On stageco-founder and CEO JP Richardson opened by speaking concerning the firm’s derailment on the New York Inventory Trade in Could 2024, when Exodus flew 130 workers, buddies, and household to Manhattan solely to study the night time earlier than that regulators had pulled its itemizing.
He described the reversal as a rule change at “the eleventh hour” that left a room of supporters shocked and compelled the corporate again into personal standing regardless of having, in his telling, adopted the playbook.
That episode ended months later after the U.S. election, when Exodus finally listed on NYSE American in January with the identical workforce, ticker, and enterprise, however below a brand new administration extra open to digital asset firms.
Richardson framed that saga as proof that Exodus can take in political and regulatory shock whereas holding to a single precept: cash belongs below person management.
Exodus, based in 2015 in Omaha, constructed a self-custodial wallet that shops keys on person gadgets and routes swaps throughout a number of liquidity suppliers, providing entry to Bitcoin and different belongings with out ever holding buyer funds in firm accounts.
Fixing the “pub take a look at” and app sprawl
The CEO argued that crypto nonetheless fails regular customers on primary usability. He recounted an early expertise serving to a pal obtain 4 completely different wallets and write a 12-word seed phrase on a cocktail serviette, a ritual he stated nonetheless defines too many merchandise a decade later. Richardson referred to as this the “pub take a look at”: if a pal in a bar can not safely arrange a pockets with out resorting to napkins, the business has missed the mark.
He prolonged that critique to chain tribalism, insisting that customers don’t care whether or not funds decide on Solana, Ethereum, Arbitrum, or Base so long as the expertise works.
To make the purpose concrete, he requested the viewers to tug out their telephones and depend what number of apps they use for cash. The standard display screen, he stated, reveals a financial institution app, person-to-person fee apps, a brokerage account, and sometimes a separate crypto pockets.
He solid this fragmentation as a structural drawback that leaves customers juggling suppliers who don’t share their pursuits.
Exodus needs to exchange that cluster with “one app” that holds digital belongings, connects to card networks, and routes funds whereas protecting customers in self-custody.
Proudly owning the rails: Monavate, Baanx and Exodus Pay
A central reveal on the summit was the closing of the Monavate and Baanx UK acquisitions, a transfer that shifts Exodus from “renting the rails to proudly owning them,” in Richardson’s phrase.
Monavate and Baanx provide regulated card issuing, buying, and processing infrastructure within the UK and EU, together with BIN sponsorship, Visa and MasterCard membership, and fraud methods that already help crypto manufacturers corresponding to Ledger and MetaMask.
Exodus beforehand agreed to acquire their dad or mum, W3C Corp, in a roughly $175 million deal geared toward constructing an on-chain funds stack; the corporate later enforced a $70 million secured mortgage in opposition to that group in UK receivership to guard its place.
With these belongings, Exodus good points the power to concern and course of playing cards immediately moderately than appearing as a program that rides on third-party rails.
CFO James Gernetzke stated the mixed platform now helps six layers of exercise, from the core pockets and swap engine to stablecoin issuance, card packages, and banking rails, giving Exodus “proprietor economics” on every step of a transaction.
On stage, he walked by way of a £100 buy instance, explaining that the place Exodus as soon as retained a fraction of the economics as a shopper of Monavate and Baanx, it now captures a bigger share by way of interchange, processing charges, and curiosity on float.
Richardson and Gernetzke each made it clear that Exodus is making an attempt to develop previous a buying and selling‑centric mannequin after a peak yr in 2025, when it generated $121.6 million in income and $11 million in adjusted EBITDA on a base of roughly 1.5 to 1.6 million month-to-month lively customers.
In early 2026, the boundaries of that dependence on crypto cycles got here into sharper focus: preliminary first‑quarter outcomes present income falling to $22.7 million from $36.0 million a yr earlier, a $36.4 million internet loss on digital belongings, and a 22% quarter‑over‑quarter drop in change quantity to $1.18 billion, at the same time as month-to-month lively customers held at 1.5 million and funded customers slipped to 1.4 million.
Gernetzke described the tight correlation between buying and selling income and Bitcoin’s price as a ceiling the corporate wants to interrupt.
Exodus Pay, now stay in all 50 states, is the clearest expression of that strategy. Embedded within the core pockets, it lets customers spend USD‑backed stablecoins, Bitcoin, and different belongings anyplace Visa or Apple Pay works, whereas protecting keys in self‑custody and turning each checkout into interchange, processing, and float earnings.
Later within the Summit at a fireplace chat, Richardson solid that stack as infrastructure not just for at this time’s customers however for AI brokers that can execute autonomous funds throughout the identical rails.
