Exodus Movement (EXOD) Small Cap Growth Virtual Investor Conference summary

Company overview and market position

• Founded in 2015, the company has grown to over 200 full-time equivalents and supports more than 21,000 digital assets, serving a global user base with two-thirds of users outside the US.

• Operates a self-custodial, multi-chain digital wallet, providing users with control over their assets and supporting over 20 blockchains, which is significantly more than most competitors.

• Emphasizes transparency as one of the few SEC-reporting crypto companies, with a strong focus on user support and security.

• Maintains a healthy, debt-free balance sheet and a fixed cost structure, enabling resilience in bear markets and high margins in bull markets.

• Holds a significant Bitcoin treasury, with 1,800 Bitcoin on the balance sheet as of Q3, and generates income and pays expenses in Bitcoin.

Business model and revenue drivers

• Primary revenue comes from an exchange aggregator, connecting users to multiple exchanges and DeFi platforms, allowing for competitive pricing and global access.

• Exchange aggregation accounts for about 90% of revenue, with staking and fiat onboarding as growing segments.

• Revenue mix is expected to remain stable in 2025, with exchange aggregation continuing as the main driver.

• Partnerships with companies like Magic Eden and Ledger expand reach and generate additional revenue through white-labeled solutions and shared exchange aggregator access.

• Cash flow positive for several years, with no plans for dividends or buybacks; capital is prioritized for internal growth and M&A.

Growth strategy and industry outlook

• Growth catalysts include leveraging proprietary tools for external partnerships, expanding product offerings, and utilizing a strong treasury for M&A and marketing.

• Plans to uplist to a national exchange are underway, supported by an independent board and Big Four auditor.

• Expects continued industry growth driven by increasing digital asset adoption, regulatory clarity, and political developments.

• Self-custodial model ensures user funds are protected from company-level hacks, and robust monitoring of third-party vendors enhances user safety.

• User base is highly engaged, with 1.6 million monthly active users at the end of Q3, a 60% year-over-year increase.