EXOD Exodus Movement, Inc.
Price Chart
Executive Summary
Exodus Movement closed two related acquisitions on May 1, 2026: (1) it acquired the shares of Monavate Holdings Ltd and Baanx.com Ltd from court-appointed receivers for $76.3M, satisfied by discharging the same amount in outstanding loans (the 'W3C Loans'); and (2) it entered a Stock and Asset Purchase Agreement to acquire Baanx US Corp. and related assets for $30M in deferred cash payments over four years, simultaneously terminating the prior November 2025 acquisition agreement and forgiving a $10M stockholder loan to Garth Howat. The deals resolve ongoing litigation and bring Baanx's crypto card-issuing and self-custody technology in-house, but the $76.3M receiver acquisition effectively converts defaulted loans into equity at no incremental cash cost.
Key Financial Metrics
Actionable Insight
The deals resolve a messy litigation and loan-default situation, bringing crypto card-issuing technology in-house at a deferred cost of $30M. The $76.3M receiver acquisition was a non-cash conversion of defaulted loans into equity. Watch for the financial statements due within 71 days to assess the revenue and earnings contribution of the acquired entities, and monitor whether the $25M in deferred payments will be settled in cash or stock.
Key Facts
- Acquired Monavate Holdings Ltd and Baanx.com Ltd from UK receivers for $76,273,333.30, satisfied by netting off the W3C Loans (principal + interest).
- Entered Stock and Asset Purchase Agreement to acquire Baanx US Corp. and related IP for $30M total: $5M cash at closing, $5M at 12 months, $10M at 3 years, $10M at 4 years.
- Terminated the November 2025 Stock Purchase Agreement and forgave a $10M stockholder loan to Garth Howat.
- Dismissed with prejudice the Delaware Court of Chancery lawsuit (Exodus Movement, Inc. v. Garth Howat and W3C Corp., 2026-0485).
- Baanx.com Ltd and Monavate Ltd were described as being in financial distress with a material risk of insolvency within 12 months.
- The acquired business includes B2B self-custody, lending, bridging, card issuing, and IBAN issuing under the Baanx, Crypto Life, and Cryptodraft brands.
Financial Impact
Total consideration of $106.3M ($76.3M loan discharge + $30M deferred cash), but $76.3M was already owed and in default; net new cash outlay is $5M now with $25M due over 4 years.
Risk Factors
- The acquired UK entities (Baanx.com Ltd, Monavate Ltd) were in financial distress with going-concern risk; integration may be challenging.
- Deferred cash payments of $25M over 4 years create a liability; stock-settlement option requires seller consent.
- No financial statements or pro forma information filed yet; revenue and earnings impact is unknown.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030151 |
| Exhibit: exod-20260501.htm | 0001628280-26-030151 |
| Document: 0001628280-26-030151-index-headers.html | 0001628280-26-030151 |
| Document: 0001628280-26-030151-index.html | 0001628280-26-030151 |
| Document: 0001628280-26-030151.txt | 0001628280-26-030151 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 11, 2026
29d ago
|
8-K
| $6.97 $7.22 | ▼ −3.59% | ▼ −3.51% | $6.03 (+13.49%) |
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May 6, 2026
4w ago
|
Press Release
| $8.18 $6.97 | ▼ −14.79% | ▼ −15.92% | $6.03 (−26.28%) |
|
May 5, 2026
5w ago
|
8-K
| $8.50 $7.71 | ▼ −9.29% | ▼ −11.28% | $6.03 (−29.06%) |
|
May 5, 2026
5w ago
|
Press Release
| $8.50 $6.97 | ▼ −18.00% | ▼ −19.98% | $6.03 (−29.06%) |
|
May 1, 2026
5w ago
|
Press Release
| $7.92 $7.71 | ▼ −2.65% | ▼ −5.59% | $6.03 (−23.86%) |
|
May 1, 2026
5w ago
|
Press Release
| $7.92 $7.71 | ▼ −2.65% | ▼ −5.59% | $6.03 (−23.86%) |
|
May 1, 2026
5w ago
|
Press Release
| $8.00 $7.58 | ▲ +5.25% | ▲ +7.60% | $6.03 (+24.62%) |
|
Apr 28, 2026
6w ago
|
8-K
| $7.36 $8.50 | ▲ +15.49% | ▲ +13.80% | $6.03 (−18.07%) |
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Apr 28, 2026
6w ago
|
Press Release
| $7.36 $8.50 | ▲ +15.49% | ▲ +13.80% | $6.03 (−18.07%) |
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Apr 16, 2026
7w ago
|
Press Release
| $7.28 $8.00 | ▲ +9.89% | ▲ +8.91% | $6.03 (−17.17%) |
US Market Status
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