Exodus Movement, Inc. entered into a definitive agreement to acquire W3C Corp, the parent company of Monavate Holdings Ltd. and its subsidiaries, as well as Baanx.com Ltd. and Baanx US Corp. The $175 million deal will be financed with a combination of cash on hand and a credit facility secured by the company’s Bitcoin holdings with Galaxy Digital, and it includes a $58.8 million loan that Exodus has already extended to W3C to support its prior acquisitions of Monavate and Baanx.
The transaction gives Exodus ownership of a complete card and payments stack, encompassing issuing, processing, and regulatory capabilities. By integrating these functions, the company can offer end‑to‑end on‑chain payment solutions that allow wallet users to spend stablecoins and other assets through Visa, Mastercard, and Discover cards. The deal also expands Exodus’s geographic reach into the U.S., U.K., and EU markets, positioning it to capture the growing demand for stablecoin‑based payments, which rose 70% from February to August 2025.
Exodus’s strategic rationale centers on monetizing its XO Swap and PassKeys technologies through embedded card and payment services. The company’s Q3 2025 results showed a 51% revenue increase over Q3 2024, driven largely by exchange aggregation and new product launches. XO Swap accounted for 37% of all exchange provider volume in October 2025, underscoring the potential for recurring interchange and processing revenue once the acquired payment stack is fully integrated.
Management emphasized the transformational nature of the deal. CEO JP Richardson said the acquisition “brings the gap between holding and spending crypto” and positions Exodus as the only platform needed for users’ money. CFO James Gernetzke highlighted that the new payment services will become a foundational part of the company’s earnings base, providing a more predictable, recurring revenue stream aligned with everyday use of digital dollars.
Analysts noted the strategic significance of the transaction in shifting Exodus from a wallet‑centric business to a full‑stack payments provider. The deal is expected to close in 2026, subject to regulatory approvals, and represents a major pivot that could reshape the company’s competitive position and long‑term growth trajectory.
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