<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-01</periodOfReport>

    <issuer>
        <issuerCik>0001821534</issuerCik>
        <issuerName>Exodus Movement, Inc.</issuerName>
        <issuerTradingSymbol>EXOD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001966850</rptOwnerCik>
            <rptOwnerName>Richardson Jon Paul</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>15418 WEIR ST., #333</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OMAHA</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-11-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10472</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>24.49</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>864901</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">In connection with the vesting and settlement of Restricted Stock Units (&quot;RSUs&quot;) previously granted under the Issuer's equity incentive plans, the Issuer withheld shares of
Company's Class A common stock, par value $0.000001 per share (&quot;Class A Common Stock&quot;), to satisfy its tax withholding obligations.</footnote>
        <footnote id="F2">Represents the price of the Company's Class A Common Stock on the vesting date.</footnote>
        <footnote id="F3">Includes (i) 3,049 RSUs originally granted on January 5, 2022 that vest in equal monthly installments through January 1, 2026, (ii) 182,292 RSUs originally granted on January 1, 2023 that vest in equal monthly installments through January 1, 2027, (iii) 166,156 RSUs originally granted on March 13, 2024 that vest in equal monthly installments through January 1, 2028 and (iv) 101,488 RSUs originally granted on May 21, 2025 that vest in equal monthly installments through January 1, 2029. Each RSU represents the right to receive one share of Class A Common Stock upon settlement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James Gernetzke, attorney-in-fact for Jon Paul Richardson</signatureName>
        <signatureDate>2025-11-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
