1Q26 Recap: Monavate Acquisition Addressing the Exact Volatility Witnessed In 1Q Results. B2B Partnerships Still Lion's Share of Growth in Near-Term. Trimming PT to $16 (from $20).

Research evidence excerpt

1Q26 Recap: Monavate Acquisition Addressing the Exact Volatility Witnessed In 1Q Results. B2B Partnerships Still Lion's Share of Growth in Near-Term. Trimming PT to $16 (from $20).

Investment Thesis

We believe EXOD offers public equity investors a unique way to invest in the rapidly growing digital assets ecosystem. We think

EXOD is well-positioned to continue its growth trajectory in the years ahead as it benefits from its differentiated self-custodyFINTECH and cross-chain swap solutions, expansion of its partnership ecosystem, overall growth of the digital asset industry, and a real-

world crypto payments capability. We also expect EXOD to continue growing its digital assets treasury reserve to create additional

shareholder value.

EQUITY Upcoming Catalysts Price Performance

■ XO Swap partnership announcements. $80

■ Acquisitions of additional bitcoin for EXOD's treasury. $70

■ Passkeys Wallet announcements. $60

■ Bitcoin price changes. $50

■ Integration of Monavate and Baanx. $40RESEARCH $30

Base Case Assumptions: $16 Price Target $20

$10

■ Exchange aggregator volume grows to ~$10.4bn in FY27E. $0

■ EXOD achieves gross profit margins of 46% in FY27E. Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 ■ Core EBIT margins reach 13% in FY27E.

EXOD

S&P 500 (rebased)

Source: FactSet

Upside Scenario: $70/sh Company Description

■ Gross profit margins expand to ~70% context as core business momentum Exodus offers its self-custody wallet

continues. platform on both a mobile and desktop

■ EXOD achieves operating leverage above our estimates and core EBIT margins device. As the company's CFO James

exceed 50%. Gernetzke likes to say, the co-founder and

■ Bitcoin price rises above $150k. CEO of EXOD Jon Paul Richardson sought