Crypto wallet firm Exodus Movement announced plans to reduce its workforce by about 25 percent as it shifts focus to stablecoin payments and card infrastructure.
The Omaha, Nebraska-based company said on Friday that it will cut about 54 workers from its global workforce. The restructuring follows acquisitions of Monavate and Baanx and aims to build a full-stack payments platform.
Exodus expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, mostly for severance and employee-related costs. Affected workers will receive severance, continued benefits and transition support.
The move is projected to generate annual cash operating expense savings of $10 million to $13 million, with the full benefit expected in 2027. Shares of EXOD rose 2.2 percent in early trading Monday.
