Exodus Movement, Inc. Acquires W3C Corp.
Exodus Movement, Inc. (NYSE American: EXOD) has announced a significant acquisition, agreeing to purchase W3C Corp., the parent company of Baanx and Monavate, for $175 million. This strategic move is aimed at enhancing Exodus’s crypto-related payment capabilities, allowing for a more integrated approach to card issuance, processing, and regulatory compliance within its self-custodial wallet system. The deal, communicated on November 24, is subject to regulatory approval and is expected to conclude by early 2026.
Background of the Acquisition
Prior to this agreement, Exodus had provided W3C with approximately $58.8 million to support the acquisition of Monavate and Baanx, with the potential for an additional $10 million in working capital contingent upon certain conditions. This acquisition comes on the heels of a prior collaboration between Exodus and Baanx that launched the Exodus Card in May 2025, a Mastercard product enabling users to utilize stablecoins like USDT and USDC directly from their wallets.
About Baanx and Monavate
Baanx, established in 2018, operates under an Electronic Money Institution license from the UK’s Financial Conduct Authority and focuses on facilitating crypto-integrated payments, providing both virtual and physical debit card options along with service partnerships with notable companies like Metamask and Ledger. With its operations spanning the U.K., EU, and U.S., Baanx processes transactions at millions of locations worldwide.
Monavate, founded in 2015 and based in Omaha, specializes in payment processing and card issuance. It plays a crucial role by offering BIN sponsorship, compliance, program management, and fraud prevention solutions to fintech and crypto enterprises aiming to access existing card networks. Monavate has previously facilitated Baanx’s initiatives in bringing crypto debit cards to markets, including Canada.
Impact on Exodus’s Wallet Ecosystem
Exodus’s acquisition is expected to enhance its wallet ecosystem, which boasted over 6 million users in early 2025, by integrating regulated payment frameworks, enhancing practical spending options, and introducing enterprise-grade tools like programmable payouts. CEO JP Richardson noted that these developments could significantly improve financial access for individuals globally.
Industry Trends and Market Position
This acquisition reflects a broader trend within the industry toward synchronizing blockchain finance with traditional payment systems. The integrated solutions from this merger could position Exodus favorably within the stablecoin payment landscape and enable expansion into new markets, including Latin America, where the company recently acquired Grateful to further its growth.
Stock Performance
Exodus’s shares experienced a modest uptick of over 3% on Monday; however, the stock’s overall performance has been underwhelming. In the previous six months, shares have declined by 57%, and year-to-date, the stock is down 52%. The stock, which reached a high of $61 in January, is currently trading at around $15, marking a significant change in its valuation.
