Benchmark Initiates ‘Buy’ Rating on Exodus Movement, Sets $38 Price Target
Investment firm Benchmark has initiated coverage on Exodus Movement (EXOD) with a ‘Buy’ rating and a $38 price target, citing strong market positioning and demand for self-custody solutions. The announcement led to a 5.7% increase in share price, reaching $25.89 in early trading.
The report highlights the growing importance of self-custody wallets, especially in light of the recent Bybit exchange hack, where 400,000 ETH worth $1.5 billion was stolen. Benchmark’s analyst Mark Palmer described Exodus as having the “right product at the right time” as users seek more secure alternatives to centralized exchanges.
Despite a 60% drop in market cap over the past five weeks, Benchmark views the stock’s decline as a buying opportunity, pointing to Exodus’s strong operational momentum, ability to scale, and a favorable U.S. regulatory stance on crypto.
The firm clarified that the recent stock pullback is not a reflection of operational struggles, noting that Exodus recently delivered solid Q4 earnings earlier this month.
Exodus generates most of its revenue from its exchange aggregation feature, which powers its wallet-as-a-service business. The platform is integrated with industry leaders like Ledger and Magic Eden, expanding its crypto swap capabilities.
The Nebraska-based firm made its public debut on the NYSE American in December last year, reinforcing its growing presence in the crypto industry.
