Exodus Q3: Profit Surges on Bitcoin-Paid Revenue as It Buys LatAm Stablecoin Platform

Exodus is leaning into a model few public companies try at scale: earning in Bitcoin and spending in Bitcoin. That choice showed up in the numbers. In the third quarter, the NYSE-listed wallet and exchange platform lifted revenue 51% year over year to $30.3 million and increased net income to $17 million from $800,000 a year prior, driven by heavier user swap activity and bigger exchange-provider volumes.

The operational flywheel is straightforward: third-party liquidity providers that power user swaps increasingly settle with Exodus in BTC. Management said roughly 60% to 65% of monthly revenue comes in Bitcoin, and as B2C transactions grow—the company’s core channel—so does BTC-denominated income. Exodus uses part of that Bitcoin to pay operating costs, including salaries and vendor invoices, with the remainder bolstering treasury. When liquidity needs rise, it selectively converts BTC to USDC.

Key operating and balance sheet details: - Exchange-provider volume reached $1.75 billion in Q3, up 82% year over year. - The quarter closed with digital and liquid assets totaling $314.7 million, including 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and U.S. Treasury bills.

Why the Bitcoin-based cash-flow choice matters: pricing revenue and expenses in the same asset can dampen some exposure to short-term fiat-BTC volatility while aligning incentives with the user base that prefers self-custody and crypto-native settlement. It can also reduce fiat rails friction, particularly across markets where banking corridors are uneven. The tradeoff is liquidity timing—deciding when to hold BTC versus rotate into stablecoins—so discipline around treasury operations becomes a competitive advantage rather than a headline risk.

That context makes the company’s new deal noteworthy. Exodus announced the acquisition of Grateful, a Latin America-focused stablecoin payments platform. If executed well, stablecoin rails in emerging markets can complement a BTC-heavy revenue stack by smoothing on/off-ramps, enabling predictable settlement for merchants and creators, and broadening the addressable market beyond speculative flows. The combination—BTC for upside and brand alignment, stablecoins for transactional certainty—can create an extensible payments layer inside the wallet experience.

The micro strength arrives as macro corporate accumulation cools. Companies added 14,447 BTC in October, the smallest monthly increase of 2025, after more than 38,000 BTC in September. Even so, tracked holdings across corporations, governments, and ETFs climbed to a record 4.05 million BTC (about $444 billion), and reported selling was minimal at 39 BTC for the month. With equity valuations under pressure and financing conditions tighter, several treasury-focused firms are prioritizing buybacks and credit facilities. Estimates suggest public companies now command roughly 5% of Bitcoin’s illiquid supply, while long-term holders continue to grow their share.

Exodus appears comfortable staying Bitcoin-forward. Leadership has indicated BTC-denominated revenue remains central to the operating model, and near-term focus sits on integrating Grateful to expand payments in emerging markets. The bet is that building native settlement flows—across both BTC and stablecoins—can compound network effects inside the product and turn market volatility into an operating feature rather than a financial bug.