Core Viewpoint - Exodus Movement, Inc. has announced a definitive agreement to acquire W3C Corp, which includes Monavate and Baanx, to enhance its payments infrastructure and position itself as a leader in on-chain payments [1][2][3] Acquisition Details - The acquisition is valued at $175 million and will be funded through a combination of cash and financing from a credit facility with Galaxy Digital, secured by the company's Bitcoin holdings [7] - The acquisition is subject to regulatory approvals and customary closing conditions, with an expected closing in 2026 [7] Strategic Implications - The acquisition will allow Exodus to control the end-to-end payments experience, integrating issuing, processing, and regulatory capabilities directly into its product suite [3][4] - By bringing card and payments infrastructure in-house, Exodus aims to reduce reliance on third-party providers and support a wider range of assets, including stablecoins [3][4] Market Context - The demand for stablecoin payments has surged, with volumes increasing by 70% from February to August 2025, primarily driven by B2B transactions [4] - The infrastructure expansion is expected to enhance offerings for enterprise clients, enabling flexible payment solutions and partnerships with major players like MetaMask and Ledger [5][6] Financial Outlook - The acquisition is anticipated to diversify Exodus's revenue streams through interchange, processing, and program fees, contributing to a more predictable earnings base [5] - XO Swap, a service offered by Exodus, accounted for 37% of all exchange provider volume in October 2025, indicating strong market presence [5]