Exodus Movement, the company behind one of crypto’s most widely used self-custody wallets, is cutting about 25% of its global workforce as it reorganizes around stablecoin payments and card issuance. The company disclosed the restructuring in a securities filing on Friday, saying its board approved the plan on July 16.

The reduction affects roughly 77 employees and contractors, according to the filing. Exodus expects to book $2.5 million to $3.5 million in pre-tax charges, mostly severance, and to save $10 million to $13 million a year once the cuts are complete, with the full benefit landing in 2027. Affected workers will receive severance, continued benefits and transition support, the company said.

From Wallet to Payments Rails

Exodus said the cuts align its cost base with a plan to build a “full-stack card issuance and payments platform,” anchored by its acquisitions of payments platform Monavate and digital banking and payments company Baanx. “These actions position Exodus for its next phase as we build a full-stack payments platform that delivers meaningful, everyday utility,” Co-Founder and Chief Executive JP Richardson said in a statement.

The pivot matters because Exodus has been heavily exposed to crypto trading, tying its fortunes to market cycles. First-quarter revenue fell 37% year over year to $22.7 million, and its net loss widened to $32.1 million.

Analysts See an Overlooked Bet

On Monday, brokerage Benchmark reiterated its Buy rating on the stock even as it nearly halved its price target to $12 from $23, citing the weaker crypto market, according to The Block. Analyst Mark Palmer called the layoffs “operational follow-through” on the pivot and said investors are “underappreciating the optionality embedded in the payments infrastructure” Exodus gained through Monavate and Baanx. He argued that card issuance, stablecoin settlement and enterprise payments could loosen the company’s reliance on cyclical trading revenue.

The shares have been battered regardless, trading at $4.85, down roughly 85% over the past year.

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