Self-custodial crypto platform Exodus Movement Inc. (NYSE American: EXOD) acquired Baanx US Corp. for $30 million and other UK payment firms for $76.3 million, bringing its total acquisition spend to over $106 million to vertically integrate its payment services.
"This deal unlocks self-custodial payments at scale," JP Richardson, CEO and Co-Founder of Exodus, said in a statement. "This is the biggest shift in Exodus history.”
The Baanx US deal, announced May 1, consists of $5 million upfront with an additional $25 million in deferred consideration over four years. In a separate transaction, Exodus acquired the outstanding shares of Monavate Holdings Limited and Baanx.com Ltd. for $76.3 million. Those shares were acquired from receivers appointed after parent company W3C Corp. defaulted on a loan.
The acquisitions give Exodus in-house infrastructure for card issuing and payment processing, reducing its dependence on third-party providers. The company plans to leverage the new capabilities to issue payment cards via networks like Visa, Mastercard, and Discover and expand its product offerings across the US, UK, and European Union, according to the announcement.
The move follows the April 2026 launch of Exodus Pay across all 50 U.S. states and marks a significant strategic push to diversify revenue. The company reported preliminary Q1 2026 revenue of $22.7 million, noting that the expansion into services less dependent on market volatility is a key focus.
By owning the underlying payments stack, Exodus can support a wider range of assets, including payment stablecoins, and directly manage its regulatory and compliance obligations for card issuance. This vertical integration is designed to create a more resilient business model that can perform through various crypto market cycles.
"While market conditions impacted activity levels during the quarter, we are focused on building a more durable and diversified platform,” said James Gernetzke, Chief Financial Officer of Exodus.
This article is for informational purposes only and does not constitute investment advice.
