Benchmark Initiates Coverage on Exodus Movement With ‘Buy’ Rating and $38 Target
Brokerage firm Benchmark has initiated coverage on self-custody crypto wallet provider Exodus Movement (EXOD), issuing a ‘Buy’ rating along with a $38 price target. Following the announcement, the company’s shares climbed 5.7% to $25.89 in early trading.
In its Wednesday report, Benchmark emphasized the increasing demand for self-custody wallets, particularly in light of the recent Bybit exchange hack, which saw attackers steal 400,000 ether (ETH) worth approximately $1.5 billion. Analyst Mark Palmer described Exodus as having the “right product at the right time,” underscoring the growing importance of secure, user-controlled crypto storage solutions.
Despite losing over 60% of its market cap in the last five weeks, Benchmark sees the recent pullback as a strong buying opportunity, highlighting Exodus Movement’s operational momentum, rapid scalability, and the favorable U.S. regulatory environment for crypto.
Importantly, the report clarifies that the recent decline in share price is not tied to concerns over the company’s operational performance. In fact, Exodus recently reported strong fourth-quarter earnings, reinforcing confidence in its business model.
A significant portion of the company’s revenue comes from its exchange aggregation feature, which powers its wallet-as-a-service business. This technology is integrated into platforms like Ledger and Magic Eden, enabling seamless crypto swaps.
Exodus Movement began trading on the NYSE American in December of last year, marking a significant milestone for the Nebraska-based firm as it continues to expand its presence in the crypto space.
