Exodus Movement, Inc. Fair Value Disclosure
(in thousands) | Carrying Value | Quoted Prices Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | |||
As of December 31, 2025 | |||||||
Bitcoin | $149,164 | $149,164 | $— | $— | |||
Ether | 5,633 | 5,633 | — | — | |||
Solana | 1,552 | 1,552 | — | — | |||
Other investments (1) | 700 | — | — | — | |||
Equity security | 244 | 244 | — | — | |||
Other digital assets | 98 | 98 | — | — | |||
Money market funds | 7 | 7 | — | — | |||
Total | $157,398 | ||||||
As of December 31, 2024 | |||||||
Bitcoin | $181,238 | $181,238 | $— | $— | |||
Treasury bills | 31,162 | 31,162 | — | — | |||
Money market funds | 25,514 | 25,514 | — | — | |||
Ether | 8,847 | 8,847 | — | — | |||
Solana | 4,628 | 4,628 | — | — | |||
Other digital assets | 1,646 | 1,646 | — | — | |||
Other investment (1) | 100 | — | — | — | |||
Total | $253,135 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 11, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.