The Most Important Strategic Move in Company History
|
BEFORE | AFTER MONAVATE | |
Downstream partner | Full-stack owner | |
REVENUE CORRELATION | 90% tied to trading | Non-correlated streams |
ADDRESSABLE MARKET | ~708M crypto traders | Multi-trillion TAM |
REVENUE / USER | Swap + on-ramp | Swap + card + payments + yield |
INFRASTRUCTURE | 3rd-party rails | BIN · Processor · IBAN · Acquiring |
B2B OPPORTUNITY | XO Swap API only | Full financial-stack-as-a-service |
The Monavate acquisition
Closed May 1, 2026
ENTITY FUNCTION REGULATORY
Monavate • BIN sponsor
Processor
IBAN
Acquirer
FCA EMI
ENTITY FUNCTION REGULATORY
Baanx (UK & US) • Card programs
On-chain spend
FX
FCA crypto asset firm /
U.S. issuing
Comparable stablecoin
infrastructure platforms
METRIC Monavate + Baanx Rain Bridge (Stripe)
VALUATION TBD $1.95B $1.1B
CARD ISSUING Local Issuing Global Waiver Global Waiver (Q2'26)
TRANSACTION VOLUME (@deal) $5B $3B ~$5B
REGULATORY FCA EMI + US US + International US (FinCEN)
SCHEME MEMBER MC + Visa + Discover MC + Visa No
ENTERPRISE PARTNERS 40+ programs 200+ API-native
Valuations based on public fundraising announcements and reported M&A deal values. Bridge acquired by Stripe Feb 2025 - transaction volume post for FY 2024.. Rain valuation based
on reported 2026 financing discussions.
Monavate/Baanx deal adjustments
Original Transaction
(November 2025)
Closed Transaction
(May 2026)
Included all W3C holdings
Monavate UK, Baanx UK/US, and TigSiPay
$175M all cash transaction
Cash-free, Debt-free
Acquired operating entities Monavate Holdings Ltd, Baanx.com Ltd, and Baanx US Corp.
Adjusted deal terms
Purchase price: $108.8M
Financial adjustments still being finalized
Retention payments/timing
Business re-investment expenses
Exodus: Q1 2026 and Historical Revenue
Q2+Q3+Q4 Q1
$72.1M
$23.7M
$35.2M
$15.4M
$42.9M
$13.3M
$87.2M
$29.1M
$85.6M
$36.0M
$22.7M
2021 2022 2023 2024 2025 2026
Exodus: Q1 2026 Revenue
Exchange aggregation (Users)
~73%Exchange aggregation (Partnerships) ~15%
Non-exchange aggregation revenue
~12%Exodus: processed volume
Annual Quarterly
$5.5B
$5.7B
$6.9B
$2.5B $2.7B
$1.2B
$2.17B
$1.38B $1.75B $1.59B
$1.18B
2021 2022 2023 2024 2025 Q1 2026
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Exodus: MAUs
and
QFUsMAUs
Monthly Active Users, in millions
QFUs
Quarterly Funded Users, in millions
($ in billions)
1.6M 1.5M 1.5M 1.5M 1.5M
1.8M 1.7M 1.8M 1.7M
1.4M
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
MAUs and QFUs are as of the last day of the quarter 5
Exodus: Balance sheet ~$123 million
Cash, cash equivalents, USDC, and Treasury bills $74.4M
628 units Bitcoin (BTC) $42.8M
17,541 units Solana (SOL) $1.5M
1,861 units Ether (ETH) $3.9M