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FollowingCrypto News
Cryptocurrency wallet provider Exodus Movement announced on July 18 that it will cut 25% of its employees. The company said the layoffs were part of its transformation from a self-managed wallet business to a full-stack stablecoin payment infrastructure. It is expected that starting in 2027, this layoff will save $10 million to $13 million in cash costs annually.
After the announcement, Broker Benchmark maintained its buy rating on Exodus shares. Analyst Mark Palmer lowered his price target to $12 from $23. He believes that the downgrade is mainly due to the weak overall crypto market environment over the past nine months, rather than concerns about the company's strategic direction.
Benchmark believes the stablecoin transition is undervalued
Palmer said investors were underestimating the payment infrastructure Exodus has built through two acquisitions completed earlier this year, particularly the May acquisitions of Monavate and Baanx. These transactions gave the company card issuance, stablecoin settlement and corporate payment capabilities. Palmer pointed out that layoffs are an operational follow-up to this transformation rather than a signal of broader difficulties.
Historically, approximately 90% of Exodus's revenue came from cryptocurrency exchange fees. This makes the business highly dependent on trading activity and vulnerable to market downturns. The acquisitions of Monavate and Baanx are aimed at opening up new, less cyclical sources of revenue. Palmer said these new business lines should gradually reduce the company's reliance on trading volume.
Revenue and stock price are both under pressure
While Palmer lowered his target price, he also lowered his financial forecast. He lowered his second-quarter revenue forecast to $30.2 million from $34.2 million and lowered his full-year 2026 revenue forecast to $134.7 million from $151.7 million. Palmer believes that these two downgrades reflect the long-term bear market environment in the crypto market, rather than the company's own problems.
Exodus reported revenue for the first quarter of 2026 in May of US$22.7 million, a year-on-year decrease of 37%. The net loss for the quarter widened to $32.1 million. As of July 20, Exodus shares were trading at $4.91, down nearly 3% on the day. The stock has fallen by about 68% since the beginning of 2026 and by about 85% in the past 12 months.
