8-K: Fold Holdings Reports Strong 2025 Revenue Growth, Launches Bitcoin Credit Card

Fold Holdings, Inc. announced its financial and operational results for the fiscal year and fourth quarter ended December 31, 2025, highlighting significant revenue growth and new product launches.

Summary

• FY 2025 Revenue increased 34% year-over-year to $31.8 million.
• FY 2025 Total Transaction Volume grew 46% year-over-year to $960 million.
• Q4 2025 Revenue was $9.1 million, an 8% year-over-year increase.
• Q4 2025 Total Transaction Volume decreased 3% year-over-year to $215 million.
• Total Verified Accounts reached approximately 84,000, with 13,000 new accounts added in 2025.
• The company launched the Fold Bitcoin Rewards Credit Card with a select initial rollout.
• Fold for Business, an enterprise service allowing companies to integrate Bitcoin into payroll and corporate programs, was launched.
• Two outstanding convertible debt instruments were retired, strengthening the capital structure.
• Bitcoin Investment Treasury Holdings were 1,527 BTC as of December 31, 2025, and 827 BTC as of March 17, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive report, driven by strong top-line growth and significant strategic product launches, despite continued losses typical of a high-growth fintech in the nascent Bitcoin financial services sector.

Positives

• FY 2025 Revenue increased 34% year-over-year to $31.8 million, demonstrating strong top-line growth.
• FY 2025 Total Transaction Volume grew 46% year-over-year to $960 million, indicating increased platform usage.
• The successful limited launch of the Fold Bitcoin Rewards Credit Card is expected to significantly expand the total addressable market and improve unit economics.
• The launch of Fold for Business, an entirely new enterprise service, opens a new revenue stream and has already secured a flagship partnership with Steak n Shake.
• The capital structure was strengthened by eliminating and extinguishing two outstanding convertible debt instruments, simplifying the balance sheet and removing structural overhang.
• Total verified accounts grew by 13,000 in 2025, reaching approximately 84,000 customers.

Negatives

• FY 2025 Operating Loss was ($27.7) million.
• FY 2025 Adjusted EBITDA (Loss) was ($17.2) million.
• FY 2025 Loss Per Share was ($1.65) per share.
• Q4 2025 Operating Loss was ($6.0) million.
• Q4 2025 Adjusted EBITDA (Loss) was ($4.1) million.
• Q4 2025 Total Transaction Volume decreased 3% year-over-year to $215 million.
• Net loss for FY 2025 increased to $(69,590,462) from $(65,088,786) in FY 2024.
• Bitcoin Investment Treasury Holdings decreased from 1,527 BTC at December 31, 2025, to 827 BTC at March 17, 2026.

Risks

• Changes in domestic and foreign business, market, financial, political, and legal conditions, including changes in the acceptance of bitcoin.
• The company's continued ability to implement business plans.
• The risk of downturns, new entrants, and a changing regulatory landscape in the highly competitive industry in which Fold operates.
• Volatility in the market price of bitcoin.
• Access to and reliance on funding for products, including the credit card, and general operations.
• Access to and reliance on third parties for their services related to certain products, including risks relating to Fold having a single custodian for its bitcoin.
• Reliance on banking partners which are subject to complex and demanding regulations and compliance standards.

Future Outlook

Growth drivers for 2026 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. The company is currently not providing specific revenue figures due to the recent limited launch of the credit card.

Management Comments

• "We closed our first full year as a public company with strong execution against the goals we set coming into 2025." Will Reeves, CEO.
• "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." Will Reeves, CEO.
• "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." Will Reeves, CEO.
• "Our second major product milestone this quarter was the launch of Fold for Business, an entirely new enterprise service." Will Reeves, CEO.
• "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." Will Reeves, CEO.
• "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." Will Reeves, CEO.

Industry Context

StockSavvy.ai notes that Fold Holdings operates in the rapidly evolving and competitive Bitcoin financial services sector, aiming to bridge traditional finance with a Bitcoin-powered future. The launch of a Bitcoin rewards credit card and enterprise services positions Fold to capitalize on increasing institutional and retail interest in digital assets, competing with other fintechs and traditional financial institutions exploring crypto integration.

Comparison to Industry Standards

• The filing does not provide specific comparisons to industry benchmarks or competitor performance. StockSavvy.ai would typically compare Fold's revenue growth and transaction volumes against other publicly traded fintech companies or crypto-focused platforms to assess relative performance and market share.

Stakeholder Impact

• Shareholders: Potential for long-term value creation through expanded market reach and improved unit economics from new products, but continued losses and reliance on future growth drivers present risks. Capital structure simplification is a positive.
• Customers: Benefit from new products like the Bitcoin Rewards Credit Card (offering up to 4% back on purchases with no categories, and up to 10% back through the rewards network) and expanded gift card availability.
• Employees: Potential for Bitcoin bonuses through the Fold for Business program, as exemplified by the Steak n Shake partnership.
• Business Partners: New opportunities for integration with Fold for Business and expansion of the gift card program to additional retailers.

Next Steps

• Broader rollout of the Fold Bitcoin Rewards Credit Card to loyal customers and waitlist in the near future.
• Expansion of the Fold Bitcoin Gift Card program to additional partners in 2026, currently in active discussions with other US-based retailers.
• Initiation of many more partnerships for the Fold for Business enterprise service through 2026.
• Scaling customer acquisition, engagement, cross-sell, and retention in 2026.

Key Dates

Recommendation

Fold Holdings demonstrates strong revenue and transaction volume growth, coupled with strategic product launches like the Bitcoin Credit Card and enterprise services, which are positive for future expansion. However, the company continues to incur substantial operating and net losses, and Q4 transaction volume saw a slight decrease. While the capital structure simplification is a positive, the company remains in a high-growth, high-investment phase with inherent risks in the volatile crypto market. A 'hold' recommendation is appropriate as investors await further evidence of profitability and successful scaling of new initiatives.

Keywords

Bitcoin financial services, crypto rewards, Fold Bitcoin Credit Card, enterprise Bitcoin solutions, FLD, cryptocurrency, financial technology, fintech, digital assets, blockchain, rewards program, corporate treasury, SEC filing, 8-K