Are big companies changing how they earn money from digital coins?

"is currently developing its tokenized deposit platform and has not commenced revenue-generating operations"

"The Company pledges Bitcoin as collateral for its derivative trading activities."

"We show that tokenization does not create value merely by making an asset transferable, fractional, or digitally scarce."

"USBC will serve as the network operator, Vast Bank will serve as the issuing bank for customer deposit accounts, and Uphold will provide platform integration and customer access services."

"outputs are expected to enable monetization through multiple fee-based and recurring revenue models across the commodity and digital"

"Deposit Revenue shall be calculated monthly based on the anticipated yield attributable to the tokenized deposit balances allocated to each asset category as determined by Vast in its sole discretion."

"Throughout the period that the digital asset receivable is outstanding, the receivable will be measured at fair value of the underlying loaned digital asset with changes recorded in changes in fair value of digital assets in current period earnings."

"The Company pledges Bitcoin as collateral for its derivative trading activities."

"The Company does not use derivatives, futures, options, or other hedging instruments to mitigate its exposure to Bitcoin price volatility."

"by and between the Company and Monetary Metals & Co., a Delaware corporation (“Monetary Metals”)."

"from both established financial institutions and emerging technology firms."

"Under our Prime Broker Agreement with the Payward entities, Payward Financial, Inc., a Wyoming Special Purpose Depository Institution, provides Custodial Services to us in connection with our Bitcoin-backed credit facility."

"Staking rewards earned by the Company through staking of these assets are recognized as an addition to digital assets and as staking revenue in the accompanying unaudited condensed consolidated statements of operations in the period in which such rewards are recognized."

"the Company does not earn revenue by charging users for products or services. The Exodus wallet is offered to users for free; the majority of the Company’s revenue is earned by charging fees to the API Providers"

"We use Payward Financial’s Custodial Services to hold Bitcoin pledged as Collateral under our Master Loan Agreement with Payward Interactive. The Collateral is held in Collateral Accounts for our benefit, subject to the security interest in favor of Payward Interactive."

"Effective January 1, 2024, the Company early adopted ASU 2023-08, which requires entities to measure certain cryptocurrencies at fair value, with changes in fair value recorded in net income in each reporting period."

"the Company’s digital assets were classified as current based on management’s expectation that such assets may be monetized within the next twelve months to support the Company’s operating and liquidity requirements."

"For transaction services provided by API Providers to users located in the United States, we charge API Providers a monthly tiered subscription fee"

"The related Account Control Agreement also provides that Payward Financial will not lend, rehypothecate, make margin loans or take similar action with respect to the Collateral while the Account Control Agreement is in effect."

"As a result of the adoption of ASU 2023-08 effective January 1, 2024, impairment of digital assets was no longer recognized."

"The Company exchanges AVAX for liquid staking receipt tokens, including stAVAX and sAVAX, through the Hypha Protocol and BENQI Protocol, respectively, in connection with its liquid staking activities."

"For transaction services provided by API Providers to users located outside the United States, we generally utilize a transaction-based structure to charge API Providers a percentage of the underlying value of"

"Strategic Partnership Agreement, dated as of January 20, 2026, by and among the Company, Vast Bank and Uphold"

"The Company recognized impairment losses on its liquid staking digital assets of $11.1 million and $16.2 million for the three and six months ended June 30, 2026, respectively."

"Everstake is a staking service provider that pays Exodus a subscription-based fee, based on the amount of assets staked by users, for the ability to connect to the Exodus Platform and interact with users."

"On October 1, 2023, the Company made of investment of 2,701 Ethereum, with a fair value of $4.7 million, into Bit Digital Innovation Master Fund SPC Ltd. (the “Fund”)."

"In addition, in connection with the redemption of its liquid staking assets during the three and six months ended June 30, 2026, the Company recognized gains of $1.8 million related to stAVAX and $2.1 million related to sAVAX."

"regardless of our ability to generate revenue from our digital assets or our high performance computing services, we may need to raise additional capital in the form of equity or debt to fund our operations and pursue our business strategy, including purchases in order to fund our high performance computing services."

"Please note that the Company has ceased providing non-custodial staking tools to third parties and is only conducting solo-staking."

"We respectfully advise that as of July 1, 2023, the Company stopped providing its StaaS business model and is focusing on solo-staking."

"the Company earned fees and Miner Extractable Value (“MEV”) revenues in the forms of ETH from solo-staking."

"Tokenized treasury yields are significantly lower than those of comparable T-bill ETFs, even before accounting for gas fees and platform costs."

"As such the Company no longer accept accepts Bitcoin, ETH, USDT, or USDC from its customers, if any, or as a form of payment"