Exodus’ W3C Deal Adds Stability as Firm Builds Full Payments Stack: Benchmark

Exodus Movement’s (EXOD) $175 million cash purchase of W3C Corp. and its Monavate and Baanx units represents what Wall Street broker Benchmark calls the company’s most significant step toward becoming the first self-custody wallet with a full payments stack.

The purchase brings regulated payments infrastructure, card issuing, stablecoin rails and global licensing under one roof, with closing expected in the first half of 2026 pending U.K. and Latvian regulatory approvals, wrote analyst Mark Palmer.

Palmer said the acquisition transforms Exodus’ revenue profile by adding steadier fintech-style income to offset the volatility of wallet and swap activity.

The analyst reiterated his buy rating on the stock and $42 price target, suggesting a near tripling in value from yesterday's $15.18 close.

Management told Benchmark the W3C businesses should generate $35 million to $40 million in 2025 revenue at 45% to 55% margins, contributing $20 million to $30 million to Exodus’ 2026 gross profit. Exodus is funding the deal with cash and borrowings from its Galaxy Digital (GLXY) credit line.

W3C had already begun merging Monavate and Baanx, with Exodus providing bridge financing to finish the combination, a step Palmer sees as key to enabling real-world crypto spending.

Monavate has issued about 5 million cards, and the combined platform could support up to 50 million, giving Exodus a path into mainstream payments and making card issuance the metric to watch, the report said. Monavate’s mostly non-crypto client base and Baanx’s crypto-native issuing capabilities position the combined business as a growth engine.

The deal follows Exodus’ recent purchase of Latin American stablecoin payments firm Grateful, which Benchmark said, together with W3C, lays the rails for a full consumer- and merchant-facing crypto payments ecosystem.

Read more: Crypto Wallet Firm Exodus Buys Baanx and Monavate for $175M