Exodus cuts 25% of workforce to pivot toward stablecoin payments

The company expects the layoffs to generate between $10 million and $13 million in annual savings by 2027. To facilitate this transition, Exodus anticipates recording pre-tax charges of up to $3.5 million, primarily covering severance and transition support for departing staff. CEO JP Richardson noted that the decision, while difficult, is essential to align the firm's cost structure with its new strategic focus on card issuance and crypto-linked payment rails.

Following the announcement, Exodus shares (EXOD) fell more than 8% on the NYSE American, trading near $4.62. The restructuring follows the $76.27 million acquisition of Monavate and Baanx, deals designed to reduce the company's reliance on third-party providers. By bringing card-issuing infrastructure and self-custodial settlement technology in-house, Exodus intends to support payment networks including Visa, Mastercard, and Discover across the U.S., U.K., and Europe. The firm stated it will continue to review its operating model as it consolidates these services into its existing wallet ecosystem.