Exodus Movement has cut approximately 25% of its global staff, impacting roughly 54 employees, as part of a strategic pivot towards building a full-stack stablecoin payments platform. The reorganization aims to align staffing and costs with the company’s focus on card issuance and payments.
According to a notice filed with the U.S. Securities and Exchange Commission on July 17, the workforce reduction responds to current market conditions and the ongoing integration of Monavate and Baanx, which Exodus is incorporating to develop its stablecoin payments and card platform. As of December 31, 2025, Exodus reported 215 full-time employees, indicating significant cutbacks across the company.
Affected employees will receive severance packages, continued benefits, and additional support during the transition. Co-founder and CEO JP Richardson expressed gratitude towards the departing staff, highlighting the difficult nature of the decision and its connection to the company’s evolving payments strategy.
Exodus expects the restructuring to yield annual operating expense savings between $10 million and $13 million by 2027. However, the company will incur pre-tax charges estimated between $2.5 million and $3.5 million, primarily related to severance costs. These charges will be recognized over an unspecified period.
The savings projected exceed simple salary reductions, suggesting cuts to overlapping roles, benefits, or other operational expenses. Exodus has not disclosed a detailed breakdown of these estimates but intends to continue reviewing its cost structure and operating model.
Following the announcement, Exodus shares (NYSE American: EXOD) dropped over 8% to approximately $4.62 in early Monday trading, extending losses from the previous close of $5.06. MarketWatch later reported the stock trading near $4.76, down around 6% for the session.
