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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock. In October 2025, holders of our Class A common stock have the ability to tokenize their shares on the Solana blockchain through our co-transfer agent, Superstate. The tokenized common stock is recorded and maintained by the co-transfer agent and represents the same ownership interests as the corresponding shares of Class A common stock reflected in the Company’s official share register. Stock-Based Compensation Options and Equity Grants Issued In September 2019, the Company adopted the 2019 Equity Incentive Plan (the "2019 Plan") which permitted the Company to grant non-statutory stock options, incentive stock options, and other equity awards to Exodus team members, directors, and consultants. The 2019 Plan authorized grants to issue up to 3,000,000 options (prior to the 2021 Equity Incentive Plan) that are convertible into shares of authorized but unissued Class B common stock. As of March 31, 2026, there were 541,842 shares of Class B common stock options outstanding in the 2019 Plan. In August 2021, the Company adopted the 2021 Equity Incentive Plan, as amended and restated in December 2025 (the "2021 Plan"). Upon the approval of the 2021 Plan, the Company can no longer grant non-statutory stock options, incentive stock options, or other equity awards to Exodus team members, directors, or consultants under the 2019 Plan. The 2021 Plan permitted the Company to grant non-statutory stock options, incentive stock options and other equity awards, such as restricted stock awards, to Exodus team members, directors, and consultants. The 2021 Plan authorized grants to issue up to 8,116,406 (prior to the adoption of the 2026 Equity Incentive Plan) awards convertible into shares of authorized but unissued Class A common stock. In March 2026, the Company adopted the 2026 Equity Incentive Plan (the “2026 Plan”). The 2026 Plan serves as the successor to the 2021 Plan and provides for the issuance of non-statutory stock options, incentive stock options and other equity awards, including restricted stock units, to team members, directors, and consultants of the Company. The exercise price for options issued under the 2026 Plan is determined by the Compensation Committee of the board of directors, but will be (i) in the case of an incentive stock option granted to a team member who owns stock representing more than 10% of the voting power of all classes of stock of the Company, no less than 110% of the fair market value per share on the date of grant (the "Incentive Stock Options"), or (ii) for all other awards, no less than 100% of the fair market value per share on the date of grant. The contractual term of options issued under the 2026 Plan is generally 10 years, except that the Incentive Stock Options may not have a term longer than five years. The 2026 Plan initially authorized 4,280,000 shares of Class A common stock for issuance and provides that the Company may increase the number of shares available for issuance on January 1 of each year beginning in 2027 and ending in 2036 by an amount equal to 5% of the Company’s outstanding common stock. Shares subject to awards under the 2026 Plan that are not issued or are withheld to satisfy exercise prices or tax withholding obligations are returned to the share reserve and become available for future issuance. As of March 31, 2026, a total of 4,280,000 shares of Class A common stock were reserved for issuance under the 2026 Plan. As of March 31, 2026, a total of 2,459,518 restricted stock units (“RSUs”) were authorized and outstanding with a fair value of $16.0 million. Upon the approval of the 2026 Plan, the Company can no longer grant non-statutory stock options, incentive stock options, or other equity awards to Exodus team members, directors, or consultants under the 2021 Plan. The terms of our share-based compensation are governed by the plan pursuant to which such awards were issued. The following table summarizes stock option activities for the three months ended March 31, 2026:
| Options |  | Weighted Average Exercise Price
Outstanding - beginning of period | 545,142 |  | $ | 2.41 |
Exercised | (3,300) |  | $ | 2.39 |
Outstanding - end of period | 541,842 |  | $ | 2.41 |
The following table summarizes RSU activities for the three months ended March 31, 2026:
| RSUs |  | Weighted Average Grant Date Fair Value
Outstanding - beginning of period | 2,543,468 |  | $ | 12.13 |
Granted | 318,223 |  | $ | 10.43 |
Vested | (370,634) |  | $ | 7.98 |
Forfeited | (31,539) |  | $ | 13.05 |
Outstanding - end of period | 2,459,518 |  | $ | 12.52 |
Stock-based compensation is recorded on the Company’s condensed consolidated statements of operations and comprehensive loss as follows:
(in thousands) |  |  |  |  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Technology, development, and user support |  |  |  |  | $ | 2,537 |  |  | $ | 725 |
General and administrative |  |  |  |  | 2,073 |  |  | 2,034 |
Stock-based compensation |  |  |  |  | $ | 4,610 |  |  | $ | 2,759 |
As of March 31, 2026, total unrecognized stock-based compensation expense was $12.4 million. This compensation is expected to be recognized over a weighted-average period of 1.6 years. Warrants As of March 31, 2026, the Company has warrants outstanding of 100,000 shares of its common stock for a third-party; no cash was received or paid in connection with the issuance. The fair value of the warrants was recorded to general and administrative expense on the condensed consolidated statements of operations and comprehensive loss and a corresponding increase to additional paid-in capital. The warrants were valued using the Black-Scholes option-pricing model, based on the following weighted-average assumptions:
Exercise price | $ | 31.90 |
Risk-free interest rate | 4.03 | %
Expected dividend yield | — | %
Expected volatility | 81.32 | %
Expected life (years) | 7.0

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