According to Benchmark analyst Mark Palmer in a Monday note, Exodus Movement has crossed a critical threshold as it pivots from a self-custody wallet provider to a crypto payments platform. Palmer reiterated a Buy rating with a $21 price target, implying a roughly 165% upside from its current price of around $8.
Palmer highlighted Exodus’ late-2025 acquisitions of W3C and payment firms Monavate and Baanx, which provide infrastructure to diversify revenue streams. Historically, Exodus generated roughly 90% of revenue from crypto swaps, contributing to a $11.4 million net loss in 2025 despite record revenue of $121.6 million, as crypto price declines increased costs. With payment rails including card issuance and interchange fees, Palmer estimates swap revenue could decline to around 60% of total revenue, providing more stable income less vulnerable to crypto price volatility.
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