TLDR
- Fold reported a $69.6M net loss for 2025, with operating losses surging nearly fivefold to reach $27.7M
- Annual revenue increased 34% year-over-year to $31.8M; fourth quarter revenue reached $9M, representing 8% growth
- The firm eliminated two convertible bonds, reducing dilution risk while incurring a $9.6M one-time expense
- Fold reduced its Bitcoin holdings by approximately 46%, from 1,527 BTC to 827 BTC by March 17
- FFLD shares are down 59% in 2026 and 83.8% over the trailing 12 months; stock gained 13.4% after-hours Tuesday before declining 4.46% Wednesday
Fold completed its inaugural full year as a publicly traded entity with mixed results: revenues are expanding, yet losses continue to accumulate. The Bitcoin-centric financial services company disclosed a $69.6 million net loss for 2025, even as revenue increased 34% to $31.8 million.
The disparity between revenue growth and bottom-line performance is striking. Operating losses surged from $5.8 million to $27.7 million — an increase of nearly five times. Adjusted EBITDA loss totaled $17.2 million, translating to $0.41 per share.
A substantial portion of the net loss stemmed from a one-time $9.6 million charge related to retiring two convertible bonds. CEO Will Reeves characterized it as “strategic housekeeping,” explaining that it “removes structural overhang and directs financing solely to the growth of our operating businesses.”
The remaining difference between operating loss and net loss probably reflects non-cash expenses — including stock-based compensation, depreciation, and comparable items that inflate GAAP numbers without consuming actual cash.
Regarding customer growth, Fold onboarded 13,000 new users during 2025, pushing its total to 84,000 verified accounts. Transaction volume reached $960 million for the year, representing a 46% increase. The fourth quarter alone generated $215 million in transaction volume, though this marked a 3% year-over-year decline.
Credit Card Push
Fold recently introduced a Visa and Stripe-powered Bitcoin Rewards Credit Card, expanding its cashback offering to credit purchases. The company also unveiled Fold For Business, enabling organizations to incorporate Bitcoin into payroll and corporate finance systems.
An early adopter is Steak ‘n Shake, which distributes employee bonuses in Bitcoin.
CEO Reeves delivered a bold prediction during the earnings call: “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,” but improved fraud and risk management systems are necessary before Fold can “really open the floodgates.”
The credit card initiative represents a capital-intensive strategy for a business already experiencing operating losses. Credit card offerings demand reserves, fraud prevention infrastructure, and compliance overhead that debit products avoid. However, the US credit card market handles approximately $5 trillion annually — even capturing a small percentage would significantly exceed Fold’s current transaction volume.
Bitcoin Treasury Cut
While Reeves emphasized growth prospects, Fold has been discreetly liquidating its Bitcoin reserves. The company maintained 1,527 BTC at year-end 2024. By March 17, that number had declined to 827 BTC — representing roughly a 46% reduction.
This selloff has occurred alongside persistent stock price pressure. FFLD has declined 59% year-to-date in 2026 and has surrendered 83.8% of its value over the previous 12 months.
Following Tuesday’s earnings announcement, shares jumped 13.4% in after-hours trading to $1.27. However, on Wednesday, the stock relinquished some of those gains, declining 4.46% to settle at $1.07.
Fold begins 2026 with an improved balance sheet, a fresh credit card offering, and 84,000 customers — but also faces escalating losses and shares trading near all-time lows.
