NYSE-listed Exodus Movement has reported a robust performance for the third quarter, showcasing a substantial increase in revenue and digital asset holdings. Revenue surged 51% year-over-year to $30.3 million, driven primarily by heightened swap activity and an impressive exchange-provider volume, which reached $1.75 billion—an 82% increase compared to the previous year.
The company’s net income also saw a significant leap, rising to $17 million from just $800,000 in the same quarter last year. Exodus concluded the period with a strong balance sheet, boasting a total of $314.7 million in digital and liquid assets, including 2,123 BTC and 2,770 ETH, along with $50.8 million in cash, USDC, and Treasury bills.
Chief Financial Officer James Gernetzke highlighted the company’s reliance on Bitcoin for revenue, noting that 60% to 65% of their monthly revenue comes from third-party liquidity providers who facilitate user swaps. As transaction volumes, especially on the business-to-consumer (B2C) side, increase, so too does Bitcoin-based revenue, according to Gernetzke. Part of this revenue is utilized to cover operating expenses while the rest is added to the company’s treasury. Occasionally, they convert Bitcoin into USDC to maintain liquidity.
In a strategic move to enhance its market position, Exodus announced the acquisition of Grateful, a payments platform based in Latin America that specializes in stablecoin transactions. This acquisition is expected to bolster the company’s payment capabilities and fuel growth in emerging markets.
Despite Exodus’s encouraging growth, the wider market has seen a slowdown in corporate Bitcoin accumulation. Companies added only 14,447 BTC in October, marking the smallest monthly increase of 2025, following a much larger acquisition of over 38,000 BTC in September. Nevertheless, total tracked holdings across corporations, governments, and exchange-traded funds (ETFs) have reached a new record of 4.05 million BTC, valued at approximately $444 billion. Selling activity among these entities remained minimal, with only 39 BTC offloaded during the month.
As equity valuations soften and financing conditions tighten, many treasury-focused companies are shifting their strategies towards more capital-efficient measures, such as buybacks and credit facilities. Analysts estimate that public companies account for about 5% of Bitcoin’s illiquid supply, with a growing number of long-term holders.
Gernetzke emphasized that Bitcoin-denominated revenue is crucial to Exodus’s operational framework, indicating that the integration of their new acquisition will play a pivotal role in expanding their payments offerings as they move forward in the dynamic digital asset landscape.
