Who's Selling Exodus? Janus, for sure.

There have been plenty of folks selling Exodus stock in recent months. One of the biggest has been Janus Capital, the mutual fund company that had been Exodus' single largest institutional investor. In a filing with the SEC yesterday, Janus reported that it now owns just 1.49 million shares of Exodus, and has slipped well below the 5 percent ownership threshold that requires SEC filings.

That's a big change from the end of 2000, when Janus held 60.2 million shares of Exodus, a 14 percent stake representing Wall Street's biggest position in the company. Only one other institution (T. Rowe Price, 5.4 percent) owned a 13D-size stake in Exodus.

That means Janus has sold more than 58 million shares of Exodus in the past six months. Meanwhile, a 5 million share block of Exodus changed hands in after-hours trading today, following a session in which EXDS shares slipped another 12.5 percent to $1.40. Is this the completion of Janus' unwinding of its position, or something else entirely? Stay tuned.