Exodus dumps 1,000 bitcoin: Why the crypto wallet is cashing out to fund a payments empire
Exodus sold $73.2M in crypto, causing cash, cash equivalents, and stablecoins to jump from $5.2M to $74.4M by the end of Q1 2026.
What to know:
- Exodus cut its bitcoin holdings by 63% (1,076 BTC) in Q1 to raise cash for the W3C payments acquisition, moving $70 million into US dollar reserves.
- Exodus sold $73.2 million in crypto, causing cash, cash equivalents, and stablecoins to jump from $5.2 million to $74.4 million by the end of Q1 2026.
- Q1 2026 revenue fell 36.8% to $22.7 million, and net loss widened to $32.1 million (from $12.9 million), largely due to a $36.4 million loss on crypto holdings.
Revenue fell 36.8% to $22.7 million in Q1 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 holdings rose to 17,541 SOL from 12,473 SOL over the same period. Their fair value still fell to $1.5 million from $1.6 million over the crypto sell-off seen over the period.
In total, Exodus said it sold $73.2 million of cryptocurrency held during the quarter, and bought $962,000. The company said the increase in net sales for cash was tied to proceeds that will be used to fund the W3C acquisition.
“During Q1 2026, the Company has continued to sell digital assets to prepare for the next disbursement related to the W3C closing, and has set aside over $70 million in US dollar reserves for these obligations,” the filing reads.
