Financial Data and Key Metrics Changes - Exodus reported Q3 2025 revenue of $30.3 million, representing a 51% year-over-year growth, driven by higher digital asset prices [4][11] - Q3 swap volume reached $1.75 billion, an increase of 82% from the prior year, with B2B swaps contributing $496 million, accounting for 28% of the quarterly volume [11] - Non-exchange-related revenue increased to over 10% of total revenue for the first time, primarily due to improvements in staking, particularly in Solana staking [11][12] - Monthly active users stood at 1.5 million, a 6% decrease year-over-year, while quarterly funded users increased to 1.8 million, up 20% from a year ago [12] Business Line Data and Key Metrics Changes - The acquisition of Grateful is expected to enhance Exodus' payment strategy, providing tools for merchant checkout experiences based on stablecoins [5][12] - Exodus has signed 16 partnerships in the industry, with 10 already producing revenue, indicating growth in its traditional crypto business and ExoSwap [6][12] Market Data and Key Metrics Changes - The company served 37% of exchange provider volume to ExoSwap industry partners in September, up from 26% in the previous month [6] - The price of Bitcoin and Ethereum supported the overall economic environment for the quarter, with stablecoin and real-world asset tokenization adoption seen as key future catalysts [9][10] Company Strategy and Development Direction - Exodus aims to become a comprehensive financial app, integrating payments, investments, and savings, moving beyond just a crypto wallet [4][10] - The company is exploring a Bitcoin dividend for shareholders, which could leverage a core asset to reward stockholders and promote product adoption [14][15] - The Grateful acquisition is part of a broader strategy to enhance capabilities in the traditional payment space and expand into new regions [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential of stablecoins and the importance of integrating Grateful into their platform [5][9] - The company sees significant opportunities in Latin America, particularly in countries like Argentina, where there is a high demand for stablecoin usage due to inflation [29] Other Important Information - Exodus maintains a debt-free position with digital and liquid assets totaling $315 million as of September 30, including 2,123 Bitcoin [13] - The company is actively pursuing a charter amendment to allow for Bitcoin dividends, which is subject to board approval [15] Q&A Session Summary Question: Can you unpack the Grateful acquisition and its integration timeline? - Management confirmed that Grateful will go live next month in Uruguay, focusing on merchant services and checkout experiences [19][20] Question: What does the monetization model for Grateful look like? - The focus is on utility for merchants rather than immediate monetization, with potential for consumer services like loans and yield from stablecoins [27][28] Question: How significant is the opportunity in Latin America for stablecoin payments? - Management highlighted the vast potential in Latin America, especially in Argentina, where stablecoins are in high demand due to economic conditions [29] Question: How will Exodus incentivize users to adopt their platform? - The strategy includes integrating with credit and debit cards, providing a seamless experience for users to manage various assets in one app [35][37]