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Introduction & Market Context
Exodus Movement Inc. (EXOD) presented its Q2 2025 results on August 11, showcasing year-over-year growth but a sequential revenue decline amid significant strategic investments. The self-custody wallet provider continues to position itself as a platform for the future of digital money in an expanding market, despite facing challenges in user retention and growth momentum.
The company’s stock closed at $31.90, down 5.58% for the day, with a modest 1.69% recovery in after-hours trading. This represents a significant decline from its 52-week high of $117.40, reflecting ongoing market concerns about the company’s growth trajectory and profitability.
Quarterly Performance Highlights
Exodus reported $62 million in revenue for the first half of 2025, representing a 20% year-over-year increase compared to H1 2024. However, this implies Q2 2025 revenue of approximately $26 million, a decline from the $36 million reported in Q1 2025.
Exchange volume showed stronger performance, with Q2 2025 volume reaching $1.38 billion, exceeding Q2 2024’s $1.05 billion. The company highlighted that 15% of Q2 2025 exchange volume came from XO Swap partnerships, indicating progress in its B2B strategy.
As shown in the following chart of quarterly revenues:
The company’s user metrics showed mixed results. Monthly Active Users (MAUs) stood at 1.5 million in Q2 2025, down from the Q4 2024 peak of 2.3 million. Similarly, Quarterly Funded Users (QFUs) reached 1.7 million, also down from Q4 2024’s peak of 1.9 million.
The following chart illustrates these user trends:
Financial Analysis
Exodus highlighted several unique items impacting Q2 earnings, including $7.3 million for marketing, $1.2 million for M&A efforts, and $2.6 million for a proposed litigation settlement. These expenses were partially offset by $2.0 million in income from the sale of an investment.
The company’s revenue mix shows that 87% comes from Exodus users, with the remaining 13% from partnerships. By asset type, revenue is distributed across other digital assets (33%), Bitcoin (31%), stablecoins (23%), and Ethereum (12%).
The Q2 2025 revenue breakdown is illustrated in the following pie chart:
Exodus maintains a strong balance sheet with approximately $291 million in cash, Treasury bills, and digital assets as of June 30, 2025. This includes 2,058 Bitcoin valued at $220.5 million, representing a significant portion of the company’s assets.
The balance sheet composition is shown in the following chart:
Strategic Initiatives
A key focus of Exodus’s strategy is its Bitcoin accumulation, which has shown steady growth from 694 BTC in 2020 to 2,058 BTC as of June 30, 2025. This represents an 8% increase from December 2024.
The progression of the company’s Bitcoin holdings is illustrated in this chart:
Exodus continues to emphasize its B2B offerings, including XO Swap (exchange aggregator-as-a-service), Passkeys (wallet embedding solution), and XO Pay (payment rails). The company highlighted partnerships with Ledger, a leading hardware wallet provider, and Magic Eden, a Web3 wallet for NFTs.
The company sees significant growth potential in stablecoins, with CEO JP Richardson positioning Exodus to benefit from major tokenization trends. The presentation noted that stablecoins are "rapidly modernizing today’s financial systems" and that Exodus has "built a secure, flexible, multi-chain and self-custody platform" to capitalize on this trend.
Forward-Looking Statements
Exodus outlined its next phase of growth strategy, focusing on four key areas:
1. Benefiting from industry tailwinds, including a positive regulatory backdrop and rising adoption
2. Growing its user base through increased awareness and deeper penetration in global markets
3. Driving partnerships and offerings by building on existing relationships and signing new partnerships
4. Pursuing strategic acquisitions to accelerate its roadmap and scale up
The company highlighted its large addressable market, citing a $3 trillion+ global crypto market cap, $37 trillion+ in stablecoin transaction volume, and $95 trillion+ global M2 supply.
The Q2 2025 presentation emphasized several key highlights as shown in this summary:
While Exodus continues to show year-over-year growth, the sequential decline in revenue and user metrics suggests challenges ahead. The significant investments in marketing and M&A indicate the company is focused on long-term growth, but investors will likely watch closely to see if these investments translate into accelerated revenue growth and user acquisition in coming quarters.
Full presentation:
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