Exodus Movement, Inc. posted a net loss of $11.4 million for the full year of 2025, shifting from net income of $113 million in 2024. The result came despite the company reporting record annual revenue of $121.6 million, up 5% year-over-year.
The self-custodial crypto wallet platform announced the results in a statement on Wednesday, attributing the record revenue to the growth in its business-to-business product, XO Swap. The company said its full-year swap volume increased 21% to $6.89 billion, and contributed 19% of fourth-quarter revenue.
“XO Swap has continued to be a success story,” CFO James Gernetzke said in the statement. “This momentum is a natural outgrowth of Exodus’ partnerships with major providers across the industry. This expansion complements our aspiration to offer a full payments stack.”
Meanwhile, the loss was primarily driven by an $18.9 million net loss on digital assets in 2025, compared to a $96.1 million gain in 2024. Operating expenses also rose sharply, with technology, development and user support costs increasing 37% to $62.9 million, while general and administrative expenses climbed 68% to $66.3 million.
Reflecting market decline
The crypto market decline was reflected in the fourth-quarter results, with revenue falling 34% to $29.5 million from $44.8 million in the fourth quarter of 2024. Net loss in the fourth quarter of 2025 widened to $53.2 million, including a $63.6 million loss on digital assets.
User engagement metrics also weakened in the last quarter, with average monthly active users falling to 1.5 million from 2.3 million a year earlier.
As of Dec. 31, 2025, Exodus held $161.6 million in digital assets and liquid assets, including bitcoin valued at $149.2 million, ether at $5.6 million, and $5.2 million in cash, cash equivalents, and USDC.
Exodus Pay
Meanwhile, Exodus is currently processing the acquisition of W3C Corp., the parent company of Baanx and Monavate. The two companies offer card and payment infrastructure services for fintech and crypto clients.
Exodus said it repaid $60 million in debt from a Galaxy Digital credit facility used to fund the W3C acquisition, resulting in a smaller bitcoin treasury at year-end.
“Once W3C closes, we will own every layer of the payments stack without relying on a chain of intermediaries,” Exodus CEO and co-founder JP Richardson said Wednesday. “For B2B partners, that means a single integration instead of five. For consumers, it means one app to hold, spend, and manage your money.”
Richardson added that such offerings will be integrated into Exodus Pay, a self-custodial payments platform for both crypto and non-crypto consumers. Last December, Exodus also entered into a partnership with MoonPay and M0 to launch a U.S. dollar-backed stablecoin to complement Exodus Pay.
“With stablecoins past $300 billion and growing, the market is coming to us. 2026 is about execution,” Richardson said.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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