Exodus Movement (EXOD) reduced its Bitcoin holdings by 1,076 BTC in the first quarter while adding 5,068 SOL as the crypto wallet provider prepares to complete its W3C payments deal and the company shifts more of its balance sheet into cash.
According to its latest quarterly report, the company held 628 Bitcoins at the end of March, down from 1,704 Bitcoins on December 31. The value of those assets fell to $42.8 million from $149.2 million.
According to Exodus’ financial report, first-quarter revenue fell 36.8% to $22.7 million from $36 million in the same period last year. Net loss widened to $32.1 million from $12.9 million, driven in part by a $36.4 million cryptocurrency loss.
During the same period, Exodus’ solana holdings increased from 12,473 SOL to 17,541 SOL. Due to the cryptocurrency sell-off that occurred during this period, its fair value still fell from $1.6 million to $1.5 million.
Exodus said it sold a total of $73.2 million in cryptocurrency holdings during the quarter and purchased $962,000. The company said the increase in cash net sales was related to proceeds used to fund the W3C acquisition.
“During the first quarter of 2026, the Company continued to sell digital assets in preparation for its next disbursement related to the closure of the W3C and set aside over $70 million in U.S. dollar reserves for these obligations,” the filing reads.
Cash, cash equivalents and stablecoins increased to $74.4 million from $5.2 million at the end of the year. Total cryptocurrency and liquid assets held fell from $161.6 million to $122.6 million.
The filing did not break down sales by token. Balance sheet changes were concentrated in Bitcoin, with BTC down 63% and SOL up 41%. Bitcoin lost about 23% of its value in the first quarter, while SOL fell more than 34% during the period.
Exodus completed the acquisitions of Monavate and Baanx on May 1, adding card issuance and payments infrastructure to its self-hosted business. Previously, W3C had agreed to acquire the W3C payment department for US$175 million and enter the stable currency payment field.
EXOD fell 3.1% to $7.47 in pre-market trading.