In the first quarter of 2026, Exodus Movement had a net loss of $32.1 million. This was more than twice the loss of $12.9 million recorded in the same time previous year. The crypto wallet firm liquidated the bulk of its Bitcoin treasury to fund acquisitions.
On Monday, the business revealed that its total revenue for the three months ending March 31 was $22.7 million, a decrease of 36.8% from $36 million in the previous year. Most of the loss occurred in exchange aggregation, the company’s primary business line, which lost $13.8 million, or 40.8%, due to a drying up of customer trading volumes.
Macroeconomic Challenges
The number of active customers dropped even more precipitously, falling 22.2% to 1.4 million from 1.8 million, while the number of monthly active users decreased to 1.5 million from 1.6 million a year earlier.
As main causes of the market-side impact, the business pointed to macroeconomic challenges, such as the lowered growth projection from the Federal Reserve and uncertainty surrounding the administration’s tariff policies. According to the company, digital asset values will likely remain volatile, which might lead to big swings in future quarters’ operating profits.
In December of 2025, Exodus had 1,704 BTC in its possession. That position was reduced to 628 BTC on March 31, a decrease of around 63% in terms of units. The majority of the $73.2 million the business received in quarterly sales went toward financing its acquisition of W3C Corp., the parent company of fintech companies Monavate and Baanx.
Despite realizing profits of $40.4 million from asset exchanges, the company’s whole digital asset portfolio lost $36.4 million due to $76.8 million in unrealized losses. There was an increase from $4.9 million at the end of 2025 to $72.9 million in the company’s cash and cash equivalents at the end of the quarter.