8-K: Exodus Treasury Grows BTC, User Base Shifts

Exodus Movement, Inc. reported an increase in Bitcoin, Ethereum, and Solana holdings in its corporate treasury for September 2025, alongside a slight decrease in monthly active users and overall swap volume.

Summary

• Bitcoin (BTC) holdings increased to 2,123 BTC as of September 30, 2025, from 2,116 BTC on August 31, 2025.
• Ethereum (ETH) holdings increased to 2,770 ETH as of September 30, 2025, from 2,756 ETH on August 31, 2025.
• Solana (SOL) holdings increased to 47,502 SOL as of September 30, 2025, from 43,738 SOL on August 31, 2025.
• Monthly Active Users (MAUs) decreased to 1.5 million as of September 30, 2025, from 1.6 million as of August 31, 2025.
• Passkeys wallets within MAUs decreased to approximately 9,000 as of September 30, 2025, from approximately 11,000 as of August 31, 2025.
• Exodus exchange provider processed volume was $539 million for September 2025, a decrease from $572 million in August 2025.
• XO Swap partners contributed $198 million (37%) to the processed volume in September 2025, up from $149 million (26%) in August 2025.

Sentiment

Score: 5

Explanation: Mixed results with treasury growth being positive, but user and volume metrics showing a decline. Management's forward-looking statements are optimistic, but current operational metrics are slightly negative.

Positives

• Corporate treasury holdings of Bitcoin, Ethereum, and Solana increased month-over-month.
• Operations continue to generate Bitcoin, contributing to treasury growth.
• XO Swap partners' contribution to total processed volume increased both in absolute terms ($198 million vs $149 million) and as a percentage (37% vs 26%), indicating growing partner engagement.
• Management expresses confidence in its self-custody solutions and strategic positioning for the future of finance, including stablecoins.

Negatives

• Monthly Active Users (MAUs) decreased from 1.6 million to 1.5 million.
• Overall exchange provider processed volume decreased from $572 million to $539 million.
• Passkeys wallets within MAUs decreased from approximately 11,000 to 9,000.

Risks

• Risks, uncertainties, and other important factors could cause actual results to differ materially from forward-looking statements.
• Such factors include those set forth in Item 1. Business and Item 1A. Risk Factors of Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 6, 2025, as well as in other reports filed with the SEC from time to time.

Future Outlook

Management anticipates a rapidly increasing pace of transformation in the financial system and believes Exodus is well-positioned to assist both retail users and institutions through secure, innovative self-custody solutions. They foresee the widespread adoption and use of stablecoins for payments, remittances, stores of value, and integration with fiat currency functions, and are prepared to help individuals and institutions utilize stablecoins in their everyday financial lives. The company also mentions expectations regarding demand for its products, volatility and trading volumes of digital asset markets, and future products and product lines.

Management Comments

• "The pace of transformation of the financial system is increasing rapidly."
• "Exodus is positioned to help both retail users and institutions take advantage of this dynamic through secure, innovative self-custody solutions as evidenced by our growing treasury."
• "Exodus was a pioneer in the strategy of holding digital assets in our treasury, as we believe that Bitcoin and other assets represent the future of finance."
• "The next step in the evolution of finance is the widespread adoption and use of stablecoins for payments, remittances, stores of value and integration with fiat currency functions."
• "We are well prepared to help individuals and institutions make full use of stablecoins in their everyday financial lives."

Industry Context

The announcement highlights Exodus's continued focus on self-custody solutions, a growing trend in the cryptocurrency space driven by user demand for greater control over digital assets. The emphasis on stablecoins aligns with the broader industry's move towards more practical, everyday applications of blockchain technology for payments and remittances, potentially competing with traditional financial services. The company positions itself as a pioneer in holding digital assets in its treasury, a strategy adopted by some other crypto-native companies.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results to assess against global benchmarks.

Stakeholder Impact

• Shareholders: Mixed impact due to treasury growth (positive) offset by declining user metrics and swap volume (negative). Potential long-term positive from strategic positioning in stablecoins.
• Customers: Continued access to secure self-custody solutions and anticipated stablecoin integration.
• Employees: No direct impact on employment mentioned, but strategic direction may influence future roles and growth.
• Partners (XO Swap): Increased contribution from XO Swap partners suggests strengthening relationships and potential for further collaboration.

Next Steps

• Discontinue breaking out Passkeys wallet metrics in future months as the technology integrates into general wallet products.
• Continue to help individuals and institutions make full use of stablecoins.

Key Dates

Recommendation

The increase in treasury holdings is a positive sign of asset accumulation and operational efficiency in generating Bitcoin. However, the decline in Monthly Active Users and overall swap volume indicates a potential slowdown in user engagement and transaction activity, which are key revenue drivers. The increase in XO Swap partner contribution is a positive, but not enough to offset the overall volume decline. Given these mixed signals, a 'hold' recommendation is appropriate as investors should monitor future reports for sustained trends in user growth and transaction volumes, alongside the continued growth of treasury assets.

Keywords

Cryptocurrency, Digital Assets, Bitcoin, Ethereum, Solana, Self-Custody, Crypto Wallet, Exchange Volume, MAU, Treasury, Blockchain, FinTech, EXOD, SEC Filing, 8-K, Stablecoins