Monitor early traction of the Bitcoin Credit Card rollout and enterprise partnerships (e.g., Steak ‘n Shake) for signs of accelerating revenue. Watch cash burn and future financing risk given $10.6M decline in cash reserves. The removal of convertible debt overhang is positive, but lack of 2026 guidance and slowing Q4 growth warrant caution.
Price Chart
Executive Summary
Fold, Inc. (FLD) reported strong full-year 2025 revenue growth of 34% YoY to $31.8 million, driven by a 46% increase in transaction volume. The company launched its Bitcoin Rewards Credit Card and Fold for Business, retired $68.7 million in convertible debt, and improved its capital structure. Despite growing revenue, it reported a wider operating loss and declining cash reserves, with Q4 revenue growth slowing to 8% and transaction volume declining 3% YoY.
Key Financial Metrics
Key Facts
- 2025 revenue: $31.8 million, up 34% YoY
- Q4 2025 revenue: $9.1 million, up 8% YoY; transaction volume down 3% YoY
- Operating loss: ($27.7) million; Adjusted EBITDA loss: ($17.2) million
- Launched Fold Bitcoin Rewards Credit Card and Fold for Business (enterprise payroll/bonuses with Bitcoin)
- Retired $68.7 million in convertible notes, simplifying capital structure
- Cash and cash equivalents dropped from $18.3M to $7.7M in 2025
- No 2026 revenue guidance provided due to early-stage product rollout
Financial Impact
Revenue increased by $8.0M YoY, but operating losses widened by $21.9M; $10M credit facility drawn; $16.1M net cash used in operations
Risk Factors
- Continued negative cash flow and shrinking cash reserves could necessitate future dilutive financing
- Q4 transaction volume declined despite revenue growth, suggesting potential margin compression or one-time factors
- Heavy reliance on forward-looking statements with no 2026 revenue guidance
- Insider selling activity in the past 30 days may signal reduced confidence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3257664 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 144 | $0.5143 | awaiting T+60 | — | $0.5100 (−0.84%) |
Sep 29, 2026 28d ago | EFFECT | $0.5401 | awaiting T+60 | — | $0.5100 (+5.57%) |
Sep 18, 2026 5w ago | S-1 | $0.5895 | awaiting T+60 | — | $0.5100 (+13.49%) |
Sep 2, 2026 7w ago | 8-K | $0.4903 | awaiting T+60 | — | $0.5100 (+4.02%) |
Aug 11, 2026 10w ago | Press Release | $0.4640 | awaiting T+60 | — | $0.5100 (−9.91%) |
Aug 11, 2026 10w ago | 8-K | $0.4640 | awaiting T+60 | — | $0.5100 (−9.91%) |
Jul 28, 2026 12w ago | Press Release | $0.4501 | awaiting T+60 | — | $0.5100 (+13.31%) |
Jul 17, 2026 14w ago | 8-K | $0.4047 $0.5385 | ▼ −33.06% | ▼ −28.22% | $0.5100 (−26.02%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.6700 $0.5387 | ▼ −19.60% | ▼ −23.99% | $0.5100 (−23.88%) |
May 29, 2026 21w ago | Insider Cluster | $0.9500 $0.5167 | ▼ −45.61% | ▼ −46.84% | $0.5100 (−46.32%) |
US Market Status
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