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Benchmark: Despite layoffs of 25% at Exodus, it still has potential, and the stablecoin transition has been undervalued by the market

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PANews July 21, citing The Block, Benchmark reiterated its Buy rating for Exodus Movement, saying the market has underestimated the transition of its stablecoin payments business following a 25% workforce reduction. After Exodus acquired Monavate and Baanx in May, it is shifting from a self-custody wallet provider to a crypto payments company. The layoffs are expected to save approximately $10 million to $13 million in cash expenses per year. Benchmark analyst Mark Palmer cut the target price from $23 to $12, but believes investors “have underestimated the option value in payment infrastructure.” The new business line will create revenue opportunities through card issuance, stablecoin settlement, and enterprise payments, reducing reliance on recurring crypto trading fees. Exodus Q1 revenue was $22.7 million, down 37% year over year, and its net loss widened to $32.1 million. Exodus shares fell nearly 3% to $4.91 on Monday, down about 68% year to date.
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