Exodus Movement (EXOD) reduced its bitcoin holdings by 1,076 BTC in the first quarter, while adding 5,068 SOL, as it shifted more of its balance sheet into cash as the crypto wallet provider prepared to close its W3C payments deal.
The company held 628 BTC at the end of March, up from 1,704 BTC on December 31, according to its latest quarterly report. The value of these assets fell from $149.2 million to $42.8 million.
Revenue fell 36.8% to $22.7 million in the first quarter, from $36 million a year earlier, according to Exodus’ earnings release. The net loss widened to $32.1 million from $12.9 million, partly due to a $36.4 million crypto loss.
Exodus’ solana holdings 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 due to the cryptocurrency sell-off seen during the period.
In total, Exodus said it sold $73.2 million of cryptocurrency held during the quarter and purchased $962,000. The company said the increase in net cash sales was related to proceeds that will be used to fund the W3C acquisition.
“During the first quarter of 2026, the Company continued to sell digital assets to prepare for the next disbursement related to the W3C close, and set aside more than $70 million in U.S. dollar reserves for these obligations,” the filing said.
Cash, cash equivalents and stablecoins reached $74.4 million, up from $5.2 million at the end of the year. Total crypto and liquid assets held fell to $122.6 million from $161.6 million.
The repository does not break down sales by token. Balance sheet developments were focused on Bitcoin, with BTC down 63% and SOL up 41%. Bitcoin lost around 23% of its value in the first quarter, while SOL fell more than 34% over the period.
Exodus completed the acquisition of Monavate and Baanx on May 1, adding card issuance and payment infrastructure to its self-custody business. The deal follows its $175 million deal to buy W3C’s payment units and its push into stablecoin payments.
EXOD is down 3.1% in pre-market trading to $7.47.
