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Exodus Movement Incurs Indebtedness In The Amount Of $60M Under Its Master Digital Currency Loan Agreement With Galaxy Digital

Benzinga·11/21/2025 21:06:05
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On November 17, 2025, the Company incurred indebtedness in the principal amount of $60 million (the "November 2025 Loan") pursuant to a loan term sheet executed under its Master Digital Currency Loan Agreement (the "Digital Currency Loan Agreement") with Galaxy Digital LLC (the "Lender"). The Company drew down the proceeds of the November 2025 Loan to maintain readiness to deploy capital in connection with potential future strategic transactions.

 

The November 2025 Loan is denominated in U.S. Dollars and secured by Bitcoin (BTC) pledged as collateral. The loan bears interest at a rate of 9% per annum and is structured as an evergreen facility with a 30-day recall or redelivery option available to either party in accordance with the terms of the Digital Currency Loan Agreement. The initial collateral level is 150% of the loan amount, subject to margin-call thresholds of 140% and 135% as set forth in the applicable term sheet. The collateral is custodied with Anchorage Digital Bank, and the November 2025 Loan is not subject to rehypothecation by the Lender.

 

Under the Digital Currency Loan Agreement, the Company may be required to post additional collateral if the value of the pledged Bitcoin falls below the applicable margin thresholds. In the event of default or termination, the Lender may exercise customary remedies, including taking possession of or liquidating collateral. The Digital Currency Loan Agreement was previously described in, and filed as Exhibit 10.1 to, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.