Debt-Free Balance Sheet and Acquisition-Driven Growth Underscore Buy Rating on Exodus Movement

Exodus Movement, Inc. Class A, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Michael Grondahl from Northland Securities assigned a Buy rating on the stock and has a $30.00 price target.

Michael Grondahl has given his Buy rating due to a combination of factors related to Exodus Movement’s operating performance, balance sheet strength, and growth outlook. Despite a softer trading environment and lighter overall swap activity in the fourth quarter, the company’s transaction volumes held up better than many crypto-industry peers, indicating relative resilience in a challenging market. Management has also strengthened the balance sheet by fully repaying the Galaxy Digital credit facility tied to the W3C acquisition, leaving the company debt free going into 2026. In addition, Exodus holds a sizable portfolio of major digital assets, which the company plans to deploy strategically to support future initiatives rather than operate as a passive crypto treasury.

Grondahl’s updated financial model for 2025 and 2026 reflects these dynamics, with forecasts that support his constructive view on revenue and adjusted EBITDA. He sets a price target of $30 per share, derived from applying a 6.25x multiple to his 2026 revenue estimate, implying meaningful upside from current levels. The ongoing integration and regulatory clearance process for the W3C acquisition, along with the initial rollout of the Grateful acquisition in December, offer additional growth levers that are not yet fully reflected in current results. Taken together, the company’s improving fundamental profile, clean balance sheet, and acquisition-driven expansion justify maintaining a Buy recommendation on Exodus Movement, Inc. Class A shares.

In another report released today, TipRanks – Google also initiated coverage with a Buy rating on the stock with a $18.00 price target.