Revenue: $7.4 million, 41% YoY increase
Net Income: $0.6 million
Transaction Volumes up 43% YoY
Bitcoin Investment Treasury Holdings: 1,526 BTC(1)
PHOENIX, Nov. 10, 2025 (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 third quarter ended September 30, 2025.
Financial Highlights
-- Revenue: $7.4 million; 41% YoY increase -- Net Income: $0.6 million -- Adjusted EBITDA2 (Loss): ($4.2) million -- Earnings Per Share: $0.01 per share -- Adjusted EBITDA (Loss) Per Share2: ($0.09) per share -- Bitcoin Investment Treasury Holdings1: 1,526 BTC
Key Operating Metrics
-- Total Transaction Volume: $235 million; 43% YoY increase
-- Total Active Accounts: 625,000+, added +7,500 new accounts in the quarter
-- Total Verified Accounts: 82,000+, added +2,000 new verified accounts in
the quarter
CEO Commentary
"We delivered a strong third quarter, with consistent growth across core metrics and clear execution on the priorities we set earlier this year," said Fold Chairman and CEO Will Reeves. "Revenue grew 41% year-over-year QTD, and 48% YTD as of September 30, 2025, and Fold continues to scale as we expand the product suite and make bitcoin part of people's everyday financial experiences."
Mr. Reeves continued, "This quarter marked several important milestones. We formalized our partnership with Visa and Stripe for the upcoming Fold Bitcoin Rewards Credit Card$(TM)$, laying the foundation for what we believe will be the standard for bitcoin rewards programs, built on trusted infrastructure with broad market reach. We're focused on delivering a premium, bitcoin-native credit experience. Momentum continues to build ahead of the launch with a growing waitlist and strong inbound interest from users and partners.
"The Fold Bitcoin Gift Card(TM) also gained meaningful traction. In addition to its availability in-app and online, physical cards are now available at Kroger. On October 31, we went live with our nationwide partnership with Steak 'n Shake that rewards customers with a $5 Bitcoin Gift Card when they purchase a Steak 'n Shake Bitcoin Meal or Bitcoin Steakburger. Through our distribution networks, we expect to continue to expand across additional retail outlets in the near term, making bitcoin more accessible at checkout for millions of consumers. These channels provide broad retail visibility, expand our top-of-funnel, and offer a scalable, differentiated path for customer acquisition.
"On the capital side, we secured a $45 million revolving credit facility from Two Prime Lending. This facility increases our financial liquidity, allowing us to accelerate growth initiatives and act quickly on strategic opportunities as they arise. Importantly, we maintain full discretion over if and when we may request an advance under the credit facility, preserving flexibility while maintaining capital discipline. This complements our existing $250 million equity purchase facility, which enables Fold to be opportunistic in accumulating bitcoin while sustaining a strong and flexible balance sheet. Both initiatives support our broader mission of building a company aligned with bitcoin's long-term growth and adoption.
"Our bitcoin treasury remains a core part of Fold's long-term strategy. As of November 6, 2025, we held 1,526 bitcoin, valued at approximately $154 million as of that date. Our approach remains disciplined. We have not sold a single bitcoin since going public, and we continue to build our position judiciously."
Mr. Reeves concluded, "Fold's ecosystem continues to expand, and each product - debit, rewards, and soon, credit - strengthens the others. We're building a connected financial experience that turns everyday spending into long-term ownership. Every product we launch reinforces our mission to make bitcoin accessible, usable, and rewarding for everyone. With a durable business model, a strong balance sheet, and a growing product suite, we believe Fold is well-positioned for sustained growth in 2026 and beyond."
Strategic & Business Updates:
-- Upcoming Fold Bitcoin Rewards Credit Card
-- Traditional unsecured credit card - spend USD, earn bitcoin
rewards
-- Powered by Visa and Stripe
-- Rewards rate up to 3.5%
-- 75,000+ people on the waitlist
-- Fold Bitcoin Gift Card
-- New distribution channel for bitcoin financial services
-- Available online (Fold app, foldapp.com, giftcards.com, etc.)
-- Available in store (2,000 Kroger brand locations)
-- Expansion to additional locations expected soon
-- Mass market customer acquisition strategy
-- Custody and Trading Expansion
-- Opening exchange to an expanded user base
-- Expanding coverage to users in additional states
-- Enhanced funding options and larger order acceptance
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: November 10, 2025
Time: 5:00 p.m. ET
Participant 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 1,526 BTC as of November 6, 2025, and was 1,494 BTC as of September 30, 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. With 1,526 BTC in its bitcoin investment treasury as of November 6, 2025, Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Card, Fold Credit Card, and Fold Bitcoin Gift 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 the potential benefits of our equity purchase facility (the "ELOC") and the Credit Facility, Fold's treasury strategy and the potential success of Fold's 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; (ii) the failure to realize the anticipated benefits of Fold's business combination with FTAC Emerald Acquisition Corp. (the "business combination"); (iii) the effect of the consummation of the business combination on Fold's business relationships, performance, and business generally; (iv) our continued ability to implement business plans and other expectations after the business combination, and identify and realize additional opportunities; (v) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; (vi) volatility in the market price of bitcoin; (vii) the ability of Fold to gain full access to the ELOC, which is dependent on Fold's ability to obtain stockholder approval and to satisfy the other conditions provided in the ELOC and which can be limited because the investor in the ELOC can refuse to invest to the extent the investment would result in the investor holding more than 9.99% of our shares of common stock; and (viii) those factors discussed in Fold'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. Condensed Balance Sheets (Unaudited)
September 30, December 31,
2025 2024
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 6,663,463 $ 18,330,359
Accounts receivable, net 289,940 451,455
Inventories 366,049 262,813
Digital assets - rewards
treasury 9,295,587 8,569,651
Prepaid expenses and other
current assets 2,460,384 687,100
------------ ------------
Total current assets 19,075,423 28,301,378
Digital assets - investment
treasury 170,392,495 93,568,700
Capitalized software
development costs, net 1,188,750 1,000,065
Deferred transaction costs - 2,784,893
Other non-current assets 309,444 -
------------ ------------
Total assets $ 190,966,112 $ 125,655,036
============ ============
Liabilities and stockholders'
equity (deficit)
Current liabilities
Accounts payable $ 1,051,437 $ 1,113,552
Accrued expenses and other
current liabilities 2,221,132 71,858
December 2024 convertible note,
net - 11,752,905
Customer rewards liability 9,295,587 8,569,651
Deferred revenue 382,983 387,776
------------ ------------
Total current liabilities 12,951,139 21,895,742
------------ ------------
Deferred revenue, long-term 440,013 487,690
June 2025 convertible note, net 21,644,139 -
March 2025 convertible note -
related party 60,750,183 -
Simple Agreements for Future
Equity ("SAFEs") - 171,080,533
Other non-current liabilities 491,397 -
------------ ------------
Total liabilities 96,276,871 193,463,965
------------ ------------
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 September
30, 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, 48,720,405 shares
issued and 48,018,545 shares
outstanding at September 30,
2025 and 5,836,882 shares
issued and outstanding at
December 31, 2024 4,873 584
Additional paid-in-capital 230,932,280 33,537,989
Accumulated deficit (136,247,912) (101,348,522)
------------ ------------
Total stockholders' equity
(deficit) 94,689,241 (67,808,929)
------------ ------------
Total liabilities and
stockholders' equity $ 190,966,112 $ 125,655,036
============ ============
Fold Holdings, Inc. Condensed Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ---------------------------
2025 2024 2025 2024
----------- ------------ ------------ ------------
Revenues, net $ 7,398,939 $ 5,241,889 $ 22,662,702 $ 15,311,724
Operating expenses
Banking and
payment costs 6,519,736 5,014,699 20,961,281 14,459,183
Custody and
trading costs 244,954 94,791 433,550 144,577
Compensation and
benefits 3,728,954 734,193 13,863,551 2,340,838
Marketing
expenses 237,625 138,765 1,258,346 219,567
Professional
fees 1,294,394 3,171,141 4,353,244 3,446,671
Amortization
expense 232,853 88,155 430,761 207,900
(Gain) loss on
customer
rewards
liability 506,796 (74,091) 1,477,444 2,344,103
(Gain) loss on
digital assets
- rewards
treasury (637,712) (98,715) (1,961,803) (2,639,860)
Other selling,
general and
administrative
expenses 1,211,657 342,110 3,612,533 1,001,612
---------- ----------- ----------- -----------
Total operating
expenses 13,339,257 9,411,048 44,428,907 21,524,591
---------- ----------- ----------- -----------
Operating loss (5,940,318) (4,169,159) (21,766,205) (6,212,867)
---------- ----------- ----------- -----------
Other income
(expense)
Gain (loss) on
digital assets
- investment
treasury 10,238,866 729,041 31,203,938 (377,039)
Change in fair
value of SAFEs - (58,910,897) (6,503,113) (59,042,901)
Change in fair
value of
convertible
note (2,626,932) - (14,470,683) -
Convertible note
issuance costs
and fees - - (9,569,109) -
Loss on
extinguishment
of debt - - (9,612,199) -
Interest expense (1,179,216) - (4,425,703) -
Other income 60,961 47,036 247,662 72,203
---------- ----------- ----------- -----------
Other income
(expense),
net 6,493,679 (58,134,820) (13,129,207) (59,347,737)
---------- ----------- ----------- -----------
Net income (loss)
before income
taxes 553,361 (62,303,979) (34,895,412) (65,560,604)
Income tax
expense
(benefit) (881) 6,699 3,978 14,567
---------- ----------- ----------- -----------
Net income (loss) $ 554,242 $(62,310,678) $(34,899,390) $(65,575,171)
========== =========== =========== ===========
Net income (loss)
attributable to
common
stockholders:
Basic $ 554,242 $(62,310,678) $(34,899,390) $(65,575,171)
Diluted $ 554,242 $(62,310,678) $(34,899,390) $(65,575,171)
Net income (loss)
per share
attributable to
common
stockholders:
Basic $ 0.01 $ (10.68) $ (0.88) $ (11.23)
Diluted $ 0.01 $ (10.68) $ (0.88) $ (11.23)
Weighted-average
shares used to
compute net income
(loss) per share:
Basic 46,911,561 5,836,882 39,781,781 5,836,882
Diluted 46,915,361 5,836,882 39,781,781 5,836,882
Fold Holdings, Inc. Condensed Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
-----------------------------------
2025 2024
------------------ --------------
Cash flows from operating
activities
Net loss $ (34,899,390) $ (65,575,171)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Amortization expense 430,756 207,900
Gain on digital assets -
rewards treasury (1,961,803) (2,639,860)
(Gain) loss on digital assets
- investment treasury (31,203,938) 377,039
Loss on customer rewards
liability 1,477,444 2,344,103
Change in fair value of
convertible note 14,470,683 -
Convertible note issuance
costs and fees 9,569,109 -
Loss on extinguishment of debt 9,612,199 -
Amortization of debt issuance
costs 122,902 -
Amortization of debt discount
and premium 768,225 -
Change in fair value of SAFEs 6,503,113 59,042,901
Share-based compensation
expense 8,470,932 -
Increase (decrease) in cash
resulting from changes in:
Accounts receivable, net 161,515 8,710
Inventories (103,236) (49,789)
Prepaid expenses and other
current assets 581,100 (3,313)
Accounts payable (104,846) 1,602,479
Accrued expenses and other
current liabilities 2,413,679 49,508
Customer reward liability 1,826,398 1,323,384
Deferred revenue (52,470) (81,116)
Other non-current
liabilities 491,397 -
-------------- -------------
Net cash used in operating
activities (11,426,231) (3,393,225)
-------------- -------------
Cash flows from investing
activities
Purchases of digital assets (3,138,623) (1,306,064)
Proceeds from sales of
digital assets - 104,868
Payments for capitalized
software development
costs (619,446) (510,051)
-------------- -------------
Net cash used in investing
activities (3,758,069) (1,711,247)
(MORE TO FOLLOW) Dow Jones Newswires
November 10, 2025 16:15 ET (21:15 GMT)