Exodus Q3 Revenue Jumps 51% as Bitcoin Revenue Drives Growth

Exodus Movement’s third-quarter results reveal a company thriving on Bitcoin-centric business operations. Revenue climbed to $30.3 million, representing a 51% year-over-year increase, while net income experienced a dramatic rise to $17 million from a modest $800,000 during the same period last year. This financial acceleration was primarily driven by exchange-provider volume reaching $1.75 billion, an 82% increase from the prior year, demonstrating robust platform activity despite broader market conditions.

According to Chief Financial Officer James Gernetzke, Bitcoin forms the backbone of Exodus’s revenue model, with 60% to 65% of monthly revenue 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,” Gernetzke told Decrypt. This Bitcoin-denominated revenue stream provides both operational flexibility and treasury growth opportunities, with the company using part of incoming Bitcoin to cover operating expenses while adding the remainder to its corporate holdings.

Exodus ended the quarter with a formidable $314.7 million in digital and liquid assets, including 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and Treasury bills. This substantial treasury position reflects the company’s strategic approach to managing its Bitcoin-heavy revenue stream. The company occasionally converts Bitcoin to USDC to meet liquidity requirements, balancing digital asset accumulation with practical operational needs.

Beyond treasury management, Exodus is actively expanding its business capabilities through strategic acquisitions. The company recently acquired Grateful, a Latin America-based stablecoin payments platform, signaling its intention to broaden its payments infrastructure and capture growth in emerging markets. This move aligns with Exodus’s broader strategy to integrate Bitcoin revenue with expanding payment solutions, creating a more diversified operational model while maintaining its core Bitcoin focus.

Exodus’s strong Bitcoin-driven performance stands in stark contrast to broader corporate Bitcoin accumulation patterns. According to recent data, companies added just 14,447 BTC in October 2025, representing the smallest monthly increase of the year and a significant drop from the more than 38,000 BTC acquired in September. Despite this slowdown, total tracked holdings across corporations, governments, and ETFs reached a record 4.05 million BTC, valued at approximately $444 billion.

The broader corporate landscape shows limited selling activity, with firms offloading only 39 BTC during October, but many treasury-focused companies are shifting 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, suggesting a maturing corporate approach to Bitcoin treasury management.

Exodus’s success in leveraging Bitcoin for both revenue generation and treasury growth positions it uniquely within this evolving corporate landscape. While many companies are pulling back on accumulation, Exodus has built an operational model that naturally accumulates Bitcoin through normal business operations, creating a sustainable approach to corporate Bitcoin integration that differs from the acquisition-focused strategies of other public companies.