Exodus Stuns with 51% Revenue Jump and Major Acquisition Announcement

TLDR

• Exodus reported a 51% year-over-year revenue increase, reaching $30.3 million in Q3.
• The company’s net income surged to $17 million, up from $800,000 a year earlier.
• Exodus saw an 82% rise in exchange-provider volume, totaling $1.75 billion.
• 60% to 65% of Exodus’s monthly revenue is paid in Bitcoin by third-party liquidity providers.
• The company acquired Grateful, a Latin American stablecoin payments platform, to expand its services.

Exodus Movement reported solid third-quarter results, with revenue up 51% year over year. The company’s total revenue for Q3 reached $30.3 million, driven largely by higher swap activity. Strong performance in exchange-provider volumes also played a key role in the growth.

Exodus Sees Massive Growth in Net Income and Exchange Volume

Exodus recorded a significant increase in net income, rising to $17 million, up from $800,000 a year ago. The increase in net income followed a robust performance in the company’s core operations. Exchange-provider volume surged to $1.75 billion, up 82% from the previous year.

Exodus has seen growing activity in its Bitcoin-related services. The company’s Bitcoin-denominated revenue remains a major contributor to its success. Chief Financial Officer James Gernetzke stated, “60% to 65% of monthly revenue is paid in Bitcoin by third-party liquidity providers.”

Exodus Expands with Acquisition of Grateful Platform

Exodus also made a strategic move by acquiring Grateful, a Latin American stablecoin payments platform. The acquisition is expected to enhance Exodus’s payment capabilities in emerging markets. The company plans to integrate Grateful into its operations to expand its offerings.

The addition of Grateful will allow Exodus to tap into a growing market for stablecoin payments. As the company integrates the new platform, it expects to increase its customer base and service range. Exodus is positioning itself for further growth in these key regions.

Exodus concluded the quarter with a robust balance sheet. The company held 2,123 BTC, 2,770 ETH, and $50.8 million in liquid assets, with a total value of $314.7 million. The company’s digital and liquid assets position it well for future growth as it continues to expand in the crypto sector.

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