Exodus Movement, a cryptocurrency wallet provider, will eliminate approximately 25 percent of its staff as part of a reorganization to support development of a full-stack card issuance and stablecoin payments platform.

The company announced the cuts in a regulatory filing, citing the need to align costs and priorities following acquisitions of Monavate and Baanx. These transactions are intended to reduce reliance on external providers for payments infrastructure.

The restructuring is projected to result in pre-tax charges of $2.5 million to $3.5 million, mainly for severance. It is expected to deliver annualized cash operating expense savings of $10 million to $13 million, with full benefits realized in 2027.

Exodus employed 215 full-time staff at the end of last year. Shares of the company fell more than 8 percent to $4.62 in early trading on Monday.