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Exodus completes two acquisitions in quick succession. Monavate and Baanx are now under its control. The goal? To directly manage the card payment infrastructure instead of relying on third parties. This changes everything for revenue.
The company struggled to go public. It finally got listed on the NYSE American in January after a failed attempt in 2024. A last-minute regulatory change had blocked everything. Since 2015, Exodus has advocated a simple approach: private keys remain on your phone, not with them. You truly keep your Bitcoin.
JP Richardson, the CEO, says that cryptocurrencies remain too complicated for the average person. Too many different applications. Want to buy Bitcoin? One app. Spend it? Another. Send stablecoins? Yet another. It’s cumbersome. Exodus wants to put everything in one place without holding your keys hostage.
Why Acquire Card Companies
Previously, Exodus depended on partners for Visa cards that allow crypto spending. Now, Monavate and Baanx provide direct rails. Every time a customer swipes their card, Exodus earns interchange and processing fees. No need to share with an intermediary. Margins increase.
In 2025, Exodus made $121.6 million in revenue. Pretty solid. But early 2026? Revenue plummets. The number of active monthly users remains stable, but revenue still drops. This highlights the problem.
James Gernetzke, the CFO, admits it bluntly: trading revenue follows Bitcoin’s price too closely. When Bitcoin rises, people trade, Exodus earns. When Bitcoin stagnates or falls, revenue drops. It’s too volatile as a model. They want to break this cycle.
Exodus Pay Launches Across the United States
Exodus Pay now operates in all 50 U.S. states. You can spend dollar-backed stablecoins and Bitcoin via Visa or Apple Pay. Your keys stay on your device. No centralized custody. Each transaction generates revenue for Exodus through processing fees.
This is where the acquisitions make perfect sense. Exodus controls the entire chain. The customer keeps their keys. The transaction goes through the Exodus infrastructure. Fees go directly into the company’s pockets. Less reliance on trading, more recurring revenue from payments.
Richardson sees even further. He believes that artificial intelligence agents could use these payment rails. Bots that buy and sell autonomously, pay for online services, all through the same infrastructure. It’s still vague, but the idea is there.
Exodus’s philosophy hasn’t changed. Users should control their financial tools. No third party holding your funds. Private keys on your phone, period. This approach eliminates the risks of exchange hacking or platform bankruptcy. Lose your phone? Recovery phrase. Otherwise, no one can touch your funds.
But the early 2026 figures are worrying. The revenue drop despite a stable user base shows that the current model isn’t enough. Hence the urgency to diversify. Card payments offer a revenue source less correlated to market prices. Every coffee purchase paid in stablecoin brings in some money, whether Bitcoin is at $30K or $70K.
Monavate and Baanx also bring a presence in Europe and the UK. Exodus can now offer bank cards in these regions without going through local partners. This opens up markets where crypto regulation is becoming clearer, especially around stablecoins and digital payments.
No official comments on the financial details of the acquisitions. How much did Exodus pay? Unclear. When will integrations be complete? Not specified. The company remains discreet on these aspects, focusing on the overall strategy rather than precise figures.
The correlation between revenue and Bitcoin’s price remains the Achilles’ heel. Gernetzke highlighted it: it’s a limitation to overcome. The acquisitions of Monavate and Baanx represent a bet on this diversification. If it works, Exodus becomes less dependent on market cycles. If it fails, revenue volatility will continue to be an issue. The next quarters will tell if the strategy pays off.
Hub: Bitcoin price, news, and analysis
Frequently Asked Questions
What exactly did Exodus acquire with Monavate and Baanx?
Exodus acquired Monavate and Baanx to directly control the bank card infrastructure and improve digital payment management in Europe and the UK, without relying on third-party partners.
How does Exodus Pay work in the United States?
Exodus Pay allows spending of stablecoins and Bitcoin via Visa and Apple Pay in all 50 U.S. states, while keeping private keys on the user’s device for added security.
Why does Exodus want to reduce its reliance on Bitcoin’s price?
Exodus’s trading revenue follows Bitcoin’s price fluctuations too closely. The company seeks to diversify with more stable payment revenue less correlated to market cycles.
