Exodus sues W3C Corp and CEO Garth Howat in Delaware to force $175M Baanx and Monavate acquisition

Exodus Movement filed in Delaware Chancery Court to compel W3C Corp and CEO Garth Howat to close the $175M all-cash acquisition agreed in November 2025, which would give Exodus control of Monavate (global payment infra) and Baanx (non-custodial crypto cards). Exodus secured UK FCA approval on April 8 and says all closing conditions are met, but W3C apparently won't come to the table — so Exodus declared its loans to W3C payable on demand and exercised its loan security rights. CEO JP Richardson says they expect the deal "fully honored" and will update at the Exodus Summit on May 1 in Omaha.

TLDR by @Benthic

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• [PDF] 8-K - 04/13/2026 - Exodus Movement, Inc. (exodus.com)
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