Exodus Movement Positioned for Success, Benchmark Assigns ‘Buy’ Rating.

Benchmark Initiates ‘Buy’ Rating on Exodus Movement With $38 Price Target

Benchmark has initiated coverage on Exodus Movement (EXOD), a self-custody crypto wallet provider, with a ‘Buy’ rating and a $38 price target. The stock responded positively, rising 5.7% to $25.89 in early trading.

The brokerage firm emphasized the increasing demand for self-custody solutions, particularly after the Bybit exchange suffered a major hack, losing 400,000 ETH (worth $1.5 billion). Analyst Mark Palmer noted that Exodus Movement is well-positioned to capitalize on this shift, calling it the “right product at the right time.”

Despite a 60% drop in market cap over the past five weeks, Benchmark views the dip as a buying opportunity for investors. The report cited strong operational performance, rapid scalability, and a favorable U.S. regulatory climate for crypto as key growth drivers.

The firm reassured investors that Exodus Movement’s recent stock weakness is unrelated to its operational performance, as the company delivered strong Q4 earnings earlier this month.

Exodus generates most of its revenue through its exchange aggregation feature, which also powers its wallet-as-a-service business. This technology integrates with major platforms like Ledger and Magic Eden, offering seamless crypto swaps.

Exodus Movement went public on the NYSE American in December last year, marking a key milestone for the Nebraska-based company as it continues to expand in the crypto industry.