payments specialist, both of which it acquired to strengthen its capabilities in cards and cross-border payments.
The two businesses expand Exodus’s regulatory footprint and infrastructure in traditional and digital finance, giving it the tools to build out stablecoin-based payment services while maintaining links to the conventional banking system.
The company said the restructuring was designed to realign its cost base and workforce with this new strategy, while bringing together technology and operations from the acquired firms.
Millions set aside for restructuring costs
In its filing, Exodus said it expects to record pre-tax restructuring charges of between $2.5m and $3.5m, largely linked to severance packages and other employee-related expenses.
Staff affected by the cuts will receive severance pay, extended benefits and transition support, the company said, though it did not specify the number of roles or which regions would be most impacted.
By slimming down its headcount and consolidating operations, Exodus forecasts annual cash operating expense savings of between $10m and $13m once the restructuring is fully implemented, a benefit it expects to be realised in full by 2027.
Market reaction and share performance
EXOD shares rose around 2.2% in early trading on Monday following the announcement, suggesting some investors welcomed the cost-cutting drive and clearer strategic focus.
However, despite the modest bounce, the stock remains almost 85% lower than it was a year ago, reflecting the sharp re-rating of many crypto-related companies amid market volatility, tighter funding conditions and shifting regulation.
The move by Exodus underscores how firms in the digital asset sector are adjusting their business models, seeking more predictable revenue streams such as payments and card services, often anchored in stablecoins rather than more volatile cryptocurrencies.
Wider crypto market backdrop
The restructuring also comes against a backdrop of rising activity on centralised crypto exchanges (CEXs). Industry data show CEX trading volumes increased in June for the first time in five months, with spot trading up 15.3% to $1.11tn.
Real-world asset (RWA) perpetuals – derivatives tied to tokenised versions of traditional assets – surged to a record $311bn over the same period.
While Exodus’s announcement is focused on its internal restructuring, the broader market shift towards more mature, payments-focused and asset-backed products appears to be shaping strategic decisions across the sector.
By cutting costs and leaning into stablecoin and card infrastructure, Exodus is betting that its future lies in bridging traditional payments and digital assets rather than relying solely on its origins as a crypto wallet provider.
