Overview
- Exodus entered a definitive agreement to buy W3C Corp for $175 million, subject to regulatory approvals and customary conditions, with closing targeted for 2026.
- The company loaned approximately $58.8 million to W3C at signing and may provide up to an additional $10 million for working capital.
- Exodus plans to fund the purchase with cash on hand and its credit facility with Galaxy Digital that is secured by the company’s Bitcoin holdings.
- Acquiring Monavate and Baanx would bring issuing, processing and compliance capabilities in-house, positioning Exodus to issue cards on Visa, Mastercard and Discover across the US, UK and EU.
- Exodus expects the payments stack to expand XO Swap and enterprise tools and to add recurring revenue from interchange, processing and program fees, building on its earlier Grateful acquisition.