Exodus Movement (EXOD) cut its bitcoin holdings by 1,076 BTC in the first quarter, while adding 5,068 SOL, as it moved more of its balance sheet into cash as the crypto wallet provider prepared to close its W3C payments deal.
The company held 628 BTC at the end of March, down from 1,704 BTC on Dec. 31, according to its latest quarterly filing. The value of those holdings fell to $42.8 million from $149.2 million.
Revenue fell 36.8% to $22.7 million in Q1 from $36 million a year earlier, according to Exodus’ earnings release. Net loss widened to $32.1 million from $12.9 million, driven in part by a $36.4 million loss on crypto.
Exodus’ solana holdings rose to 17,541 SOL from 12,473 SOL over the same period. Their fair value still fell to $1.5 million from $1.6 million over the crypto sell-off seen over the period.
In total, Exodus said it sold $73.2 million of cryptocurrency held during the quarter, and bought $962,000. The company said the increase in net sales for cash was tied to proceeds that will be used to fund the W3C acquisition.
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