Benchmark said Exodus Movement has crossed a "critical threshold" as it pivots from a self-custody wallet provider into a crypto payments platform.

In a Monday note, analyst Mark Palmer reiterated a Buy rating and a $21 price target, a roughly 165% jump from its current price of around $8.

Palmer pointed to the company's late-2025 acquisition of W3C and its payment firm subsidies Monavate and Baanx, saying that Exodus now has the infrastructure it needs to move beyond relying so heavily on crypto swap fees.

Up until now, Exodus has generated roughly 90% of its revenue from crypto swaps, making its business vulnerable to crypto price swings and shifts in retail sentiment. And that proved to be true on the company's latest full-year earnings, where it reported a record revenue of $121.6 million but still posted a $11.4 million net loss in 2025 due to crypto price declines and rising costs.

But Palmer says the addition of payment rails that include card issuance, interchange fees, and potential lending income could bring that number down to around 60%.

Interchange fees are made when users spend via their crypto cards. Because they don't fluctuate with crypto prices, they are seen as more stable than revenue made through swaps.

Exodus expanding its stack

At its recent Exodus Summit, management touted its growing suite of products, including XO Swap and XO Ramp, which it refers to as a more "vertically integrated stack."

"Four years ago, we were a wallet only," said Kevin Wood, director of revenue operations at Exodus Movement. "We now have an entire suite of APIs … and a first-party on-ramp experience."

Wood said that XO Ramp, Exodus’ in-house fiat on-ramp, has grown 30x in four quarters, allowing it to capture more revenue internally.

The company has had similar traction with XO Swap, signing 10 new partners in the first quarter to expand its routing network.