Why Exodus Movement is the Best Thing Since Sliced Bread (and Maybe Even Better!)

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What to know:

  • Benchmark has decided that the crypto self-custody wallet Exodus Movement is worth a buy rating and a $38 price target. Because why not?
  • In a plot twist worthy of a bad sci-fi novel, the recent Bybit hack has made self-custody wallets the hottest thing since the invention of the toaster.
  • With a 60% drop in shares over the last five weeks, it seems like the perfect time for investors to jump in—if they can find their socks first. 🧦

In a shocking revelation that surprised absolutely no one, the recent hack of crypto exchange Bybit has highlighted the undeniable value of self-custody wallets. This was reported by the ever-astute broker Benchmark, who decided to initiate coverage of Exodus Movement (EXOD) on a Wednesday—because who doesn’t love a midweek surprise?

The broker, in a fit of optimism, has slapped a buy rating and a $38 price target on this crypto wallet firm. In early trading, shares rose a staggering 5.7% to $25.89, which is about as exciting as watching paint dry, but hey, it’s something!

According to analyst Mark Palmer, the Nebraska-based company has the “right product at the right time.” This is a bit like saying a fish has gills—obviously true, but not exactly groundbreaking news.

The need for self-custody was dramatically underscored when Bybit was hacked for a whopping 400,000 ether (ETH), worth about $1.5 billion. Yes, you read that right. That’s a lot of ether! 💸

Exodus Movement has seen its market cap plummet by more than 60% in the last five weeks, which Benchmark noted gives a compelling entry point for investors. It’s like a clearance sale, but for crypto! 🛒

Interestingly, this recent weakness isn’t due to any concerns about the firm’s operating performance. No, they posted strong fourth-quarter results earlier this month, which is about as reassuring as a cat saying it won’t knock over your glass of water.

Exodus Movement primarily rakes in revenue from its exchange aggregation feature, and its “wallet-as-a-service” business is like a Swiss Army knife for crypto, integrated with platforms such as Ledger and Magic Eden. Because who doesn’t want more tools in their digital toolbox?

And just to add a cherry on top, the stock began trading on the NYSE American, the New York Stock Exchange’s sibling market, back in December last year. It’s like the little brother who finally got to join the big kids at the playground.

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2025-03-12 16:27