Exodus Movement reported a net loss of $32.1 million for Q1 2026, more than double the $12.9 million loss recorded in the same period a year earlier, as the crypto wallet company's core business contracted and its Bitcoin treasury was largely liquidated. Total revenue fell 36.8% to $22.7 million, with exchange aggregation — the company's primary revenue driver — sliding $13.8 million as user trading volumes dried up amid macroeconomic uncertainty around Federal Reserve policy and tariff volatility. Monthly active users dipped to 1.5 million from 1.6 million a year ago, while quarterly funded users fell more sharply, dropping 22.2% to 1.4 million from 1.8 million. Exodus shares fell 5.75% to $7.71 on May 12 and slipped a further 3.11% in pre-market trading the following morning.

The Bitcoin treasury liquidation is the most striking operational decision in the quarter. Exodus held 1,704 BTC at the end of December 2025 and cut that position to 628 BTC by March 31 — a 63% reduction that raised $73.2 million, nearly all of which was earmarked to fund the acquisition of W3C Corp., the holding company behind fintech firms Monavate and Baanx. The company's broader digital asset portfolio swung to a net loss of $36.4 million, reflecting $76.8 million in unrealized losses partially offset by $40.4 million in realized gains on asset exchanges. Cash and cash equivalents jumped to $72.9 million from just $4.9 million at year-end 2025 — demonstrating the liquidity effect of the Bitcoin sales, but also making clear that Exodus has traded a hard asset with long-term appreciation potential for acquisition currency at a moment when BTC was trading well below its all-time highs.