Exodus reduced its Bitcoin holdings sharply in Q1 while building U.S. dollar reserves, as revenue declined and the company reported a wider net loss for the quarter.
Exodus reported selling about $73.2 million in crypto assets in the first quarter, converting more than $70 million into U.S. dollar reserves and increasing cash, cash equivalents, and stablecoins to $74.4 million by quarter end from $5.2 million previously. The company reduced its Bitcoin holdings by 1,076 BTC, or 63%, to 628 BTC, while adding 5,068 SOL to bring its Solana holdings to 17,541 SOL. Exodus also said Q1 revenue fell 36.8% to $22.7 million and its net loss widened to $32.1 million.