Exodus Movement Inc-A 2025年度报告

FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period fromto Commission File Number001-42047 Exodus Movement, Inc. (Exact name of Registrant as specified in its Charter)_____________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Class A Common Stock, par value $0.000001 per share Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐No☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act.☐ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Based on the closing price of the Registrant’s Class A common stock on the last business day of the Registrant’s most recently completed second fiscal quarter,which was June30, 2025, the aggregate market value of its shares (based on a closing price of $28.83 per share) held by non-affiliates was approximately$240,121,380. Shares of the Registrant’s Class A common stock held by each executive officer and director and by each entity or person that owned 5 percent ormore of the Registrant’s outstanding Class A common stock were excluded in that such persons may be deemed to be affiliates. This determination of affiliate statusis not necessarily a conclusive determination for other purposes. Table of contents As of March4, 2026, the Registrant had 10,626,754 shares of Class A common stock and 19,185,163 shares of Class B common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement relating to the Registrant’s 2026 Annual Meeting of Shareholders are incorporated by reference into Part IIIof this Annual Report on Form 10-K. (1)We are a remote-first company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of theSecurities Act of 1933, as amended, and Securities Exchange Act of 1934, as amended, communications may be directed to the listed address. Exodus Movement, Inc.Table of Contents Item 1.Business3Item 1A.Risk Factors20Item 1B.Unresolved Staff Comments44Item 1C.Cybersecurity44Item 2.Properties45Item 3.Legal Proceedings45Item 4.Mine Safety Disclosures45PART IIItem 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities46Item 6.[Reserved]46Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations47Item 7A.Quantitative and Qualitative Disclosures About Market Risk57Item 8.Financial Statements and Supplementary Data59 PART IItem 9.Changes in and Dis