Major crypto wallet Exodus has slashed its Bitcoin holdings by 1,076 BTC, the firm’s Q1 2026 filings with the U.S. Securities and Exchange Commission (SEC) show. Notably, the company now holds 628 BTC, compared to 1,704 at the end of Q4 2025.
Exodus wallet reduces Bitcoin holdings to fund expansion
The organization behind the digital asset wallet reduced its exposure to BTC by 63 percent, now holding just 628 BTC on its balance sheet. Over the quarter ending March 31, 2026, the firm sold crypto worth $73.2M, increasing its cash, cash equivalent, and stablecoin holdings.
As of Tuesday, Exodus’ cash and cash equivalent holdings have skyrocketed from around $5.2M to $74.4M. Interestingly, the firm also increased its Solana holdings, which now hover at 5,068 SOL on its balance sheet.
According to the filing with the U.S. financial regulator, the surge in cash and cash equivalent holdings is primarily to close the firm’s W3C payments deal. To recall, Exodus had made its plans public in November 2025 to acquire W3C for $175M.
W3C had received $80M worth of loans from Exodus upon signing the deal, while the firm’s CEO, Garth Howat, had received $10M. However, things soured later on, as Howat alleged that the firm had no obligation to repay these loans.
Exodus’ earnings release states that the firm’s revenue slid 36.8 percent, from $36M in Q1 2025 to $22.7M in Q1 2026. Similarly, net loss expanded as it surged from $12.9M to $32.1M, largely driven by the $36.4M worth of loss recorded on crypto holdings.
Is BTC losing favor among institutions?
While reducing BTC holdings in itself is not an eyebrow-raiser, the fact that Exodus chose to add to its SOL holdings is definitely intriguing. A theme is starting to emerge on the Wall Street of late, where even the most staunch BTC proponents are mulling selling the digital asset.
For instance, recently Strategy CEO Michael Saylor stated in an earnings call that the firm could sell some of its BTC to “inoculate the market.” The statement marked a notable departure from Strategy’s so-called never-sell BTC treasury play.
Meanwhile, interest in altcoins like Ether (ETH) and SOL remains strong among institutions. On May 4, Tom Lee’s Bitmine bought another 101,000 ETH, increasing its total holdings to 5.18M ETH.