EXOD's Swap and Transaction Volumes Grow: What's Ahead for the Stock?

Exodus Movement EXOD is growing fast as a self-custodial wallet and Web3 financial services solution provider. Exodus Movement revenues climbed 51% year over year on the back of rising digital asset prices throughout 2025. The company also saw 82% year-over-year growth in swap volume in the third quarter of 2025, of which 28% of the volume was contributed by B2B swaps.

Contribution from rising trading activity, user engagement and strong partner traction has been a major tailwind for Exodus Movement. EXOD’s partner strategy, which allows its partners to access multi-chain liquidity and routing without having to build their own infrastructure, is rapidly growing. EXOD added 16 new partners in the third quarter of 2025, of which 10 are already paying.

EXOD’s entrance into the high-growth Stablecoin payments market, with the Grateful acquisition, is another tailwind. EXOD can now provide instant merchant settlement, charge lower fees per transaction and is set to enter into the Argentinian and Uruguayan markets. Alongside these factors, EXOD now has a pool of $315 million worth of digital and liquid assets, which makes its balance sheet robust as it has no debt.

With more than $3 trillion market cap of cryptocurrency, $26 trillion in stablecoin transaction volume, EXOD is expected to benefit from this massive total addressable market. However, the company also faces some challenges. However, EXOD faces headwinds in all of these spaces.

How Competitors Fare Against EXOD

Exodus Movement also faces competitive pressure from exchanges that specialize in digital assets and offer self-custodial wallet solutions like Coinbase COIN. Other FinTech companies with substantial infrastructure, like Robinhood and PayPal PYPL, potentially compete with EXOD as they provide solutions for crypto trading, institutional wallet solutions and cross-border payments.

Coinbase provides self-custody through Coinbase Wallet and allows in-app swaps, fiat on/off ramps and stablecoin payments. PayPal has introduced agentic commerce, PayPal World, Tap to Pay, PYUSD stablecoin and Pay with Crypto to stay ahead of its competitors. Robinhood is also expanding its crypto presence while keeping custody of users’ cryptocurrencies with it. It recently acquired global cryptocurrency exchange Bitstamp Ltd.

EXOD Price Performance, Valuation and Estimates

Exodus Movement shares have lost 48.4% in the past year, underperforming the Zacks Internet – Software industry’s growth of 0.6%.

Since the company has a sizable asset in the form of liquid and cryptocurrencies, it is valid to use the P/B valuation metric to justify its valuation. From a valuation standpoint, Exodus Movement trades at a trailing 12-month price-to-book ratio of 1.52X, lower than the industry’s average of 5.92X.

The Zacks Consensus Estimate for Exodus Movement’s 2025 earnings implies year-over-year growth of 3.5%. The estimate for 2025 has been revised upward in the past 30 days.

EXOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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