Hogan Lovells advises Exodus on acquisition

Global law firm Hogan Lovells has advised Exodus Movement Inc. (“Exodus”), a leading crypto wallet provider listed on the New York Stock Exchange, on its $175 million acquisition of Monavate Holdings Limited (“Monavate”) and certain assets of Baanx Group Ltd (“Baanx”), which are reputable providers of card and payments infrastructure for fintech, crypto, and enterprise clients. The acquisition was structured using a special purpose vehicle, W3C Corp (“W3C”), which first acquired Monavate and Baanx before itself being acquired by Exodus.

Monavate and Baanx bring essential issuing, processing, and regulatory capabilities that Exodus aims to integrate directly into its existing consumer and enterprise product offerings. With this transaction, Exodus will take ownership of the underlying card and payments stack, diminishing its dependency on third-party providers and permitting support for a wider range of assets—specifically, widely used payment stablecoins. Additionally, the acquisition positions Exodus to issue payment cards through major networks like Visa, Mastercard, and Discover while expanding its geographical reach to enhance new products and partnerships across the US, UK, and EU.

The Hogan Lovells team in London was led by partner and Co-Chair of the Digital Assets and Blockchain practice John Salmon, M&A partner Anthony Doolittle, and Financial Services partner James Black. They were supported by associates Aled Luckman and Ben Littlewood on M&A matters, while consultant Luke Grubb, senior associate James Sharp, associate Diana Suciu, foreign law clerk Rachel Dale (New York), and associate Magdelena Medarova provided advice regarding technology and regulatory issues. The team collaborated with Gibson Dunn to navigate this complex, multijurisdictional transaction.

John Salmon noted “We are delighted to support Exodus on this strategically significant transaction. This acquisition brings together innovative capabilities across fintech and digital assets, and we are pleased to have helped navigate the complex regulatory and commercial issues involved.” Anthony Doolittle further stated “This transaction involved navigating complex regulatory and structuring considerations across multiple jurisdictions. We are pleased to have supported Exodus in achieving a commercially robust outcome that positions the business strongly for its next phase of growth.”