Hogan Lovells advises Exodus Movement Inc. on $175 million acquisition of Monavate and Baanx via W3C Corp

Press releases | 26 November 2025

London, 26 November 2025 - 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”), two established providers of card and payments infrastructure serving 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 issuing, processing, and regulatory capabilities that Exodus intends to integrate directly into its existing consumer and enterprise product suite. Through this transaction, Exodus will take ownership of the underlying card and payments stack, reducing its reliance on third-party providers and enabling support for a broader range of assets—including widely used payment stablecoins. The acquisition also positions Exodus to issue payment cards through networks such as Visa, Mastercard, and Discover, while expanding its geographic reach to support 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 on M&A matters by associates Aled Luckman and Ben Littlewood, with consultant Luke Grubb, senior associate James Sharp, associate Diana Suciu, foreign law clerk Rachel Dale (New York), and associate Magdelena Medarova advising on technology and regulatory matters. The team worked alongside Gibson Dunn to advise on this complex, multijurisdictional transaction.

John Salmon commented: “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 added: “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.”