Exodus Movement (EXOD) reduced its bitcoin holdings by 1,076 BTC in the first quarter, while adding 5,068 SOL as it moved more of its balance to cash as the crypto wallet provider prepared to close its W3C payment agreement.
The company held 628 BTC at the end of March, down from 1,704 BTC on December 31, according to its latest quarterly report. The value of these holdings fell to $42.8 million from $149.2 million.
Revenue fell 36.8% to $22.7 million in the first quarter from $36 million a year earlier, according to Exodus’ earnings release. Net loss widened to $32.1 million from $12.9 million, driven in part by a $36.4 million loss on crypto.
Exodus’ solana inventory increased to 17,541 SOL from 12,473 SOL during the same period. Their fair value still fell to $1.5 million from $1.6 million over the crypto sales seen in the period.
In total, Exodus said it sold $73.2 million in cryptocurrency in the quarter and bought $962,000. The company said the increase in net sales for cash was tied to the proceeds that will be used to fund the W3C acquisition.
“Throughout Q1 2026, the company has continued to sell digital assets to prepare for the next disbursement related to the W3C closure, and has committed over $70 million in US dollar reserves to these obligations,” the filing said.
Cash, cash equivalents and stablecoins increased to $74.4 million from $5.2 million at the end of the year. Total crypto and liquid assets fell to $122.6 million from $161.6 million.
The registration does not break down sales by token. The balance movement was concentrated in bitcoin, with BTC falling 63% and SOL rising 41%. Bitcoin lost about 23% of its value in Q1, while SOL fell more than 34% during the period.
Exodus completed its acquisition of Monavate and Baanx on May 1, adding card issuance and payment infrastructure to its self-custody business. The deal followed the $175 million deal to buy the W3C’s payment entities and its push into stablecoin payments.
EXOD is down 3.1% in premarket trading to $7.47.
