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Posted by
Two Blokes Jun 12 -
Filed in
Stock
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6 views
We Initiate Strong Buy on Exodus with $93 PT, driven by accelerating user growth and ARPU, outpacing consensus expectations. Exodus's product mix shift—XO Swap, Passkeys wallet—broadens monetization levers, reducing reliance on volatile trading volumes and boosting recurring revenues. Valuation reflects a premium-growth profile (3.2x FY26E EV/Sales), justified by operational momentum and underappreciated multi-year monetization upside.
