Exodus Extends Tokenized Equity to Solana as Analysts Stay Bullish

Exodus Movement Inc., a New-York-listed crypto infrastructure company with gross profit margins reported at roughly 94 percent and a market value exceeding 700 million dollars, has confirmed that holders of its Class A equity may now reflect their existing share ownership as tokenized representations on the Solana blockchain. The move expands an earlier deployment on Algorand and is being delivered through co-transfer agent Superstate via its Opening Bell issuance platform. The tokenized units are not standalone securities but serve as digital mirrors of positions already recorded in the official transfer agent books.

Chief executive JP Richardson conveyed that the firm views tokenized equities as a structural direction of travel for capital markets and that introducing its stock into large blockchain communities is regarded internally as a strategic priority. Exodus positions itself as the first publicly traded company to have provided a token form factor for its common stock. The expansion to Solana is consistent with the company’s multichain stance across its own wallet and product architecture.

Opening Bell brings regulated rails for on-chain public equity

Opening Bell, launched in mid-2025 by Superstate, is described by the firms as a compliant platform that allows public companies to issue tokenized equity on blockchain rails without altering the underlying corporate security. The arrangement offers a regulated wrapper for investors to hold on-chain reflections while maintaining the legal record off-chain.

Exodus has operated since 2015 and is known for design-centric, self-custodial multi-asset crypto wallets along with business-facing products such as Passkeys Wallet and XO Swap. The stock trades at a price-to-earnings multiple reported near 9.5 times. Despite recent softness — with shares sliding double-digits over the prior week amid broader market volatility — coverage from research desks has largely sustained optimistic outlooks.

Mixed quarter but coverage reiterates buy calls and high targets

In its second-quarter 2025 report, the company disclosed revenue of 26 million dollars, below a consensus expectation close to 31.5 million yet still reflecting mid-teens year-on-year expansion. Benchmark maintained a Buy rating together with a 58-dollar price target, pointing to what it called a significant valuation gap versus a key peer, Gemini Space Station. BTIG likewise reiterated a Buy stance with a 50-dollar target following results it characterized as mixed: revenue aligned with BTIG’s estimates but fell just short of broader Street consensus, while gross profit and adjusted EBIT undershot forecasts owing to one-off charges and an unfavourable volume mix.

Benchmark called the quarter a reset-type print that, paradoxically, reinforced the long-range upside view by spotlighting operating leverage potential and distribution optionality as market conditions normalize. The persistence of constructive analyst ratings underscores continued institutional interest in the firm despite near-term earnings noise and share-price pressure.

Tokenized equity framed as a forward signal for capital markets

By extending mirrored equity to another chain, Exodus is attempting to locate itself in the vanguard of what it characterizes as an inevitable convergence between public securities and programmable ledgers. The initiative reflects an effort to prove that token wrappers can coexist with regulated equity infrastructure, potentially lowering frictions for custody, portability, and secondary innovation over time. The company and its analysts present this as less a branding exercise and more a directional bet that on-chain representations of public equity will become a normalized layer in future market structure.