Exodus Movement (EXOD) cut its bitcoin holdings by 1,076 $BTCin the first quarter, while adding 5,068 $SOL, as it moved more of its balance sheet into cash as the crypto wallet provider prepared to close its W3C payments deal.

The company held 628 $BTCat the end of March, down from 1,704 $BTCon Dec. 31, according to its latest quarterly filing. The value of those holdings fell to $42.8 million from $149.2 million.

Revenue fell 36.8% to $22.7 million in Q1 from $36 million a year earlier, according to Exodus’ earnings release. Net loss widened to $32.1 million from $12.9 million, driven in part by a $36.4 million loss on crypto.

Exodus' solana holdings rose to 17,541 $SOLfrom 12,473 $SOLover the same period. Their fair value still fell to $1.5 million from $1.6 million over the crypto sell-off seen over the period.

In total, Exodus said it sold $73.2 million of cryptocurrency held during the quarter, and bought $962,000. The company said the increase in net sales for cash was tied to proceeds that will be used to fund the W3C acquisition.

“During Q1 2026, the Company has continued to sell digital assets to prepare for the next disbursement related to the W3C closing, and has set aside over $70 million in US dollar reserves for these obligations,” the filing reads.

Cash, cash equivalents and stablecoins rose to $74.4 million from $5.2 million at year-end. Total crypto and liquid assets held fell to $122.6 million from $161.6 million.

The filing does not break out sales by token. The balance sheet move was concentrated in bitcoin, with $BTCdown 63% and $SOLup 41%. Bitcoin lost around 23% of its value in Q1, while $SOLdropped more than 34% over the period.

Exodus closed its acquisition of Monavate and Baanx on May 1, adding card issuing and payments infrastructure to its self-custody business. The deal followed its $175 million agreement to buy W3C’s payments units and its push into stablecoin payments.

EXOD is down 3.1% in pre-market trading at $7.47.

This detailed match analysis covers key moments, player performances, and tactical insights.