Exodus Movement, the Nebraska-based cryptocurrency wallet firm, disclosed on 17 July that it will cut approximately 25% of its global workforce. The company attributed the decision to its focus on becoming a full-stack stablecoin payments infrastructure. Affected employees will receive severance, continued benefits, and transition support. The firm expects to record pre-tax restructuring charges of $2.5 million-$3.5 million, primarily for severance costs. The restructuring should generate annual cash operating expense savings of $10 million-$13 million, with full benefits expected in 2027. Following the announcement, Benchmark cut its price target on Exodus from $21 to $12 whilst maintaining a Buy rating. The EXOD stock has fallen more than 85% over the past year.

Exodus Movement announced it is cutting approximately 25% of its global workforce as it realigns operations to focus on building a full-stack card issuance and payments platform. The company cited the need to align costs with strategic priorities whilst maintaining expense discipline amid current market conditions and integrating recent acquisitions Monavate and Baanx. Chief Executive Officer JP Richardson acknowledged the difficulty of the decision, thanking affected employees for their contributions. Exodus will provide severance, continued benefits, and transition support to departing staff. The company expects to incur pre-tax charges of $2.5 million to $3.5 million, primarily for severance and personnel costs. The restructuring is projected to generate $10 million to $13 million in annualised cash operating expense savings, with full benefits realised in 2027.

Exodus Movement has launched Exodus Markets in partnership with Ondo Finance, enabling customers to buy and sell over 200 tokenised stocks, ETFs and real-world assets directly on Solana through its app. The move expands Exodus from a self-custodial wallet into a comprehensive financial platform. Exodus, which became the first publicly traded company to tokenise its stock in 2021, now allows customers in supported regions to trade EXOD and 200+ other tokenised assets directly within the application, subject to regulatory availability. The service is available to eligible customers in select markets through the latest version of the Exodus app. Tokenised assets do not provide the same rights as owning underlying securities. Founded in 2015, Exodus serves millions of consumers globally through its self-custodial finance products.