NYSE-Listed Exodus Posts Solid Third-Quarter Lift as Bitcoin Revenue Climbs
Exodus Movement, a NYSE-listed company, reported a 51% year-over-year increase in Q3 revenue to $30.3 million, driven by higher Bitcoin-related swap activity and exchange-provider volumes, with net income rising to $17 million. The company's exchange-provider volume grew by 82% to $1.75 billion, while its digital and liquid assets totaled $314.7 million. Exodus generates 60-65% of its monthly revenue in Bitcoin, using it for operational expenses and treasury growth. The company announced the acquisition of Grateful, a Latin America-based stablecoin payments platform, to expand payment capabilities and grow in emerging markets. This comes amid a slowdown in corporate Bitcoin accumulation, with analysts estimating public companies now hold around 5% of Bitcoin’s illiquid supply.
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Exodus Movement Reports Strong Q3 Performance
NYSE-listed Exodus Movement showcased an impressive third-quarter performance, benefiting from increased activity around Bitcoin even as broader corporate Bitcoin accumulation slowed. The company reported a 51% year-over-year rise in revenue to $30.3 million, which was driven by higher swap activity and increased exchange-provider volumes. Net income rose significantly to $17 million, compared to $800,000 during the same period last year.
Key Metrics and Treasury Composition
Exchange-provider volume hit $1.75 billion, reflecting an 82% increase year-over-year. Exodus's asset composition at the end of the quarter included 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and Treasury bills, culminating in total digital and liquid assets valued at $314.7 million.
Bitcoin-denominated Revenue and Treasury Management
James Gernetzke, Chief Financial Officer of Exodus, revealed that 60% to 65% of monthly revenue is paid in Bitcoin by third-party liquidity providers. This Bitcoin revenue increases with B2C transaction volume, which is the company's core business. Exodus leverages Bitcoin revenue for operating expenses, such as salaries and vendor bills, while adding the remaining Bitcoin to its treasury assets. To maintain liquidity, the company occasionally converts Bitcoin to USDC.
Acquisition of Grateful and Emerging Markets Strategy
Exodus recently announced the acquisition of Grateful, a Latin America-based stablecoin payments platform. This move aims to expand Exodus's payment capabilities, supporting its planned growth in emerging markets. The acquisition furthers Exodus's strategy to enhance its Bitcoin-driven payments offering.
Corporate Bitcoin Accumulation Trends
The company's quarterly update acknowledges a cooling trend in broader corporate Bitcoin accumulation. In October, corporations added 14,447 BTC, which marks the lowest monthly increase for 2025—significantly lower than the 38,000 BTC accumulated in September. Despite the slowdown, total tracked holdings across corporations, governments, and ETFs hit a record 4.05 million BTC, valued at roughly $444 billion, according to BitcoinTreasuries.net.
Market Trends and Capital-Efficiency Measures
Amid tightening financial conditions, several treasury-focused companies are prioritizing capital efficiency, implementing measures like share buybacks and credit facilities. Selling activity remained minimal, with firms offloading only 39 BTC in October. Analysts estimate that public companies now control 5% of Bitcoin's illiquid supply, with long-term holders making up an increasingly larger share of the Bitcoin ecosystem.
Exodus's Strategic Focus
According to James Gernetzke, Bitcoin-denominated revenue remains integral to Exodus’s operating model. With the acquisition of Grateful, the company aims to further enhance its payment offerings while expanding its presence in emerging markets.