Key Takeaways
- Fold reported a $69.6M net loss for 2025, with operating losses surging nearly fivefold to $27.7M
- Annual revenue increased 34% to $31.8M; fourth-quarter revenue reached $9M, an 8% uptick
- Two convertible bonds were retired, eliminating dilution concerns but triggering a $9.6M one-time expense
- Bitcoin holdings dropped nearly 46%, from 1,527 BTC at year-end 2024 to 827 BTC by mid-March
- FFLD shares have declined 59% in 2026 and 83.8% over 12 months; after-hours gains of 13.4% Tuesday were followed by a 4.46% Wednesday decline
Fold concluded its inaugural full year as a publicly traded entity with mixed results: revenues are climbing, but red ink is spreading faster. The Bitcoin-oriented financial services company disclosed a net loss of $69.6 million for 2025, even as revenue jumped 34% to reach $31.8 million.
The disparity between revenue expansion and mounting losses is striking. Operating losses exploded from $5.8 million to $27.7 million — representing an almost fivefold escalation. 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 expense related to retiring two convertible bonds. CEO Will Reeves characterized this 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 probably reflects non-cash expenses — including stock-based compensation, depreciation, and comparable accounting adjustments that inflate GAAP numbers without depleting actual cash reserves.
Regarding user acquisition, Fold onboarded 13,000 new customers throughout 2025, pushing its total verified account base to 84,000. Annual transaction volume reached $960 million, representing a 46% increase. The fourth quarter alone generated $215 million in transaction activity, though this marked a 3% year-over-year decline.
Expansion Into Credit Products
Fold recently introduced a Visa and Stripe-backed Bitcoin Rewards Credit Card, broadening its cashback offering to include credit purchases. The firm also unveiled Fold For Business, enabling corporations to incorporate Bitcoin into payroll systems and corporate treasury operations.
Big things happen when great brands come together
We're thrilled to partner with @SteaknShake and excited to see their employees earning bitcoin rewards!
— FOLD BITCOIN (@fold_app) March 2, 2026
Among its early business partners is Steak ‘n Shake, which now distributes employee bonuses in Bitcoin.
During the earnings call, CEO Reeves made a bold prediction: “Bitcoin rewards will overtake airline miles as the preferred consumer reward in the US.”
He emphasized that card programs must “scale to millions of cardholders,” but acknowledged that enhanced fraud prevention and risk management systems are prerequisites before Fold can “really open the floodgates.”
The credit card initiative represents a capital-intensive undertaking for a business already hemorrhaging cash operationally. Credit products demand regulatory reserves, sophisticated fraud detection infrastructure, and compliance frameworks that debit offerings don’t require. However, the US credit card industry processes approximately $5 trillion each year — capturing even a modest fraction would vastly exceed Fold’s present transaction volumes.
Treasury Liquidation
While Reeves promoted growth initiatives, Fold has been discreetly liquidating its Bitcoin reserves. The company maintained 1,527 BTC at the conclusion of 2024. By March 17, that position had shrunk to 827 BTC — representing approximately a 46% reduction.
This selloff has occurred alongside persistent downward pressure on the equity. FFLD has plummeted 59% year-to-date in 2026 and has surrendered 83.8% of its market value over the trailing twelve months.
Following Tuesday’s earnings announcement, shares surged 13.4% in after-hours activity to $1.27. However, on Wednesday, the stock relinquished some momentum, declining 4.46% to settle at $1.07.
Fold begins 2026 with a streamlined balance sheet, a new credit card offering, and 84,000 customers — but simultaneously faces escalating losses and a share price hovering near all-time lows.
