PHOENIX, March 17, 2026 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ:FLD) ("Fold", "we", or "our"), the first publicly traded bitcoin financial services company, today announced financial results for the fourth quarter and full year ended December 31, 2025.
FY 2025 Financial Highlights
Revenue: $31.8 million; 34% YoY increase
Operating Loss: ($27.7) million
Adjusted EBITDA2 (Loss): ($17.2) million
Loss Per Share: ($1.65) per share
Adjusted EBITDA (Loss) Per Share2: ($0.41) per share
Bitcoin Investment Treasury Holdings1: 1,527 BTC
FY 2025 Key Operating Metrics
Total Transaction Volume: $960 million; 46% YoY increase
Total Verified Accounts: ~84,000, +13,000 new in the year
Q4 2025 Financial Highlights
Revenue: $9.1 million; 8% YoY increase
Operating Loss: ($6.0) million
Adjusted EBITDA2 (Loss): ($4.1) million
Q4 2025 Key Operating Metrics
Total Transaction Volume: $215 million; 3% YoY decrease
Total Verified Accounts: ~84,000, +2,000 new in the quarter
CEO Commentary
"We closed our first full year as a public company with strong execution against the goals we set coming into 2025," said Fold Chairman and CEO Will Reeves. "In the fourth quarter, revenue was $9.1 million, up 8.2% year-over-year, and for full year 2025 revenue was $31.8 million, up 34% year-over-year. We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines."
Mr. Reeves continued, "The most important milestone reached since we last spoke was the launch of the Fold Bitcoin Rewards Credit Card, which began last week with a select launch of the card. The internal team members who worked so hard to bring the card to life were the first to be underwritten and receive their credit lines. This is expected to be followed by a rollout to the loyal customers and fans at the top of our waitlist in the near future. The credit card is a product we believe can have a significant impact on Fold. The card offers up to 4% back on purchases with no categories, and up to 10% back through our rewards network across leading brands, and it is powered by industry leaders Visa and Stripe. More than a new product, it should meaningfully expand our addressable market and strengthen the ecosystem by increasing share of wallet, improving unit economics, and accelerating cross-sell across debit, credit, merchant rewards, exchange, and gift cards."
"Our second major product milestone this quarter was the launch of Fold for Business, an entirely new enterprise service. Partnered with Fold, companies can now include Bitcoin into payroll, bonuses, and corporate financial programs. We've already seen the power of our first product in this line, the Bitcoin Bonus Program, through our flagship partnership with Steak ‘n Shake, in which their thousands of employees can receive Bitcoin bonuses powered by Fold. We look to initiate many more partnerships through the year."
He added, "We strengthened our capital structure by eliminating and extinguishing our two outstanding convertible debt instruments. This simplifies the balance sheet, removes structural overhang, and directs financing solely to the growth of our operating businesses. Importantly, it's a clear directive that Fold's focus is on supporting and expanding our operations and that the company is not a digital asset treasury vehicle. Fold has a collection of innovative products servicing a market which is growing at an extraordinary speed. We believe maximizing this opportunity will create far more value for our shareholders than simply stacking bitcoin."
Mr. Reeves concluded, "With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we've built across customer acquisition, engagement, cross-sell, and retention. We're confident in our direction, focused on execution, and excited for the year ahead."
Strategic & Business Updates:
Limited Launch of Fold Bitcoin Rewards Credit Card
Card significantly expands Fold's total addressable market and allows for greater share of wallet with existing users
Traditional unsecured credit card - spend USD, earn bitcoin rewards
Powered by Visa and Stripe
Base rewards rate of 1.5%, up to 4.0% for qualifying activities
Fold Bitcoin Gift Card
Low cost, high reach customer acquisition strategy
Available online (Fold App, foldapp.com, giftcards.com, etc.)
Available in store (~2,000 Kroger brand locations)
Program is expected to expand to additional partners in 2026; currently in active discussions with other US based retailers
Fold For Business
Service launched in Q1 2026
Allows businesses to integrate Bitcoin into payroll, bonuses, and other corporate financial programs for their employees, and to build corporate treasury programs
Enterprise partners will engage with Fold through annual SaaS-style contracts
Inaugural program with Steak ‘n Shake allows all of their employees to receive Bitcoin bonuses powered by Fold's financial platform
Program is expected to expand to additional partners in 2026
2026 Full Year Outlook
Growth drivers are expected to include the broader rollout of the Fold Credit Card, continued expansion of consumer products, and the growth of the newly launched enterprise business
Given the recent limited launch of the credit card, the company is currently not providing specific revenue figures.
Earnings Call and Webcast Information:Fold will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question-and-answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.
Date: March 17, 2026Time: 5:00 p.m. ETParticipant Call Links:
Live Webcast: Link
Dial-in Registration Link: Link
A replay of the call will be archived at https://investor.foldapp.com
Footnotes
1 Fold's Bitcoin Investment Treasury is 827 BTC as of March 17, 2026, and was 1,527 BTC as of December 31, 2025.
2 Adjusted EBITDA and Adjusted EBITDA Per Share are financial measures not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this press release.
About Fold:Fold (NASDAQ:FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Bitcoin Gift Card™, and Fold Debit Card™, the company is building the bridge between traditional finance and the bitcoin-powered future.
Forward-Looking Statements:The information in this press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of words such as "may," "could," "would," "should," "predict," "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include statements regarding the rollout, development and expected effect of Fold's credit card program, the development and adoption of Fold's gift card and enterprise program, Fold's treasury strategy, revenue, and transaction volume growth, and the potential success of Fold's overall market, product and growth strategies. These statements are based on assumptions and on the current expectations of Fold's management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to changes in the acceptance of bitcoin; (ii) our continued ability to implement business plans; (iii) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; (iv) volatility in the market price of bitcoin; (v) access to and reliance on funding for our products, including the credit card, and general operations; (vi) access to and reliance on third parties for their services related to certain of our products, including risks relating to Fold having a single custodian for our bitcoin; (vii) reliance on banking partners which are subject to complex and demanding regulations and compliance standards; and (viii) those risks and uncertainties discussed in Fold Holdings, Inc.'s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, Fold specifically disclaims any obligation to do so, except as required by law.
Fold Holdings, Inc. Balance Sheets
December 31,
December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents
$
7,652,203
$
18,330,359
Accounts receivable, net
728,001
451,455
Inventories
478,045
262,813
Digital assets - rewards treasury
6,872,869
8,569,651
Prepaid expenses and other current assets
2,384,684
687,100
Total current assets
18,115,802
28,301,378
Digital assets - investment treasury
133,658,791
93,568,700
Capitalized software development costs, net
1,393,752
1,000,065
Deferred transaction costs
-
2,784,893
Other non-current assets
299,309
-
Total assets
$
153,467,654
$
125,655,036
Liabilities and stockholders' equity (deficit)
Current liabilities
Accounts payable
$
704,789
$
1,113,552
Accrued expenses and other current liabilities
3,166,186
71,858
December 2024 convertible note, net
-
11,752,905
Credit facility
10,000,000
-
Customer rewards liability
6,872,869
8,569,651
Deferred revenue
366,252
387,776
Total current liabilities
21,110,096
21,895,742
Deferred revenue, long-term
-
487,690
June 2025 convertible note, net
21,469,675
-
March 2025 convertible note - related party
47,207,556
-
Simple Agreements for Future Equity ("SAFEs")
-
171,080,533
Other non-current liabilities
689,680
-
Total liabilities
90,477,007
193,463,965
Commitments and contingencies (Note 13)
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024
-
1,020
Common stock, $0.0001 par value; 600,000,000 shares authorized, 48,477,883 shares issued and 48,419,266 shares outstanding at December 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024
4,849
584
Additional paid-in-capital
233,924,782
33,537,989
Accumulated deficit
(170,938,984
)
(101,348,522
)
Total stockholders' equity (deficit)
62,990,647
(67,808,929
)
Total liabilities and stockholders' equity
$
153,467,654
$
125,655,036
Fold Holdings, Inc. Statements of Operations
Year Ended December 31,
2025
2024
