Crypto wallet company Exodus Movement (EXOD) will cut around 25% of its global workforce as it reshapes its business around stablecoin payments and card infrastructure.
The Omaha, Nebraska-based company said in a filing that the layoffs are part of a broader effort to reduce costs while supporting its strategy of building a comprehensive payments platform.
The restructuring comes as Exodus continues to integrate Monavate, an electronic money institution, and crypto payments company Baanx, two acquisitions that have expanded its payments capabilities and international footprint.
Exodus said it expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, primarily tied to severance and employee-related costs. Affected workers will receive severance, continued benefits and transition support.
The company said the restructuring should result in annual cash savings on operating expenses of between $10 million and $13 million, with the full benefit expected to occur in 2027.
EXOD rose 2.2% in early trading on Monday, but is still down nearly 85% year over year.
