Exodus Q4 2025 Earnings Call - Building a Payments-First Future with Exodus Pay and W3C

Chris Merkel, Host / Investor Relations, Exodus: Hi, everyone. Welcome to Exodus’s fourth quarter 2025 earnings call. I’m your host, Chris Merkel, and with us today are Exodus’s co-founder and CEO, JP Richardson, and CFO, James Gernetzke. During today’s call, we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-K filed with the Securities and Exchange Commission, available on the investor relations portion of our website. We do not undertake any obligation to update forward-looking statements. As always, feel free to visit our social media accounts on X or Reddit to submit questions for our investor relations team after our call.

Let’s go to JP to discuss Exodus’s fourth quarter and full year 2025.

JP Richardson, Co-founder and CEO, Exodus: Thank you everyone for joining. I want to try something a little different today. I’ve been told multiple times that my opening on earnings calls just doesn’t sound like me, and I think that’s a fair criticism. We’re going to keep this more conversational, a lot like how I speak publicly on interviews or even internally in company all-hands calls. Often I love to tell stories, and today is going to be no different. A couple of weeks ago, took my kids skiing for the first time. My little boy, he’s seven years old. We’re on the bunny slope and where they, you know, they teach the young kids and he could barely stand up. He kept falling over and over again.

I’m sure many of you with kids can relate to this, but he kept getting up over and over again. Ultimately he asked about going up on the lift on the mountain and to actually go down. His mom looked at him and she goes, "Son, you’re not ready yet. Your dad doesn’t think that you’re ready yet." He said to her, he’s like, "I’m gonna show him." Meaning me, of course. Me admiring his determination, I said, "Okay, well, let’s go. Let’s go to the top of the mountain. Let’s check it out." We all went up, and he’s going up, and he went down. Yeah, he fell a couple of times, but he made it down without any issue. It was actually really impressive.

Thinking about this moment with my kids and kind of heading into this call today, because it’s kind of a lot like what 2025 felt like for this company. The market kind of knocked us around. Stock price and Bitcoin price, it just tested everyone’s patience. Every single time, the team just kept building. Even when we get knocked down, just kept building. Focused. We’re building the infrastructure that makes us less dependent on market conditions, these very market conditions in the first place. Let me walk you through what we built and where we’re headed. Let’s do a brief look back into 2025. 2025 was the most consequential year in the history of Exodus. This is because of what we built while the market has been pulling back.

As you remember, early 2025, it seems like an eternity now, we rang the bell on the New York Stock Exchange. This ultimately, being the New York Stock Exchange, opened the door for more investors that couldn’t touch us in the OTC markets. We announced Exodus Pay, one of the most important products in the company’s history. In November, we closed the Grateful acquisition, and this gave us a live payment sandbox in Latin America, where every lesson from Grateful is making its way back into Exodus Pay. In that same month, we signed the W3C acquisition. I’m gonna come back to that in a moment. We expanded XO Swap to more signed partnerships. I’m gonna come back to that even later. We expanded our tokenized equity to Solana through Superstate’s Opening Bell platform.

For full-year revenue, we grew 5% to $121.6 million. That growth came from improved monetization and B2B expansion, even as retail activity softened all the way toward the end of the year. Now, for 10 years, Exodus was built on speculation. Once crypto is up, we thrive. Crypto pulls back, we feel it, much like what we’re seeing in the markets today. As a public company, the stock reflects this reality directly. This model has served us well for a decade, but it’s not enough anymore. Everything we did in 2025 was in service of one goal, and that’s creating more revenue streams, revenue streams that don’t depend on where crypto trades tomorrow. We are becoming a payments company, one that serves people whether Bitcoin is at $30,000 or $130,000.

One that earns revenue from the daily financial lives of real people, not just trading activity. The product at the center of the shift is Exodus Pay. Most people use at least three financial apps. I’m guessing many of you on this call are gonna be very familiar with this. You, no doubt you have a banking app, you have a payments app like Venmo or Cash App, and you probably have a brokerage app like Robinhood or Fidelity. Exodus Pay makes it one. We’re building the product that lets people send, spend, invest, and earn from a single interface. No seed phrases, no blockchain jargon, no L one, L two, which layer am I? Nobody cares about that stuff. No complexity. Self-custody should feel as easy as tap to pay. At its core, Exodus Pay is built on stablecoins. Stablecoins are the dollars that move at internet speed.

You may have heard of them. We are making stablecoins usable for everyday payments, groceries, rideshare, restaurants, anywhere where Visa or Mastercard is accepted. Again, from speculation-driven swap fees to revenue built on daily utility. What’s going to power Exodus Pay is the product of W3C. Let’s talk about the W3C acquisition. It remains the centerpiece of our vertical integration strategy. Now, let me remind everyone why this deal matters in the first place. The first reason this deal matters, we get to own the full payment stack from self-custodial wallet to the spend card at the terminal. No other wallet owns end-to-end payment rails. The second reason is revenue diversification. Our revenue today is heavily tied to swap volume. The third reason is the B2B2C infrastructure for partners. W3C already powers MetaMask, Ledger, OKX, and Kraken in their cards.

Owning this infrastructure means Exodus can provide card programs and payment rails to other wallets and apps. This means more revenue from partners without acquiring those end users directly. We remain confident in the ability to close in 2026 and are working diligently towards closing. Let’s touch what seems these days on everybody’s favorite topic, AI, because it’s reshaping both how we build and what we build. Let’s first talk about how we build. I actually write code every single day using Claude Code. Tasks that used to take me months now take me just hours. It’s that wild how good these tools are these days. What’s true for me here is true for our entire engineering organization. We are pushing hard toward a model where AI ultimately writes all of our code. But we’re not there yet.

We’re not there yet, but the productivity gains we’re seeing so far have already been quite significant. Now, with what we build, and how, kind of how we think about the future here, is that we think AI agents represent an entirely new class of customer for Exodus. These agents are going to need wallet infrastructure. They’re gonna need to send money, check balances, and make purchases. It’s easy when you think of payments apps like Exodus Pay. It’s easy to think of the total addressable market as just, you know, 8 billion people, the entire world, right? With AI agents, it will potentially be in the trillions, because each one of these agents is going to need a wallet, and Exodus aims to be the default wallet layer for this world. Let’s hit on XO Swap. XO Swap continues to be a meaningful volume driver.

In total, we have 18 signed partnerships, 11 that are producing $416 million in Q4 volume, 26% of our quarterly total. This strength shows that our infrastructure is trusted by other major platforms like Ledger and MetaMask. MetaMask just went live the end of December with Solana. Following the close of W3C, we’re gonna be able to offer a card issuance as well to a lot of these partnerships that are using XO Swap, especially a lot of the new ones. I want to leave you with this. Our revenue today does not yet reflect the magnitude of what we have built. We have invested significant resources, capital, talent, time into infrastructure, acquisitions, and product development that have not yet hit the top line. I understand this.

I understand the patience it requires from you, our shareholders. I want you to understand what’s on the other side. We are shifting from a company built on speculation to a company built on payments, on daily utility, on infrastructure that earns revenue every time someone taps a card, invests into their future, saves for a rainy day, or buys their groceries. That is the company we are building. 2025 laid the foundation, and 2026 is where it starts to come to life.

With that, gonna hand it over to James to walk through our financial results. James.

James Gernetzke, Chief Financial Officer, Exodus: Thank you, JP. Let’s start with Q4 and full year revenue and swap volumes. Full year revenue was $121.6 million. That’s up 5% from 2024. Q4 revenue was $29.5 million, which represents a 3% decrease from Q3 and a 34% decline from the record Q4 we had a year ago. To put that year-over-year comparison in context, Q4 2024 was our highest revenue quarter in company history, in a quarter where we saw major industry catalysts like the U.S. election and Bitcoin topping $100,000 for the very first time. As a recent industry backdrop, digital asset prices were also in decline for most of Q4 2025, after briefly enjoying early October highs. Full year swap volume was $6.89 billion, which is a 21% increase from 2024.

This is a meaningful increase that demonstrates the underlying growth in the platform, even as digital asset prices declined. Q4 swap volume of $1.59 billion was down 9% sequentially and down 32% year-over-year, tracking the broader market pullback. XO Swap, our B2B swaps platform, continued to be a significant volume driver for Exodus at $416 million of volume in Q4, or 26% of our total quarterly volume. Our growing B2B swap volume demonstrates that Exodus is increasingly a critical piece of infrastructure for the broader ecosystem. With regard to staking and other non-exchange revenue, full year revenue from staking reached over $4 million for the year, nearly doubling 2024’s total. Our improvements to Solana staking in particular drove this acceleration.

This is recurring revenue that can be compounded for as long as the assets remain under stake. Fiat onboarding also saw a 28% increase in revenue versus 2024. Quarterly funded users who have actually put their money into Exodus, finished the year at 1.7 million. That’s down 6% from last quarter and 11% from a year ago, reflecting the broader retail environment. Monthly active users at the end of Q4 were 1.5 million, down 35% from the previous year and unchanged sequentially. While monthly active users declined year-over-year in line with broader retail activity, our funded user base remained resilient, demonstrating the stickiness of our wallet. To pursue ownership of a full payment stack, during 2025, we funded $80 million of debt related to the W3C acquisition.

While we initially used the Galaxy credit facility, we made the decision to pay off that debt prior to the end of the year. This resulted in the first reduction of our Bitcoin treasury in quite some time. During Q1 of 2026, we have continued to sell digital assets as we prepare for the next disbursement related to the W3C acquisition. As we have stated in the past, we believe that our treasury, including our Bitcoin treasury, is available to fund M&A and other growth initiatives, ultimately growing our Bitcoin treasury. On a related note, we continue to evaluate ways to demonstrate the power of tokenized equity. However, we are pausing our Bitcoin dividend plans as we are prioritizing M&A and other growth initiatives at this time.

We remain committed to exploring opportunities afforded to us and our shareholders through the tokenized equities as their use continues to grow. Finally, expanding on JP’s earlier note regarding XO Swap, MetaMask is a notable name that we signed towards the end of last year. Their wallet launched support in the final days of 2025 for Bitcoin. Initial results are slowly ramping up as MetaMask users gain familiarity with the new multi-chain functionality. Chris, with that, let’s get back over to you for questions.

Chris Merkel, Host / Investor Relations, Exodus: Thank you, James. Well, it’s time for our analyst questions, and I see we have Andrew Harte from BTIG. Go ahead, Andrew.

Andrew Harte, Analyst, BTIG: Hi, can you hear me okay?

Chris Merkel, Host / Investor Relations, Exodus: Yes.

Andrew Harte, Analyst, BTIG: Great. Thanks for taking the question. JP, I thought your comments about agentic payments were really interesting. I think the idea was that agents are gonna need the wallet infrastructure to operate out of. I guess, can you just expand on the steps needed to go from where we are today, both in terms of capabilities or potential partnerships or integrations to make that a reality? That’d be very helpful. Thank you.

JP Richardson, Co-founder and CEO, Exodus: Yeah, great question. Ultimately, when you want to enable agents to be able to transact with wallets and send stablecoins, what you want to be able to do is have a world where the company or individuals that are using or leveraging these agents can maintain control over their wallets. I mean, I suppose what you could do, I mean, you could just set up an OpenClaw on your Mac mini, right? Have it go hog wild with Exodus. That would work today or should work today, right? Again, what you want is you wanna be able to say, like, "Okay, I have this mass amount of agents. Maybe I’m a company in the travel industry, right? I’m gonna have an AI agent doing travel on behalf of consumers.

Well, I need to be able to basically either give the consumer the ability to give access to, say, Exodus in that AI agent, or as a business, be able to give AI agent an access to a number of wallets that I have full control over and can control the keys as well. Effectively what that means is that from the consumer perspective, again, I’m just gonna step into the shoes of just, like, an Exodus Pay customer, that means having Exodus Pay or Exodus connect directly to, like, a ChatGPT or a Claude. Actually, that is something that behind the scenes we’ve had working for a while, but we wanna make sure the user experience works really well.

When it comes to the business side, again, that travel agent example, what that ultimately means is that we would have to produce back-end software for these agents to be able to, again, view all these separate wallets. There’s a number of angles that we’re looking at here. The one that we’re most interested in the short term is empowering consumers that have, again, just, you know, Exodus on their phone and be able to connect to, again, like, ChatGPT or even in some cases maybe even an OpenClaw as these agents become more commercialized, and say, "Go ahead, spend up to $500. I want you to go look for a flight, the best flight to, I don’t know, Florida," right? Whatever it is.

That’s gonna be critical and to make all that work well and to make sure that the limits and restrictions are in because, again, you don’t like, the worst-case scenario is if you say, "Okay, AI agent, you have full access to my wallet. Be good with it." And then you find out it went and speculated and bought a bunch of Dogecoin from your entire wallet, you’d be pretty pissed off about that. There’s a lot of security controls that have to have and come in place as well.

Chris Merkel, Host / Investor Relations, Exodus: All right. Ed Engel from Compass Point is next up. Go ahead, Ed.

Ed Engel, Analyst, Compass Point: Hi. Thanks for taking my question. I just wanted to ask some questions about the cost structure here. Do you mind kinda going through the costs or some of the one-time expenses we might have had in the fourth quarter related to M&A or anything else to call out? Would it be fair to assume that might continue into 1Q or maybe even 2Q until the transaction closes?

James Gernetzke, Chief Financial Officer, Exodus: Yes. You know, obviously we had the, there’s the legal costs, there’s the, interest associated with the Galaxy loan. The interest obviously since we paid it off is not going to continue. There are the, you know, some legal costs. You know, as we go through the regulatory, there’s certainly going to be some legal. But it’s. I would, I would. My assumption would be that it’s. It would be slightly less, but, you know, as we go through that process, but there still will be some, for sure. Let’s see. Sorry, then you said some other one-time costs. Yes.

We have, you know, our standard, you know, this similar one-time costs that we’ve seen, you know, for non-M&A items, you know, from previous quarters. Yes, to answer the question, you know, the M&A continues. You know, we are still out there looking for other businesses and other opportunities. You know, obviously, you know, we don’t have anything to report at this time, and we’re very focused on getting W3C closed and integrated. That doesn’t mean that, you know, we’re not still working on a pipeline. I would say that in general, you know, I would expect over the next quarter or so that the cost should be slightly lower than previous quarters, but not zero.

Chris Merkel, Host / Investor Relations, Exodus: All right. We have Gareth Gascetta up next. Hi, Gareth.

Gareth Gascetta, Analyst: Hi, guys. Can you hear me all right?

Chris Merkel, Host / Investor Relations, Exodus: Yes.

Gareth Gascetta, Analyst: Awesome. I was wondering if you could provide some detail on the drivers to the improved monetization in the XO Swap in the quarter. Do you guys think that there might be future opportunities for similar expansion, or was this maybe more of a one-time event?

James Gernetzke, Chief Financial Officer, Exodus: Yeah. Let me start. I would say that, you know, in terms of XO Swap, you know, we have grown the book of business in terms of the number of partners that we’re working with. You know, as we grow that book, you know, you’ll see different areas, you know, different cost structures, et cetera, that come with it. You know, over time that will, you know, we’ll see, you know, as that product matures, you know, we’ll start to get to a steady state. You know, we do expect, you know, changes, you know, in the short term on that as the book continues to grow.

You know, we’re pleased with the amount of new deals that have been signed and, you know, the work that is going on in that area. Now there are some, you know, because this is a B2B2C product, you know, we are relying on the partners, and so there is one, you know, one partner that, you know, looks like it’s probably gonna stop operations over time. So you’ll have those pluses and minuses. I would say that, you know, we’re definitely pleased at the direction and the amount of new contracts that have been signed and new partners that have come on.

Chris Merkel, Host / Investor Relations, Exodus: All right. Thank you, James. We have Mike Grondahl from Northland. Go ahead, Mike.

Mike Grondahl, Analyst, Northland: Thank you. So sort of two questions, guys. One, I think you mentioned 18 signed XO Swap partners and 11 operating. When do you think the next, I don’t know, that next wave, the next 7 are gonna ramp up, and any significant partners in that next wave? Secondly, I would like to understand better kinda the go-to-market with Exodus Pay. Is that only gonna be within sort of XO Swap and the trading customers? Or help us understand how we’re gonna see that Exodus Pay offering in the real world.

James Gernetzke, Chief Financial Officer, Exodus: Let me start with the XO Swap, with the 11 and the 18. I think that we’re seeing steady growth. You know, we’re seeing, you know, it’s steady growth right now. In terms of significant names, you know, we’re pleased with the mix, the size of different clients that we’re getting. Unfortunately, you know, because it’s a B2B product, you know, they, you know, we need the client’s consent to share the names. You know, I don’t have any larger names that, you know, have shared consent to offer you unfortunately right now.

I could definitely say that, again, you know, just reiterate, you know, we’re pleased at the growth that we’ve seen in that. You know, we’re looking forward to, you know, for that to continue over the, for the rest of the year. JP and Exodus Pay.

JP Richardson, Co-founder and CEO, Exodus: Yeah, let me hit a little bit more about the partners with XO Swap here. Even though that we cannot announce the names yet, the reality is that yes, we have signed other big partners. We will be able to announce that in the future, which is gonna be great. In addition to that, I think James had mentioned that it’s really important is that with the XO Swap partnerships, we have to rely upon the partner’s timeline. Often what you see is that the partner in some scenarios, they might just enable like, say, just on one asset, and so you can swap from one pair to the other, to other pairs. It doesn’t have support for other assets and other blockchains.

As we march forward and they get one going like, "Oh, wow, this thing is working really, really well," now, let’s enable it for these other blockchains and make it work really, really well there and just keep that train going. We’re gonna see more and more of that, and we already have seen that in timeframes that we’ll be able to announce in the future. That’s I anticipate that will be the pattern moving forward is we will sign the partners, and then there’s the time to integrate, they go live on one blockchain, and then they expand out on a different blockchain, additional blockchains.

As we mentioned, you know, we have very big names in the industry that we’ve been working now with for quite some time. That becomes quite the strong testimonial as we start working with other partnerships. I think that’s just really important to call out. Now, related to the question of, you referred to it as ExoPay. I’m assuming you were talking about Exodus Pay. This is getting confusing. ExoPay is our fiat on-ramp, off-ramp. We have recently renamed that to ExoRamp to separate the confusion. ExoRamp, just to be very clear here, you think that XO Swap is to allow people to swap from crypto to crypto. ExoRamp allows people to onboard into crypto via bank account or debit card or off-ramp in time.

It’s basically fiat on-ramp, off-ramp. Exodus Pay, again, is our initiative to, as earlier in this conversation I had mentioned, that we are bringing the world of all these disparate financial apps into one single app, right? The biggest is banking, payments app, like Venmo or Cash App, and then a brokerage app, Robinhood or Fidelity, ETRADE, whatever you use, all into one application with no crypto complexity whatsoever. Now when you ask about go to market, okay. We had a very early test group that we experimented and we had conversations with people and events at ETHDenver. Initial feedback was really good. We’re marching forward. In fact, you’re gonna see something this week that is going to come out about another event that Exodus Pay is going to be a part of.

Again, it’s about mainstream payments, allowing people to easily use assets like stablecoins anywhere in the world that Visa or Mastercard is accepted, right? That’s just really important. The big aspect of go-to-market and how we think about Exodus Pay is that we want to align to big cultural moments. So I’m gonna say that again. We want to align with big cultural moments. Now, I wish some of you are thinking like, "Oh, does that mean he’s gonna go out and pull a trigger on a Super Bowl ad or something like that?" We don’t have any plans for that, but you never know. We have no plans for that whatsoever, but who knows? When it comes to big cultural moments, there’s things that you will see this year that will answer that question.

Again, it’s about being a part of mainstream conversations, mainstream payment experiences. There’s a lot more that we’ll be able to unpack in future conversations. It’s gonna be great.

Chris Merkel, Host / Investor Relations, Exodus: All right. Kevin Dede from H.C. Wainwright & Co. Hi, Kevin. How are you?

JP Richardson, Co-founder and CEO, Exodus: Kevin, we can’t hear you if you’re speaking.

Chris Merkel, Host / Investor Relations, Exodus: Okay.

JP Richardson, Co-founder and CEO, Exodus: Nope, still can’t hear you.

Chris Merkel, Host / Investor Relations, Exodus: Nope, still can’t hear.

JP Richardson, Co-founder and CEO, Exodus: Sorry.

Chris Merkel, Host / Investor Relations, Exodus: Still can’t hear Kevin.

Kevin Dede, Analyst, H.C. Wainwright & Co.: Can you hear me at all now?

Chris Merkel, Host / Investor Relations, Exodus: There we go.

Kevin Dede, Analyst, H.C. Wainwright & Co.: Okay.

Chris Merkel, Host / Investor Relations, Exodus: Hi, Kevin.

Kevin Dede, Analyst, H.C. Wainwright & Co.: Sorry about that. It’s tough being a tech analyst and keeping your tech working. JP, sort of a two-parter. I think I’m gonna ask Mike’s question in a different way. The progress you’re making with XO Swap clearly indicates that you’re embedding yourselves with complementary businesses, right? It’s proving the B2B model that you’ve developed at Exodus. With Exodus Pay, it seems to me that I mean, I hear what you say about leveraging big cultural moments. I get that. You’re taking on a sizable amount of risk in spending versus trying to build a consumer-facing app. I’m wondering how you’re gonna approach that risk, how you plan to allocate capital to it, and you know, how you expect it to roll out.

Then I’d also like to hear about the roadblocks you have to seeing W3C complete and the timeframe to that. You guys didn’t offer much detail there.

JP Richardson, Co-founder and CEO, Exodus: Kevin, can you just unpack the risk bit a bit more? I just wanna make sure I really capture your question clearly.

Kevin Dede, Analyst, H.C. Wainwright & Co.: Well, in my mind, there’s a little bit of controversy over Exodus’s development in the B2B world versus a consumer-facing app. Exodus Pay, I think, is the culmination of your consumer-facing initiatives, and that’s clear through today’s call. What’s not clear is the resources that you’ll dedicate to building a consumer-facing business, arguably the most difficult thing to do in business. I’m just wondering how you’re assessing the risk and allocating capital in developing that capability.

JP Richardson, Co-founder and CEO, Exodus: Got it. Okay. You’re probably gonna hate this answer, but I’m gonna say it anyways. Exodus Pay is the evolution of what Exodus is today. We were born. The way that we thought about Exodus from the early days was all about empowering consumers to control their wealth. That was the piece of it. From 2015, actually, I had a conversation with our co-founder, Daniel, just recently, and he was like, "JP, do you remember in the early days when we put our phone number inside the software?" And I’m like, "Yeah, I do. Wasn’t that crazy?" They’d call. You know, I’m eating dinner with my family, and my kid’s got spaghetti pouring out of his mouth, and the phone’s ringing nonstop.

I’m trying, I’m like, "Oh my gosh, I’m eating." I share these stories because Exodus was always a company focused on consumer needs, always. It just at that moment in time, the technology wasn’t quite where we needed it to be. Regulations weren’t quite where we needed it to be. Mastercard and Visa weren’t quite where we needed them to be. The technology has now caught up, where you don’t have to think about the complexities of secret phrases and which layer you’re on. You don’t have to care about any of those things. The regulations have now started to catch up, especially with the GENIUS Act, in embracing stablecoins. Right? That, that’s really key and critical.

Visa and Mastercard, they see what’s happening, and then that’s why with W3C, which will be a good segue to talk about W3C in just a moment per your other question. They see what’s happening. That’s why there’s starting to be the rise of these crypto cards that allow you to connect the card directly to your wallet, your self-custodial wallet, so you have full control, and that you can go and you can tap to pay anywhere. Again, Exodus was always a company built on the consumer experience. That, I think that’s just really important to highlight and call out. Now, related to W3C, as mentioned in the opening statements, we’re very committed to getting this done.

You know, anybody that’s been through acquisitions knows that, you know, there’s all sorts of complexities that come with it. With this acquisition, you know, there’s a number of subsidiaries that blend into ultimately what we’re buying as a company. Each one of these subsidiaries has different levels of complexity that we have to ultimately address. James, I’m sure you can, you know. You’ve been a big part of this as well along with me. You can probably add some more additional color to this.

James Gernetzke, Chief Financial Officer, Exodus: Yeah, I think on the W3C front, you know, we are in front of the regulators right now. You know, we are on the timeline, you know, we’re progressing towards it, you know, on the timeline that we brought up, you know, when we signed the deal. I would say that.

In terms of capital allocation, you know, to just put a finer point on JP’s comments, you know, because Exodus Pay is the evolution of Exodus, you know, I think that’s, you know, that capital allocation, you know, you should expect it to, you know, to follow the similar path, you know, and the things that we’ve said about, you know, about our consumer business, you know, going forward. You know in different fronts. Obviously, you know, we’ve allocated a lot of capital to this W3C, and the B2B side. You know, we still maintain that Amazon AWS playbook, you know, even with the W3C acquisition.

JP Richardson, Co-founder and CEO, Exodus: It might be important to mention too that capital allocation, like one aspect that is gonna be important here is that because Exodus, even though we were focused as a consumer app, early on, you know, it was more about those in crypto, right? So you’re gonna allocate capital and like, "Oh, we’re gonna target crypto people," and "Uh-oh, there’s a bear market. Better pull back and not think about how to reach the mainstream." That was historically the thought process. Now shifting closer to the mainstream, bear or bull market, it doesn’t matter, right? Because Joe Plumber doesn’t think about the price of Bitcoin. Joe Plumber doesn’t actually even care about the price of Bitcoin. Actually, Joe Plumber may not be our ideal target use case, but it’s gonna be maybe a younger demographic.

Let’s say, you know, some 19-year-old watching college basketball on a Saturday or whatever it is, right? They may not really care about the price of Bitcoin, but they definitely care about how they spend money and how they think about the future. We still have to be thoughtful but yet bold when it comes to capital allocation when reaching kinda that demographic.

Chris Merkel, Host / Investor Relations, Exodus: Thank you. There are no more questions. Thanks JP, James, and all of our analysts for submitting your questions. Please visit our social channels on X and Reddit to submit your questions for management. Our investor relations team is standing by. Thanks for joining us today, and we’ll see you next quarter.