Exodus Movement (EXOD) reduced its bitcoin holdings by 1,076 BTC in the first quarter, while adding 5,068 SOL, while moving more of its balance sheet into cash as the crypto wallet provider prepared to close its W3C payments deal.
The company held 628 BTC at the end of March, up from 1,704 BTC on December 31, according to its latest quarterly filing. The value of those holdings fell to $42.8 million from $149.2 million.
Revenue fell 36.8% to $22.7 million in the first quarter from $36 million a year earlier, according to Exodus’ earnings release. The net loss widened to $32.1 million from $12.9 million, driven in part by a $36.4 million loss in cryptocurrency.
Exodus’ solana holdings increased to 17,541 SOL from 12,473 SOL during the same period. Its fair value still fell to $1.5 million from $1.6 million during the cryptocurrency sell-off seen during the period.
In total, Exodus said it sold $73.2 million in cryptocurrency during the quarter and bought $962,000. The company said the increase in net cash sales was linked to proceeds that will be used to fund the W3C acquisition.
“During the first quarter of 2026, the Company continued to sell digital assets to prepare for the upcoming disbursement related to the closure of W3C, and has set aside more than $70 million in US dollar reserves for these obligations,” the document reads.
Cash, cash equivalents and stablecoins rose to $74.4 million from $5.2 million at year-end. Total crypto and liquid assets held fell to $122.6 million from $161.6 million.
The presentation does not break down sales by token. The balance move was concentrated in bitcoin, with BTC falling 63% and SOL rising 41%. Bitcoin lost around 23% of its value in the first quarter, while SOL fell more than 34% during the period.
Exodus closed the acquisition of Monavate and Baanx on May 1, adding payments and card issuance infrastructure to its self-custody business. The deal followed its $175 million deal to buy W3C’s payments units and its push toward stablecoin payments.
EXOD is down 3.1% in pre-market trading to $7.47.
