NYSE-Listed Exodus Posts Solid Third-Quarter Lift as Bitcoin Revenue Climbs

NYSE-listed Exodus Movement reported a stronger third-quarter performance this week as firms across the sector leaned more heavily on Bitcoin-driven activity while broader corporate accumulation cooled.

The company reported a 51% year-over-year rise in revenue to $30.3 million in the third quarter, supported by higher swap activity and increased exchange-provider volumes. 

Net income rose to $17 million, up from $800,000 a year earlier, according to the company’s Q3 filing. Exchange-provider volume reached $1.75 billion, up 82% from the prior year. 

Exodus ended the quarter with 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and Treasury bills, for total digital and liquid assets valued at $314.7 million.

Chief Financial Officer James Gernetzke told Decrypt that 60% to 65% of monthly revenue is paid in Bitcoin by third-party liquidity providers that process user swaps.

“As transaction volume increases, particularly on the B2C side, which is our core business, we earn more Bitcoin-based revenue,” he said. 

Exodus uses part of that Bitcoin to cover operating expenses, including salaries and vendor bills, and adds the rest to its treasury. The company occasionally converts Bitcoin to USDC to meet liquidity requirements.

Exodus also announced the acquisition of Grateful, a Latin America-based stablecoin payments platform. The company said the deal will expand its payments capabilities and support planned growth in emerging markets.

The update comes as corporate Bitcoin accumulation across the broader market has slowed.

Companies added 14,447 BTC in October, the smallest monthly increase of 2025, after acquiring more than 38,000 BTC in September, Decrypt recently reported.

Total tracked holdings across corporations, governments, and ETFs still reached a record 4.05 million BTC, valued at roughly $444 billion, according to a recent report from BitcoinTreasuries.net. Selling remained limited, with firms offloading only 39 BTC during the month. 

Several treasury-focused companies have shifted toward capital-efficiency measures such as buybacks and credit facilities as equity valuations soften and financing conditions tighten.

Analysts estimate that public companies now account for about 5% of Bitcoin’s illiquid supply, with long-term holders making up a growing share of the asset’s base.

Gernetzke said Bitcoin-denominated revenue remains central to Exodus’s operating model, with the company aiming to integrate the Grateful acquisition as it expands its payments offering.