Key Highlights
- Fold’s 2025 net loss reached $69.6M, with operating losses expanding nearly fivefold from $5.8M to $27.7M
- Full-year revenue increased 34% year-over-year to $31.8M; Q4 brought in $9M, marking 8% growth
- Two convertible bonds were retired, eliminating dilution concerns while triggering a $9.6M one-time expense
- Bitcoin treasury holdings declined approximately 46%, dropping from 1,527 BTC to 827 BTC by March 17
- FFLD shares declined 59% in 2026 year-to-date and 83.8% over twelve months; shares jumped 13.4% after-hours Tuesday before declining 4.46% Wednesday
Fold completed its inaugural year as a publicly traded company with mixed financial results. The Bitcoin-centered financial services provider disclosed a $69.6 million net loss for 2025, alongside 34% revenue expansion that brought total sales to $31.8 million.
The widening chasm between revenue growth and profitability stands out in the earnings report. Operating losses expanded dramatically from $5.8 million to $27.7 million — representing nearly a fivefold increase. The company’s adjusted EBITDA loss totaled $17.2 million, translating to $0.41 per share.
A substantial portion of the net loss stems from a one-time $9.6 million charge associated with retiring two convertible bonds. CEO Will Reeves characterized the move as “strategic housekeeping,” explaining it “removes structural overhang and directs financing solely to the growth of our operating businesses.”
The remaining difference between operating loss and net loss appears to stem from non-cash items — including stock-based compensation, depreciation, and comparable charges that increase GAAP figures while preserving actual cash.
Regarding customer growth, Fold acquired 13,000 new users throughout 2025, elevating its total to 84,000 verified accounts. Annual transaction volume reached $960 million, representing 46% growth. Q4 generated $215 million in transaction volume, though this marked a 3% year-over-year decline.
Credit Card Expansion Initiative
Fold recently introduced a Visa and Stripe-powered Bitcoin Rewards Credit Card, broadening its cashback program to include credit purchases. The firm also unveiled Fold For Business, enabling companies to incorporate Bitcoin into payroll and corporate finance systems.
Steak ‘n Shake represents an early partner, distributing employee bonuses in Bitcoin.
During the earnings call, CEO Reeves delivered a bold prediction: “Bitcoin rewards will overtake airline miles as the preferred consumer reward in the US.”
He noted that card programs must “scale to millions of cardholders,” while emphasizing that improved fraud and risk controls are necessary before Fold can “really open the floodgates.”
The credit card initiative represents a capital-intensive undertaking for a company already generating operating losses. Credit card offerings demand reserves, fraud infrastructure, and compliance resources that debit products avoid. The US credit card market handles approximately $5 trillion in annual transactions — capturing even a modest percentage would significantly exceed Fold’s current volume.
Bitcoin Holdings Reduction
While Reeves emphasized growth prospects, Fold has been steadily liquidating its Bitcoin treasury. The company maintained 1,527 BTC at the close of 2024. By March 17, holdings had decreased to 827 BTC — representing roughly a 46% reduction.
This selldown has aligned with persistent stock price weakness. FFLD has declined 59% year-to-date in 2026 and has surrendered 83.8% of its value during the past twelve months.
Following Tuesday’s earnings announcement, shares surged 13.4% in after-hours trading to $1.27. Wednesday brought a reversal, with shares falling 4.46% to settle at $1.07.
Fold begins 2026 with a restructured balance sheet, a fresh credit card offering, and 84,000 customers — while simultaneously managing expanding losses and share prices hovering near all-time lows.
