Exodus cuts 25% of staff, pivots from wallets to stablecoin cards 💳

Cryptocurrency wallet company Exodus will cut roughly a quarter of its workforce as part of a reorganization aimed at building out a full-stack card issuance and payments platform. The company disclosed the move in a Friday notice, stating the reductions are intended to "better align its cost structure and organizational priorities with its strategy to build a full-stack card issuance and payments platform." Exodus reported having 215 full-time employees as of Dec. 31, putting the affected headcount at around 54 workers.

The restructuring follows Exodus' acquisitions of Monavate and Baanx, which the company has said will reduce its reliance on third-party providers for services including stablecoin payments. In its notice, Exodus said it "expects to recognize approximately $2.5 million to $3.5 million of pre-tax charges in connection with the action, consisting primarily of severance and related personnel costs." The company projected annualized cash operating expense savings of "approximately $10 million to $13 million" and said the full benefit of those savings would materialize in 2027.

The job cuts come alongside a sharp decline in the company's share price. Exodus Movement, listed on the NYSE under the ticker EXOD, fell more than 8% to $4.62 since markets opened on Monday following the announcement. The stock move marks one of the more volatile trading sessions for EXOD since the acquisitions were unveiled.

Exodus has framed the layoffs and the acquisitions as a coordinated shift toward owning more of the infrastructure that links stablecoins to traditional card payments, rather than depending on outside partners for issuance and processing. The company did not name the specific roles or business units affected by the reductions.