Interest in gifting bitcoin is high this holiday season, and consumers overwhelmingly prefer options from trusted, regulated U.S. financial brandsPHOENIX, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) (“Fold” or the “Company”), a bitcoin financial services company making it easy for individuals to earn, save, and spend bitcoin through everyday financial tools, today released new findings from its 2025 Holiday Bitcoin Gifting Outlook. The study reveals strong interest in gifting bitcoin ...

Core Insights - Fold Holdings, Inc. has launched a new affiliate program aimed at empowering creators and publishers to earn commissions by promoting the Fold Bitcoin Gift Card, which is positioned as a unique gift option for the holiday season [3][4][5] Group 1: Affiliate Program Details - The affiliate program allows content creators, influencers, and digital publishers to earn commissions on sales generated through unique affiliate links [3][6] - The program is designed to drive awareness and sales of the Fold Bitcoin Gift Card, which enables consumers to purchase and send bitcoin instantly without technical setup [5][6] - Fold has partnered with Impact, a global partnership marketing platform, to enhance its affiliate marketing efforts, allowing a variety of content partners to monetize their content [6][7] Group 2: Product Offerings and Future Expansion - Initially, the affiliate program will focus on the Fold Bitcoin Gift Card, with plans to expand in 2026 to include additional products like the Fold Bitcoin Credit Card and app installs [7] - Affiliates will have access to a diverse product suite, including gift cards from major brands and the Fold Debit Card, with competitive commissions starting at $9 per sale [7] Group 3: Company Overview - Fold is the first publicly traded bitcoin financial services company, facilitating the earning, saving, and spending of bitcoin through various financial tools [9] - The company holds nearly 1,500 BTC in its treasury and aims to integrate bitcoin into everyday financial experiences through innovative products [9]

Core Insights - Stonegate Capital Partners has initiated coverage on Fold Holdings Inc. (NASDAQ: FLD) highlighting its strong financial performance and growth momentum [1] Financial Performance - Fold Holdings reported revenue of $7.4 million, representing a 41% year-over-year increase, with a net income of $0.6 million [1][7] - The company achieved a total transaction volume of $265 million for the quarter, with over 10,000 net new accounts and more than 3,000 new verified accounts [1] - As of Q3 2025, new accounts increased by 2.1% year-over-year, while transaction volumes rose approximately 41% year-over-year [1] Growth and Operational Efficiency - The company maintained nearly 50% top-line growth compared to the previous year, with expectations for continued strong growth into Q4 [1] - Management noted that headcount has roughly doubled year-over-year while maintaining margins, indicating early operating leverage [1] - The quarter demonstrated improving operating leverage with focused spending on distribution and product [1] Product Development and Market Expansion - Product momentum is evident as the Visa and Stripe credit card approaches launch, with a waitlist exceeding 75,000 [7] - The Bitcoin Gift Card is expanding to approximately 2,000 Kroger locations, supported by a promotion with Steak 'n Shake [7] - The company has strengthened its liquidity with a new $45 million revolving credit facility, alongside an existing $250 million equity facility and a treasury of 1,526 BTC [7]

Core Insights - The article discusses the investment outlook for Fold Holdings (FLD), highlighting a previous 'hold' rating due to a lack of interest in the rewards business [1] Company Analysis - Fold Holdings is currently facing challenges in attracting interest in its rewards business, which has influenced the analyst's decision to maintain a 'hold' rating on the stock [1] Industry Context - The article reflects broader trends in the rewards and crypto sectors, indicating potential difficulties for companies that do not generate sufficient interest or engagement from consumers [1]

Core Insights - Fold Holdings reported Q3 2025 revenue of $7.4 million, representing a 41% year-over-year increase [1] - The company achieved a net profit of $600,000 in the same quarter [1] - Total transaction volume reached $235 million, marking a 43% year-over-year growth [1] - The company's Bitcoin inventory stands at 1,526 BTC, valued at approximately $154 million [1]

Financial Data and Key Metrics Changes - Total year-to-date revenues through September 30th were $22.7 million, reflecting an approximately 48% increase over the first nine months of 2024 [18] - Total year-to-date transaction volumes through September 30th were $753 million, representing an approximately 74% increase versus the prior year period [18] - Q3 net revenues were $7.4 million, up 41% year over year, with transaction volumes of $235 million, up 43% over the same quarter [7][18] - GAAP net income for Q3 was just under $1 million, compared to a net loss of $62.3 million in Q3 2024 [19] Business Line Data and Key Metrics Changes - The company reported strong growth in its legacy businesses, with significant contributions expected from the upcoming Bitcoin Gift Card and Credit Card [18] - The Bitcoin Gift Card is now available in 2,000 Kroger locations, with high customer engagement anticipated during the holiday season [11][29] - The upcoming Bitcoin Rewards Credit Card is expected to return up to 3.5% back on every purchase, with potential for up to 10% back with top brands [8][9] Market Data and Key Metrics Changes - The company noted that 2025 has been a seminal year for Bitcoin, with increasing institutional interest and regulatory improvements [5] - Changing demographics in the U.S. are expected to lead to nearly $80 trillion moving into the hands of millennials, who are anticipated to be larger buyers of Bitcoin than previous generations [7] Company Strategy and Development Direction - The company aims to position itself as a leading provider of financial services centered around Bitcoin, leveraging partnerships with Visa and Stripe for its credit card [8] - The strategy includes expanding the distribution of the Bitcoin Gift Card and exploring additional financial service lines such as loans and retirement plans [14] - The company is focused on creating a synergistic user experience across its product offerings, including banking and exchange products [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming holiday season, which is expected to drive significant transaction volumes and revenues [65] - The company is closely monitoring regulatory changes and industry opportunities to enhance its product offerings [14] - Management highlighted the importance of the credit card as a transformative product for user acquisition and revenue generation [57] Other Important Information - The company currently holds 1,526 Bitcoin valued at approximately $154 million, representing a 53% increase in holdings since going public [14] - The company has a healthy balance sheet with cash and cash equivalents of $6.7 million and positive working capital of $6.1 million as of September 30th [22] Q&A Session Summary Question: Can you share early data and interest regarding the Bitcoin Gift Card? - Management noted high excitement and healthy volume from the rollout, with significant sales expected during the holiday season [29][30] Question: What does the expansion of the Bitcoin Gift Card look like? - The company is exploring various retail partnerships and promotional opportunities, including loyalty programs and employer incentives [33][34] Question: How is the demand for the credit card trending? - The waitlist for the credit card has surpassed 80,000, indicating strong demand and interest from both existing and new customers [39][40] Question: How will customer acquisition and marketing spend change with new products? - The gift card is becoming a successful customer acquisition tool, with negative acquisition costs, and the company plans to activate paid marketing channels as new products launch [44][45] Question: Can you elaborate on the capital raise and strategic opportunities? - The company is utilizing a revolving credit facility to access the value of its Bitcoin holdings without selling them, aligning with long-term growth strategies [53] Question: What is the strategy to convert active accounts into verified users? - The upcoming credit card is expected to be key in converting existing users into deeper product lines, leveraging the current user base [80]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported transaction volumes of $235 million, an increase of 43% year-over-year, and net revenues of $7.4 million, up 41% year-over-year [7][18] - Year-to-date revenues through September 30 were $22.7 million, reflecting a 48% increase over the same period in 2024, with total transaction volumes of $753 million, representing a 74% increase [18][19] - The company recorded a GAAP net income of $0.6 million in Q3 2025, compared to a net loss of $62.3 million in Q3 2024, primarily driven by a $10.2 million increase in the fair value of its Bitcoin investment treasury [19][20] Business Line Data and Key Metrics Changes - The company is experiencing organic growth, with significant contributions from new customers and deeper penetration into the existing customer base, particularly through its Bitcoin gift card and credit card offerings [18][21] - The upcoming Bitcoin Rewards credit card is expected to enhance customer acquisition and increase transaction volumes, with a waitlist exceeding 80,000 users [9][40] Market Data and Key Metrics Changes - The company is well-positioned to capture the growing demand for Bitcoin financial services, particularly among millennials who are expected to control nearly $80 trillion in wealth in the coming years [7][8] - The company has established partnerships with Visa and Stripe for its credit card, enhancing its credibility and distribution capabilities in the market [8][9] Company Strategy and Development Direction - The company aims to create a comprehensive ecosystem that integrates earning, saving, and spending in Bitcoin, with a focus on innovative financial products [14][15] - The strategy includes monitoring regulatory changes and exploring opportunities in loan products, retirement plans, and insurance offerings [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the growing adoption of Bitcoin and the company's unique position to meet this demand [6][8] - The company anticipates continued revenue growth driven by new product lines and increased marketing investments, particularly in Q4, which is historically the highest volume quarter [24][65] Other Important Information - The company currently holds 1,526 Bitcoin valued at approximately $154 million, representing a 53% increase in holdings since going public [14][22] - The company has a healthy balance sheet with cash and cash equivalents of $6.7 million and no unsecured debt [22] Q&A Session Summary Question: Can you share early data and interest regarding the Bitcoin gift card? - Management noted high excitement and healthy volume from the gift card rollout, with significant customer engagement expected during the holiday season [29][30] Question: What does the expansion of gift card locations look like? - The company is exploring various retail and promotional opportunities, including partnerships with sports venues and loyalty programs [33][34] Question: How is the demand for the credit card trending? - The waitlist for the credit card has surpassed 80,000, indicating strong interest and growth potential in this new product category [39][40] Question: How will customer acquisition and marketing spend change? - The gift card is becoming a successful customer acquisition tool, with negative acquisition costs, allowing the company to generate revenue while acquiring new customers [43][44] Question: Can you elaborate on the capital raise and strategic opportunities? - The company is utilizing a revolving credit facility to access the value of its Bitcoin without selling it, aligning with its long-term growth strategy [53][54] Question: What is the strategy for converting active accounts into verified users? - The upcoming credit card is expected to be a key driver in converting existing users into deeper product lines, enhancing overall engagement [78][80]

Financial Data and Key Metrics Changes - In Q3 2025, Fold Holdings reported transaction volumes of $235 million, representing a 43% increase year-over-year [7] - Net revenues reached $7.4 million, up 41% year-over-year, with GAAP net income just under $1 million [7][18] - Year-to-date revenues through September 30 were $22.7 million, reflecting a 48% increase compared to the same period in 2024 [17] - Operating expenses increased to $13.3 million from $9.4 million in Q3 2024, primarily due to higher costs associated with increased sales volumes [18] Business Line Data and Key Metrics Changes - The company added over 7,500 new accounts in Q3 2025, contributing to a total of approximately 625,000 active accounts [7][52] - The upcoming Bitcoin Rewards credit card is expected to enhance customer engagement and drive revenue growth [8][10] - The Bitcoin gift card is now available in 2,000 Kroger locations, with significant early interest and healthy transaction volumes anticipated [11][26] Market Data and Key Metrics Changes - The company noted that nearly $80 trillion is expected to shift into the hands of millennials, who are anticipated to be significant buyers of Bitcoin [7] - Fold's Bitcoin treasury strategy includes holding 1,526 Bitcoin valued at approximately $154 million, a 53% increase since going public [14][20] Company Strategy and Development Direction - Fold aims to position itself as a leading provider of Bitcoin financial services, leveraging partnerships with Visa and Stripe for its credit card offerings [8][10] - The company is focused on creating a synergistic user experience across its product lines, including banking and exchange products [12][14] - Future product expansions may include loan and mortgage products, retirement plans, and insurance offerings [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing demand for Bitcoin financial services and the company's ability to meet this demand [6][7] - The upcoming holiday season is expected to drive significant transaction volumes, with Q4 historically being the highest revenue quarter [17][45] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [20][22] Other Important Information - The company has established a $250 million equity purchase facility and a $45 million revolving credit facility to support its growth strategy [21][22] - Fold's credit card is anticipated to launch in early 2026, with a waitlist exceeding 80,000 customers [10][33] Q&A Session Summary Question: Early data on Bitcoin gift card engagement - Management reported high excitement and healthy volume from the Bitcoin gift card rollout, with significant interest from retailers and customers [25][26] Question: Expansion plans for gift card distribution - The company is exploring various retail and promotional opportunities, including partnerships with sports venues and loyalty programs [30][31] Question: Credit card demand and waitlist trends - The waitlist for the credit card has surpassed 80,000, indicating strong demand from both existing and new customers [33][34] Question: Impact of capital raise on growth strategy - Management clarified that the revolving credit facility allows access to Bitcoin value without selling, aligning with long-term growth goals [39][40] Question: Customer acquisition costs and lifecycle - The introduction of the gift card has resulted in negative acquisition costs, generating revenue while acquiring new customers [36][41] Question: Future banking services and partnerships - Management confirmed plans to expand banking services, including high-yield savings accounts and Bitcoin lending [55]

Q3`25 Review Nov 10, 2025 Q3'25 Fold Holdings, Inc. Company highlights Disclaimer Forward looking statements This Presentation contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements regarding anticipated growth in the industry in which the Company operates and anticipated growth in demand for the Company's products and servic ...

Financial Performance - Net revenues for the three months ended September 30, 2025, increased by $2.2 million, or 41%, to $7,398,939 compared to $5,241,889 for the same period in 2024[237]. - Banking and payment revenues rose by 35% from $5,211,630 in Q3 2024 to $7,054,190 in Q3 2025, driven by a 39% increase in net revenues from merchant offers[238]. - Custody and trading revenues increased from a nominal amount in Q3 2024 to $346,478 in Q3 2025, with expectations for significant growth in the future[240]. - The company reported a net income of $554,242 for Q3 2025, compared to a net loss of $4,169,159 in Q3 2024[236]. - Net revenues for the nine months ended September 30, 2025, increased by $7.4 million, or 48%, to $22.7 million compared to $15.3 million for the same period in 2024[257]. - Banking and payment revenues rose by $6.6 million, or 44%, from $15.3 million in 2024 to $21.9 million in 2025, driven by a 48% increase in net revenues from merchant offers[256][260]. - The company reported a net loss of $30.7 million for the nine months ended September 30, 2025, a decrease of 47% compared to the previous year[1]. Operating Expenses - Total operating expenses for Q3 2025 were $13,339,257, a 42% increase from $9,411,048 in Q3 2024[236]. - Compensation and benefits expenses surged by 408% to $3,728,954 in Q3 2025, reflecting an increase in employee headcount from 22 to 39[246][247]. - Marketing expenses increased by 71% to $237,625 in Q3 2025, as the company plans to invest more in growth partnerships and product launches[248]. - Professional fees decreased by 59% to $1,294,394 in Q3 2025, down from $3,171,141 in Q3 2024, due to reduced costs associated with the transition to a public company[249]. - Total operating expenses surged by $22.9 million, or 106%, from $21.5 million in 2024 to $44.4 million in 2025, primarily due to increased compensation and benefits expenses[1]. - Compensation and benefits expenses skyrocketed by 492% to $13.9 million in 2025, largely due to an increase in headcount from 22 to 39 employees[268]. - Other selling, general, and administrative expenses rose from $1.0 million in 2024 to $3.6 million in 2025, driven by higher insurance premiums and software amortization costs[278]. Customer Growth and Product Offerings - Fold added more than 7,500 new Accounts, bringing the total to over 625,000, and more than 2,000 new Verified Accounts, totaling nearly 82,000[202]. - The company launched the Fold Bitcoin Gift Card in May 2025, allowing customers to purchase USD-denominated gift cards redeemable for bitcoin[186]. - The Fold Credit Card, announced in September 2025, is expected to provide premium customers with unlimited 2% bitcoin rewards and drive new user acquisition[188]. - Fold+ subscription offers users reduced fees and higher rewards for $100/year or $10/month[203]. - The company expects to continue expanding its product offerings, including the Fold Bitcoin Gift Card, which generated $0.2 million in revenue for the nine months ended September 30, 2025[263]. Treasury and Investment Strategy - As of September 30, 2025, Fold held approximately 1,575 BTC in its Bitcoin Treasury, valued at $179.7 million based on a market price of approximately $114.1 thousand per bitcoin[196]. - The total bitcoin treasury increased from $102.1 million on December 31, 2024, to $179.7 million as of September 30, 2025, reflecting a significant growth in both rewards and investment treasury[197]. - Fold's Investment Treasury strategy includes accumulating bitcoin and utilizing it for corporate purposes, with 800 bitcoin restricted under collateral agreements as of September 30, 2025[199]. - The company held 1,494 bitcoin in its Investment Treasury, valued at $170.4 million, with 800 bitcoin valued at $91.3 million restricted as collateral for convertible notes[287]. Revenue Streams - Fold earns interchange revenue from transactions made with the Fold Debit Card, which varies based on transaction type and merchant category[204]. - As of September 30, 2025, Fold partnered with BitGo to facilitate bitcoin transactions, earning revenue through transaction fees and spreads, with fees reaching up to 1.5% for non-subscribers[205]. - The Fold Bitcoin Gift Card contributes to revenue, with the company recognizing gross revenues and costs for each card sold[206]. - Revenue Rewards are earned through qualifying transactions and are recorded as a reduction in related revenue, while Marketing Rewards are treated as marketing expenses[208][209]. - Merchant offers revenue is subject to seasonality, peaking during major shopping periods and the fourth quarter[211]. Cash Flow and Financing - The company had cash and cash equivalents of $6.7 million and positive working capital of $6.1 million as of September 30, 2025[286]. - Cash used in operating activities for the nine months ended September 30, 2025 was $11.4 million, compared to $3.4 million for the same period in 2024[296]. - Cash flows used in investing activities increased by $2.0 million from September 30, 2024 to September 30, 2025, primarily due to increased purchases of bitcoin[298]. - Cash provided by financing activities was $3.5 million for the nine months ended September 30, 2025, down from $8.0 million in the same period in 2024[299]. - The company sold 1.15 million shares of Common Stock for gross proceeds of $3.48 million under an equity purchase facility as of September 30, 2025[290]. - The company has an accumulated deficit of $136.2 million as of September 30, 2025, with significant portions related to fair value adjustments on SAFE notes and convertible debt instruments[286]. Market and Regulatory Environment - The company is exposed to market price changes in bitcoin, with assets and liabilities denominated in bitcoin being remeasured to fair value at the end of each reporting period, potentially leading to volatility in financial results[315]. - Negative swings in the market price of bitcoin could materially impact the company's earnings and the carrying value of its bitcoin-denominated assets and liabilities[315]. - The company anticipates that favorable regulations will encourage bitcoin adoption, while restrictive measures could hinder it[316]. - Increased participation by institutional investors is expected to drive market confidence and liquidity, supporting continued growth in bitcoin adoption[316]. - Advances in blockchain technology and improvements in scalability are anticipated to enhance bitcoin adoption and integration into financial systems[316].