← Back to the club

Exodus Movement

Crypto / self-custodial wallet & paymentsUSA
New to Unitard
📉 Public < $1B
Peak $2.52 BillionToday
−93%
from peak
  1. 🦄
    Became a unicorn
    Dec 2024
  2. 📈
    Peak valuation
    $2.52 Billion ’25
  3. 💔
    Became a Unitard
    Jul 2025
  4. 💸
    Last valuation
    ~$170M
Capital raised
$75M
Total raised
$20.5K/day
Raised per day

Total raised averaged per day over approximately 10.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Exodus Reg A offering (2021): up to $75M of Class A stock at $27.42 a share, sold directly to users
Current status
Listed on NYSE American (EXOD) since December 18, 2024; redomesticated from Delaware to Texas on December 8, 2025; bought W3C, owner of payments firms Monavate and Baanx, in November 2025; cut about 25% of its workforce in July 2026; co-founder Jon Paul Richardson CEO
Live · EXOD· NYSE American
as of 2026-10-27
$5.62▲ 7.05% today
≈ $170 Million market cap · −93.3% from peak

The rise & fall

9 moments · 2015–2026

The key moments.

2015
Founded
Jon Paul Richardson and Daniel Castagnoli build a desktop wallet that lets users hold and swap many cryptocurrencies themselves.
SEC filing
Apr 8 ’21
Sells stock to its own users
A Regulation A offering of up to $75M at $27.42 a share, payable in bitcoin, ether or USDC.
Exodus
Dec 18 ’24
Moves up to NYSE American
Class A shares leave the OTCQX market days after bitcoin first crosses $100,000; the market value has passed $1B.
SEC filing
Jan 29 ’25
The peak: about $2.5B$2.52B
A one-day spike to an $89.30 close on about 28.2M Class A and B shares; the next day's close is $61.38.
SEC filing
Jul 2025
Below $1B
After 89 trading days at or above $1B, the market value slips under it on July 21, 2025 and stays there.
Yahoo Finance
Nov 18 ’25
Buys a payments business
Exodus pays about $175M for W3C, owner of card and payments firms Monavate and Baanx, partly with a $60M loan from Galaxy.
SEC filing
Dec 8 ’25
Moves its legal home to Texas
Holders of a majority of the voting power approve the redomestication from Delaware by written consent.
SEC filing
Jul 16 ’26
Cuts a quarter of its staff
About 77 employees and contractors go in a restructuring to focus on payments and integrate Monavate and Baanx.
SEC filing
Oct 27 ’26
Market value near $170M$170M
About $170M at the October 27, 2026 close, roughly 93% below the January 2025 peak.
Yahoo Finance
Today
Still in the club — and still trading
Live · EXOD · NYSE Americanas of 2026-10-27
$5.62▲ 7.05% today≈ $170M cap · −93.3% from peak

How it happened

Exodus was founded in 2015 by Jon Paul Richardson and Daniel Castagnoli and is based in Omaha. It makes a self-custodial crypto wallet and earns most of its revenue from the crypto swaps users make in the app through partner exchanges.

It never raised venture capital at a unicorn price; in 2021 it sold up to $75M of stock directly to its users under Regulation A, at $27.42 a share. Its Class A shares moved from the OTCQX market to NYSE American on December 18, 2024, days after bitcoin first crossed $100,000.

On January 29, 2025, they closed at $89.30, which with about 28.2M Class A and Class B shares implies a market value of about $2.5B. The next day they closed at $61.38. The value stayed above $1B until July 2025 and has been below it since.

In November 2025 Exodus bought W3C, owner of the payments firms Monavate and Baanx, for about $175M, and it posted a $32.1M net loss in the first quarter of 2026. In July 2026 it cut about a quarter of its workforce to focus on payments.

Source: Never a VC unicorn; peak is a traded market value. Exodus press release (Apr 2021): Reg A offering at $27.42 per Class A share, up to $75M, sold directly to users. Exodus 8-K Ex. 99.1 (Dec 13, 2024): Class A shares approved for NYSE American, trading from Dec 18, 2024 (OTCQX through Dec 17). Yahoo Finance daily closes: high of $89.30 on Jan 29, 2025 on about 217K shares, $61.38 the next day. FY2024 10-K: 8,460,707 Class A and 19,749,388 Class B shares outstanding at Dec 31, 2024; $89.30 x 28,210,095 = about $2.52B (Class B is unlisted but counted, as Yahoo's market cap does). Yahoo closes x that share count: at or above $1B on 89 trading days, Dec 13, 2024 to Jul 18, 2025, below since. 8-K (Dec 10, 2025): redomesticated to Texas Dec 8, 2025. FY2025 10-K: founded by Jon Paul Richardson (CEO and chair) and Daniel Castagnoli; W3C (Monavate, Baanx) bought for about $175M cash in Nov 2025; 8-K (Jan 8, 2026): $60M Galaxy loan for the deal repaid in Dec 2025. Q1 2026 10-Q: net loss $32.1M. Nasdaq (Aug 2026): Q2 2026 revenue $26.2M, net loss $18.6M. 8-K (Jul 17, 2026): restructuring cutting about 77 people, about 25% of the workforce, to focus on payments. Yahoo Finance: market cap $170M at the Oct 27, 2026 close.

Founders

  • Jon Paul Richardson
    co-founder & CEO (led at peak, still CEO)
    Still there — CEOLinkedIn ↗
  • Daniel Castagnoli
    co-founder; president of subsidiary 3ZERO and board member
    No public profile matched

Current roles as self-reported on LinkedIn, retrieved 2026-10-28. See our methodology.

Disclosed investors (2)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-28 · Methodology · Leaderboard

More from the club

Same fate · post-IPO market cap decline
Bumble$8.18BRoot Insurance$6.7BVroom$5BBlend Labs$4BCriteo$3.59B
🦄