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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-07</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002085767</rptOwnerCik>
            <rptOwnerName>Di Giacomo Gerardo</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>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Chief Security Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-11-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>16064</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>79708</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 16,064 restricted stock units (&quot;RSUs&quot;) originally granted on November 7, 2025 of which (i) one-quarter will vest on June 1, 2026 and (ii) the remaining three-quarters will vest in 36 equal monthly installments beginning July 1, 2026 through June 1, 2029. Each RSU represents the right to receive one share of the Issuer's Class A common stock, par value $0.000001, upon settlement.</footnote>
        <footnote id="F2">Includes 63,644 RSUs originally granted on July 18, 2025 of which (i) one-quarter will vest on June 1, 2026 and (ii) the remaining three-quarters will vest in 36 equal monthly installments beginning July 1, 2026 through June 1, 2029. Each RSU represents the right to receive one share of the Issuer's Class A common stock, par value $0.000001, upon settlement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James Gernetzke, attorney-in-fact for Gerardo Di Giacomo</signatureName>
        <signatureDate>2025-11-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
