Exodus Pushes into Payments, Cuts Bitcoin Holdings by $87M

CoinDesk reported that crypto wallet provider Exodus said its business is broadening beyond a standalone wallet product into payments, according to its quarterly filing. The company is rolling out a new payments platform, Exodus Pay, and introducing a U.S. dollar stablecoin called XO Cash to support a fuller end-to-end payment workflow. Exodus said the move is an expansion of its existing offerings rather than a strategic pivot. Management said the aim is to let users send and spend digital dollars without giving up control of their private keys. The company also described XO Cash as a USD-pegged stablecoin built with AI agent use cases in mind. The shift in focus coincided with major balance-sheet changes over the quarter. Digital assets fell to about $48 million at the end of the first quarter from more than $156 million at the end of 2025, while cash and cash equivalents climbed to nearly $73 million from under $5 million. Exodus attributed the change largely to a reduction in Bitcoin. The company disclosed that its Bitcoin holdings dropped to 628 BTC from 1,704 BTC in the first quarter, a reduction valued at roughly $50 million based on figures in the report. Ethereum holdings also edged lower by 37 ETH, or about $87,000. Management said treasury actions in the first quarter were used mainly to repay loans previously secured by Bitcoin from Galaxy and to cover acquisition-related costs. Exodus said it is now debt-free following the repayments, while maintaining a long-term constructive view on Bitcoin. Alongside trimming Bitcoin, Exodus increased its Solana position. SOL holdings rose to 17,541 from 12,473, valued at about $1.65 million at the report’s reference price. Management added that as payments become a larger part of the business, it may place more weight on transaction volume and the quarterly mix between payment revenue and transaction revenue to gauge progress. Key figures (end of Q1): - Digital assets: approximately $48 million - Cash and cash equivalents: approximately $73 million - Bitcoin holdings: down from 1,704 to 628 BTC Exodus also said it completed two acquisitions during the first quarter, but did not disclose counterparties or deal values.