Exodus Cuts 25% Workforce Amid Pivot to Stablecoin Payments and Card Infrastructure

Exodus Movement is undergoing a significant restructuring effort to pivot its business around stablecoin payments and card infrastructure. As part of this effort, the company will be cutting approximately 25% of its workforce, which is expected to generate $2.5 million to $3.5 million in pretax costs.

The layoffs are tied to the integration of two recent acquisitions: electronic money institution Monavate and crypto payments company Baanx. These integrations are aimed at expanding Exodus's payments capabilities and international reach.

Affected workers will receive severance, continued benefits, and outplacement support as part of this restructuring process.

Exodus expects annual cost savings of $10 million to $13 million, which is expected to begin showing up from 2027. The company's shares (EXOD) rose 2.2% in early trading on July 20 but remain down about 85% from a year earlier.