Fold (NASDAQ:FLD) executives used the company’s fourth-quarter 2025 earnings call to highlight a year of product expansion and infrastructure investment, while acknowledging that a sharp pullback in Bitcoin prices weighed on engagement and growth late in the year. Chairman and CEO Will Reeves said the company’s focus since its February 2025 public listing has been building the foundation to scale a Bitcoin financial services platform for consumers and businesses, pointing to new product categories and partnerships introduced over the last year.
Reeves said that beginning in early October, Bitcoin’s price declined from about $124,000 to $87,000 by year-end and fell as low as $60,000 in early February 2026. He characterized the drawdown as consistent with the asset’s historical volatility and said it typically leads to reduced trading and spending activity across the ecosystem. Fold saw that impact in the fourth quarter, as revenue, transaction volumes, and user growth slowed.
Credit card launch and rollout plans
Fold partnered with Visa and Stripe for the card’s launch. Reeves and CFO Wolfe Repass emphasized economics they expect to improve as the program scales, including higher interchange versus debit cards and the potential benefit from interest on revolving balances. Reeves said the credit card’s interchange is “two times” the interchange of Fold’s debit card, and he said Fold structured the program to be profitable on a unit-economics basis “before even factoring in any interest.” Repass added that certain costs are fixed regardless of scale and that volume rebates tied to Fold’s Visa partnership do not begin until after the program has been live for a year, which he said should make “year two” stronger than year one.
Management repeatedly cited fraud and risk controls as the pacing item for expansion. Reeves said Fold is onboarding cardholders in waves—starting with “several hundreds,” then “several thousands,” then “tens of thousands”—with stage gates and KPIs focused on fraud, risk, and customer behavior. He did not provide a specific target for active cards by the end of the second quarter, saying the company needs the initial months of data to refine its views.
On demand, Reeves said the wait list is “over 80,000” people and will reopen as the rollout progresses. He said timing for distributing cards across the list depends on how quickly fraud and risk models are “dialed in.” Repass said Fold achieved the wait list with “almost zero marketing dollars spent,” and management suggested initial customer acquisition costs for the first cohort should be low given the limited marketing investment.
Reeves outlined the rewards structure on the call, including:
- A flat, unlimited 1.5% back on all purchases.
- The ability to earn up to 4% back for qualifying activities, with higher rewards tied to Bitcoin exchange activity on Fold.
- A 2% minimum on purchases when using Bitcoin to pay the card, according to Reeves’ comments during the Q&A.
Enterprise expansion: Bitcoin bonus program
Fold also highlighted progress in enterprise offerings. Reeves said the company launched a Bitcoin bonus program that enables businesses to integrate Bitcoin into payroll, bonuses, and other corporate programs using Fold’s infrastructure. In January 2026, Fold announced Steak ’n Shake as its first partner. Reeves said eligible Steak ’n Shake employees can receive Bitcoin bonuses powered by Fold, and he expects the business line to expand in 2026 as additional partners adopt the platform.
Reeves described the program as a new revenue stream beyond transaction fees, with enterprise partners engaging through annual “SaaS-style contracts” that scale with employee adoption. He also framed partner employees as a customer acquisition opportunity, since employees can gain access to Fold’s broader consumer product suite subject to KYC and onboarding requirements. In response to analyst questions, Reeves said demand has been strong across a range of company sizes and that Fold has additional partners in the contract stage.
Bitcoin Gift Card traction and contribution
Management said the Bitcoin Gift Card remains a key growth lever and customer acquisition channel. Reeves said Fold established “thousands of points of sale” through national brand partnerships including Kroger and is in active discussions with other U.S. retailers. He said the product has grown about 20% month-over-month since launch and brought “thousands of new customers” to Fold with what he characterized as essentially zero acquisition costs.
On financial contribution, Repass said Bitcoin Gift Card sales are recorded in Fold’s custody and trading revenues line. He said that through the third quarter of 2025, that revenue line totaled about $740,000, and in the fourth quarter the company added an additional $722,000, “largely due to the Bitcoin Gift Card.” Fold did not provide a specific breakdown between gift card and exchange activity, though Repass said it was “safe to assume that a majority” of the fourth-quarter amount came from the gift card.
Financial results and balance sheet updates
Repass said Fold added 3,000 new verified accounts in the fourth quarter, ending 2025 with more than 84,000 verified accounts, a nearly 20% year-over-year increase. Total transaction volume for 2025 was $960 million, up 46% year-over-year. Fourth-quarter revenue was $9.1 million, up 8% from the prior-year quarter, and full-year 2025 revenue was $31.8 million, a 34% increase.
For profitability, Repass reported a year-to-date GAAP operating loss of $27.8 million, compared with $5.8 million in the prior year. Year-to-date adjusted EBITDA was -$17.2 million, compared with -$6.3 million in the prior year. Repass said each of Fold’s core business lines generates positive gross margins on a product-level basis, and he expects that to remain the case for the credit card as it reaches full scale.
As of Dec. 31, 2025, Fold had nearly $63 million in net assets, $7.7 million in cash and cash equivalents, and negative working capital of $2.3 million, which included a $10 million current liability tied to a Bitcoin-backed loan with Two Prime. Fold held 1,527 Bitcoin in its treasury, with 1,000 restricted as collateral for convertible notes and a credit facility.
Repass said the company made significant capital structure changes in early 2026, eliminating all outstanding convertible debt with a combined principal of $66.3 million. He said the restructuring removed restrictive covenants and execution friction, released 521 Bitcoin previously pledged as collateral, and was accomplished “primarily through non-dilutive means,” including selling 200 Bitcoin. Repass also said the transactions removed an estimated 8–10 million shares from Fold’s fully diluted share count, including potential shares that could have been issued for future interest payments.
Outlook: building toward 2026 scale
Looking to 2026, Repass said Fold expects revenue growth to be driven by the credit card rollout, continued expansion of consumer products, and growth in the enterprise business line. He said transaction volumes and revenue are expected to increase progressively throughout the year as products scale, with a particular correlation to the credit card. Management declined to provide specific full-year 2026 revenue figures, saying it is too early given the card’s recent launch.
Reeves also addressed Fold’s Bitcoin treasury approach during Q&A, emphasizing the company is “not a digital asset treasury company” and that it prioritizes the operating business. He said Fold would like to add Bitcoin to its treasury over time “where possible,” but not through what he described as financial engineering. Both Reeves and Repass said they view the operating company as central to long-term Bitcoin accumulation through business performance.
About Fold (NASDAQ:FLD)
Fold, trading under the ticker FLD on the NASDAQ, is a financial technology company specializing in bitcoin rewards and cryptocurrency-based consumer products. The company’s core offering enables users to earn bitcoin on everyday purchases through a prepaid Visa debit card, converting traditional currency transactions into bitcoin rewards at no extra cost. By partnering with major payment networks and merchant platforms, Fold aims to bridge the gap between mainstream spending and digital asset adoption.
Beyond the debit card, Fold offers a mobile application that integrates with the Bitcoin Lightning Network to facilitate faster and more cost-efficient transactions.
