Exodus Moves to Acquire Baanx and Monavate in $175M Deal

Exodus Movement disclosed it has agreed to acquire W3C Corp., the parent of Baanx and Monavate, in a $175 million deal that expands its control over crypto-linked payment infrastructure.

Exodus Eyes End-to-End Payments With New Acquisition

Exodus Movement, Inc. (NYSE American: EXOD) revealed it has inked a definitive pact to pick up W3C Corp., the parent behind Baanx.com Ltd., Baanx US Corp., and Monavate Holdings Ltd., in a deal tagged at $175 million.

The move sets Exodus up to weave card issuing, processing, and regulatory tools straight into its self-custodial wallet ecosystem, tightening the connection between onchain activity and everyday spending. The agreement, announced Nov. 24, still needs the regulatory greenlight and is slated to wrap in early 2026.

Before this, Exodus had fronted W3C roughly $58.8 million to fuel its earlier purchases of Monavate and Baanx and could add another $10 million in working capital if certain conditions kick in. The deal also follows a May 2025 team-up between Exodus and Baanx that introduced the Exodus Card, a Mastercard offering that lets users spend stablecoins like USDT and USDC straight from their wallets.

EXOD closing price on NYSE on Nov. 24, 2025.

Baanx, launched in 2018, runs across the U.K., EU, and the U.S. under an Electronic Money Institution license from the UK Financial Conduct Authority. The company leans into crypto-ready payments, supplying virtual and physical debit cards, onchain spending features, and collaborations with Metamask and Ledger. Its rails support transactions at millions of retail outlets worldwide.

Monavate, founded in 2015 and headquartered in Omaha, sits in the payments processor and card issuer lane, providing BIN sponsorship, compliance services, program management, and fraud-prevention tools. It works with fintech and crypto partners looking to plug into established card networks and contributed to earlier Baanx-driven crypto debit card rollouts, including stablecoin card access in Canada.

Exodus said the acquisition will bolster its wallet ecosystem—which claimed more than 6 million users in early 2025—by layering in regulated payment rails, practical spending options, and enterprise tools like programmable payouts. The company expects the added infrastructure to expand use of self-custodial payments and smooth stablecoin-focused transactions. CEO JP Richardson explained the expanded setup could help widen financial access for people around the globe.

Industry-wide, the move points to tighter alignment between onchain finance and established payment systems. The combined toolkit could strengthen Exodus’s footing in stablecoin payments and extend its footprint into regions such as Latin America, where the company recently picked up Grateful to support regional growth. Regulatory checks remain a central factor as the two sides work toward closing.

EXOD shares bumped a little more than 3% on Monday, but the stock’s overall track record hasn’t exactly been dazzling. Across the past six months, Exodus has slipped 57%, and year-to-date the ticker is still off by 52%. Back in Jan., the stock flirted with a $61 high, and now EXOD is sitting at $15 — quite the plot twist for anyone watching the chart.