Fold Holdings Inc Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Fold Holdings reported Q4 and full-year 2025 results amid a significant Bitcoin market downturn beginning in October 2025. Bitcoin declined from $124,000 to $87,000 by year-end and bottomed near $60,000 in February 2026, reducing industry-wide engagement and slowing Fold’s revenue, transaction volumes, and user growth.
  • Despite this, Fold marked 2025 as a foundational year, setting the stage for major scaling in 2026 driven by the launch of its Bitcoin Rewards Credit Card, enterprise “Bitcoin Bonus Program,” and retail Bitcoin gift card expansion.

Key Financial Results (Compared to 2024)

  • Verified accounts: Added 3,000 in Q4, total 84,000 (+~20% YoY).
  • Transaction volumes: $960M full-year (+46% YoY).
  • Q4 revenue: $9.1M (+8% YoY).
  • Full-year revenue: $31.8M (+34% YoY).
  • GAAP operating loss: -$27.8M vs. -$5.8M in prior year (significant increase due to investments and delays in launching credit and gift-card products).
  • Adjusted EBITDA: -$17.2M vs. -$6.3M prior year.
  • Treasury: 1,527 BTC (1,000 BTC restricted). Net assets nearly $63M; cash $7.7M; working capital -$2.3M.

Major Strategic Developments

1. Bitcoin Rewards Credit Card (Launched March 2026)

  • Considered a major inflection point for Fold’s growth. Over 80,000 customers on the waitlist.

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Operator: Hello, and thank you for standing by. Welcome to Fold Holdings, Inc. Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Samir Jain. You may begin. Samir Jain: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings Fourth Quarter and Full Year 2025 Earnings Call. Joining me on the call today are Chairman and CEO, Will Reeves; and CFO, Wolfe Repass. Before we begin, please note that the information reported on this call speaks only as of today, March 17, 2026, and therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listening or transcript reading. A replay of today's call will be available by webcast on the company's website, investor.foldapp.com, and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the U.S. federal securities laws. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. For example, statements suggesting or implying the company's ability or positioning for growth are forward-looking statements. In some cases, you may identify forward-looking statements by terms such as believe, expect, potential, should, plan or similar terminology. But any of the statements t

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