Benchmark Initiates Coverage on Exodus Movement, Assigns ‘Buy’ Rating With $38 Target

Investment firm Benchmark has launched coverage on self-custody crypto wallet provider Exodus Movement (EXOD), assigning a ‘Buy’ rating and setting a $38 price target. Following the news, the company’s stock gained 5.7% to reach $25.89 in early trading.

Benchmark highlighted the growing need for self-custody wallets, especially in light of the Bybit exchange hack, where attackers stole 400,000 ETH valued at $1.5 billion. Analyst Mark Palmer described Exodus as having the “right product at the right time,” as demand for secure, user-controlled crypto solutions continues to rise.

Despite experiencing a 60% decline in market cap over the past five weeks, Benchmark views this as a compelling entry point for investors. The firm pointed to Exodus’s strong operational momentum, rapid growth potential, and a supportive U.S. regulatory stance on crypto as key factors for long-term success.

The report clarified that the stock’s recent downturn was not due to operational concerns, noting that Exodus posted strong Q4 earnings earlier this month.

Exodus derives the majority of its revenue from its exchange aggregation feature, which also fuels its wallet-as-a-service business. This technology is integrated with major platforms like Ledger and Magic Eden, enabling seamless crypto swaps.

The Nebraska-based company made its public debut on the NYSE American in December last year, solidifying its position in the expanding crypto ecosystem.