Exodus Grows Users Amid Crypto Slump, Boosts Solana Holdings

OMAHA, Neb. – February 11, 2026 – Exodus Movement, Inc. (NYSE American: EXOD) has demonstrated notable operational growth, posting an increase in active users and platform trading volume for January 2026, even as it strategically adjusted its corporate treasury amidst a challenging month for the broader cryptocurrency market. The company's latest financial update reveals a nuanced strategy of building its user base while actively managing its digital asset portfolio.

The self-custodial cryptocurrency platform announced it grew its Monthly Active Users (MAUs) to 1.6 million, an increase of 100,000 from December 2025. Simultaneously, swap volume processed through its exchange providers surged to $399 million, up from $360 million the previous month. This growth stands in stark contrast to the general market conditions in January, which saw significant price declines across major assets like Bitcoin and Ethereum, testing the resilience of many firms in the sector.

Navigating a Turbulent Market

January 2026 proved to be a "real stress test" for the crypto industry, with the total market capitalization falling by hundreds of billions of dollars. Bitcoin (BTC) saw its price drop by approximately 10%, while Ethereum (ETH) experienced an even steeper decline of around 18%. This downturn was largely attributed to macroeconomic pressures, including hawkish sentiment from the U.S. Federal Reserve, which contributed to over $1.6 billion in net outflows from U.S. Bitcoin spot ETFs during the month.

Against this volatile backdrop, Exodus's performance metrics suggest a strengthening of its market position. The company's ability to not only retain but also grow its active user base points to a sustained demand for its services. This resilience was a key theme in the remarks from Exodus CFO James Gernetzke.

“At Exodus, we have been navigating crypto markets for almost 11 years, so we have significant experience continuing to build during volatile markets,” Gernetzke stated in the press release. “We remain focused on building transformative products to form the backbone of the decentralized financial system, which we believe will provide significant long term value to our shareholders.” This statement underscores a long-term vision that prioritizes product development and operational stability over short-term market fluctuations.

The Shift in Treasury: A Strategic Bet on Solana?

While the company's user metrics were on the rise, its treasury holdings showed calculated adjustments. As of January 31, 2026, Exodus held 1,694 BTC and 1,887 ETH, representing slight decreases from the 1,704 BTC and 1,898 ETH held at the end of December 2025. These minor reductions align with the challenging market conditions and could reflect standard operational cash flow management.

However, the most striking change in the company's treasury was its increased allocation to Solana (SOL). Exodus boosted its SOL holdings by over 10%, from 12,473 SOL to 13,807 SOL. This move is particularly noteworthy given that Solana, like other major assets, also faced price declines in January. The decision to significantly increase its position suggests a strong, long-term conviction in the Solana ecosystem.

Industry analysts speculate such a move could be a strategic bet on Solana's high-throughput technology and its potential for a strong rebound. Despite the market downturn, Solana's on-chain activity, particularly in the memecoin sector, spiked in January, leading to increased network usage and DEX volume. This demonstrates the network's underlying resilience and active developer community. Furthermore, with some analysts suggesting a potential pivot from a memecoin-centric narrative to a more robust stablecoin economy, Exodus's increased stake could be an early position in what it perceives as a high-growth ecosystem.

User Growth and the Self-Custody Wave

The addition of 100,000 new Monthly Active Users in a single month is a significant achievement, highlighting a broader trend within the cryptocurrency space: the flight to self-custody. In the wake of past collapses of centralized platforms, users are increasingly prioritizing direct control over their digital assets. Self-custodial wallets like Exodus, which give users sole control of their private keys, are becoming the preferred choice for security-conscious individuals.

Exodus has positioned itself to capitalize on this trend by focusing on a user-friendly design and a multi-asset platform that simplifies the complexities of crypto for a mainstream audience. The growth to 1.6 million MAUs indicates this strategy is resonating. The individual user segment of the crypto wallet market is projected to see the highest growth rate as awareness of self-custody benefits spreads. By providing an intuitive interface without compromising on security or user control, Exodus is competing effectively against other major players like MetaMask and Trust Wallet in this rapidly expanding market.

Powering Growth Through Partnerships: The XO Swap Engine

A key driver of Exodus's platform activity is its swap volume, which saw an impressive 11% month-over-month increase to $399 million. A growing portion of this volume is being driven by the company's XO Swap partner ecosystem. In January, these partners accounted for $90 million (23%) of the total volume, up from $75 million (21%) in December.

XO Swap is an aggregation tool that connects to multiple third-party swap APIs, allowing users to find the most efficient trading routes across more than 20,000 pairs while remaining within the security of their own wallet. This technology is becoming a cornerstone of the company's strategy, and its expansion through high-profile partnerships is critical.

Recent integrations, such as the agreement to bring XO Swap's bridge functionality into MetaMask and a partnership to integrate with Ledger's hardware wallet application, Ledger Live, are set to expose the swap engine to millions of new users. This B2B strategy, where Exodus provides the underlying swap infrastructure for other platforms, creates a powerful revenue stream and network effect. The steady increase in partner-driven volume demonstrates that this ecosystem is not only growing but is also becoming a more integral part of the company's overall business model. This focus on operational execution and strategic partnerships provides a strong foundation for continued growth, regardless of day-to-day market volatility.