Exodus Movement : CFO Supplemental Slides

Published: 2026-05-12 15:12:13 ET EXOD

Published on 05/12/2026 at 03:12 pm EDT

‌The Most Important Strategic Move in Company History

Downstream partner

Full-stack owner

REVENUE CORRELATION

90% tied to trading

Non-correlated streams

ADDRESSABLE MARKET

~708M crypto traders

Multi-trillion TAM

REVENUE / USER

Swap + on-ramp

Swap + card + payments + yield

INFRASTRUCTURE

3rd-party rails

BIN · Processor · IBAN · Acquiring

B2B OPPORTUNITY

XO Swap API only

Full financial-stack-as-a-service

‌The Monavate acquisition

Closed May 1, 2026

ENTITY FUNCTION REGULATORY

Monavate • BIN sponsor

Processor

IBAN

Acquirer

FCA EMI

ENTITY FUNCTION REGULATORY

Baanx (UK & US) • Card programs

On-chain spend

FX

FCA crypto asset firm /

U.S. issuing

‌Comparable stablecoin

infrastructure platforms

METRIC Monavate + Baanx Rain Bridge (Stripe)

VALUATION TBD $1.95B $1.1B

CARD ISSUING Local Issuing Global Waiver Global Waiver (Q2'26)

TRANSACTION VOLUME (@deal) $5B $3B ~$5B

REGULATORY FCA EMI + US US + International US (FinCEN)

SCHEME MEMBER MC + Visa + Discover MC + Visa No

ENTERPRISE PARTNERS 40+ programs 200+ API-native

Valuations based on public fundraising announcements and reported M&A deal values. Bridge acquired by Stripe Feb 2025 - transaction volume post for FY 2024.. Rain valuation based

on reported 2026 financing discussions.

‌Monavate/Baanx deal adjustments

Original Transaction

(November 2025)

Closed Transaction

(May 2026)

Included all W3C holdings

Monavate UK, Baanx UK/US, and TigSiPay

$175M all cash transaction

Cash-free, Debt-free

Acquired operating entities Monavate Holdings Ltd, Baanx.com Ltd, and Baanx US Corp.

Adjusted deal terms

Purchase price: $108.8M

Financial adjustments still being finalized

Retention payments/timing

Business re-investment expenses

Q2+Q3+Q4 Q1

$72.1M

$23.7M

$35.2M

$15.4M

$42.9M

$13.3M

$87.2M

$29.1M

$85.6M

$36.0M

$22.7M

2021 2022 2023 2024 2025 2026

Exchange aggregation (Users)

Exchange aggregation (Partnerships) ~15%

Non-exchange aggregation revenue

Annual Quarterly

$5.5B

$5.7B

$6.9B

$2.5B $2.7B

$1.2B

$2.17B

$1.38B $1.75B $1.59B

$1.18B

2021 2022 2023 2024 2025 Q1 2026

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

and

MAUs

Monthly Active Users, in millions

QFUs

Quarterly Funded Users, in millions

($ in billions)

1.6M 1.5M 1.5M 1.5M 1.5M

1.8M 1.7M 1.8M 1.7M

1.4M

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

MAUs and QFUs are as of the last day of the quarter 5

Cash, cash equivalents, USDC, and Treasury bills $74.4M

628 units Bitcoin (BTC) $42.8M

17,541 units Solana (SOL) $1.5M

1,861 units Ether (ETH) $3.9M

‌

Disclaimer

Exodus Movement Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 19:11 UTC.