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]

Company Highlights - Fold Holdings Inc has over 625,000 total accounts as of September 30, 2025[8,11] - The company holds over 82,000 verified accounts as of November 7, 2025[9,11] - The company's Bitcoin holdings in its investment treasury amount to 1,526 BTC[9] Q3 2025 Financial Performance - The company's revenue for Q3 2025 was $74 million[10] - Net income for Q3 2025 was $06 million[10] - Adjusted EBITDA (non-GAAP) for Q3 2025 was a loss of $42 million[10] - The company secured $45 million in financing[10] - Rewards distributed totaled over $70 million[10] - Total transaction volume reached $235 million[10] Year-over-Year (YTD) Performance - Revenues increased by 48% from $153 million in Q3 2024 (YTD) to $227 million in Q3 2025 (YTD)[30] - Net loss decreased by 47% from $(656) million in Q3 2024 (YTD) to $(349) million in Q3 2025 (YTD)[30] - Adjusted EBITDA loss increased by (110%) from $(62) million in Q3 2024 (YTD) to $(131) million in Q3 2025 (YTD)[30] - Total accounts increased by approximately 8% from over 580,000 in Q3 2024 (YTD) to over 625,000 in Q3 2025 (YTD)[30] - Total transaction volumes increased by approximately 74% from ~$434 million in Q3 2024 (YTD) to ~$753 million in Q3 2025 (YTD)[30]

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].

Core Insights - Fold Holdings, Inc. reported a revenue of $7.4 million for Q3 2025, reflecting a 41% year-over-year increase, with a net income of $0.6 million [1][6] - The company achieved a total transaction volume of $235 million, marking a 43% year-over-year increase [6] - Fold's Bitcoin Investment Treasury Holdings stood at 1,526 BTC, valued at approximately $154 million as of November 6, 2025 [6][11] Financial Performance - Revenue for Q3 2025 was $7.4 million, a 41% increase compared to Q3 2024 [1][18] - Net income for the quarter was $0.6 million, with an adjusted EBITDA loss of $4.2 million [6][24] - Earnings per share were reported at $0.01, while adjusted EBITDA loss per share was ($0.09) [6][24] Operational Highlights - The company added over 7,500 new active accounts in the quarter, bringing the total to over 625,000 [6] - Fold's partnership with Visa and Stripe for the Fold Bitcoin Rewards Credit Card™ is expected to enhance its product offerings [3] - The Fold Bitcoin Gift Card™ has gained traction, with physical cards now available at Kroger and a partnership with Steak 'n Shake [4] Strategic Developments - Fold secured a $45 million revolving credit facility from Two Prime Lending, enhancing financial liquidity for growth initiatives [5] - The company maintains a disciplined approach to its Bitcoin treasury strategy, having not sold any Bitcoin since going public [7] - Fold's ecosystem is expanding with new products aimed at integrating Bitcoin into everyday financial experiences [7][11] Market Positioning - Fold is positioned as the first publicly traded Bitcoin financial services company, aiming to bridge traditional finance with Bitcoin [11] - The upcoming Fold Bitcoin Rewards Credit Card is anticipated to attract a mass market customer base, with over 75,000 people on the waitlist [12] - The company is focused on making Bitcoin accessible and rewarding for consumers through innovative financial products [7][11]

Financial Performance - Revenue for Q3 2025 reached $7.4 million, representing a 41% year-over-year increase[1] - Net income for the quarter was $0.6 million, with an adjusted EBITDA loss of $4.2 million[3] - Total transaction volume increased to $235 million, up 43% year-over-year[3] - Revenues for the three months ended September 30, 2025, increased to $7,398,939, up 41.2% from $5,241,889 in the same period of 2024[18] - The net loss for the nine months ended September 30, 2025, was $34,899,390, an improvement from a net loss of $65,575,171 in the same period of 2024[19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(13,101,239), compared to $(6,228,521) in 2024, indicating a decline in core operating performance[23] - Total operating loss for the three months ended September 30, 2025, was $(5,940,318), compared to $(4,169,159) in the same period of 2024[18] - Adjusted EBITDA loss for the three months ended September 30, 2025, was $(4,201,998), compared to $(4,206,774) for the same period in 2024[24] - Adjusted EBITDA loss for the nine months ended September 30, 2025, was $(13,101,239), significantly higher than $(6,228,521) for the same period in 2024[24] - Basic and diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025, was $(0.09), compared to $(0.72) for the same period in 2024[24] - Basic and diluted net loss per share for the nine months ended September 30, 2025, was $(0.33), compared to $(1.07) for the same period in 2024[24] Customer Growth and Engagement - The company added 7,500 new active accounts in the quarter, bringing the total to over 625,000[3] - The upcoming Fold Bitcoin Rewards Credit Card will offer rewards rates up to 3.5% and has over 75,000 people on the waitlist[8] - The Fold Bitcoin Gift Card is now available in approximately 2,000 Kroger locations, expanding customer acquisition channels[5] Financial Position - Total assets increased to $190.97 million as of September 30, 2025, compared to $125.66 million at the end of 2024[17] - Stockholders' equity improved to $94.69 million, up from a deficit of $67.81 million at the end of 2024[17] - Cash and cash equivalents at the end of the period were $6,663,463, down from $18,330,359 at the beginning of the period, reflecting a net decrease of $11,666,896[19] Debt and Expenses - A $45 million revolving credit facility was secured to enhance financial liquidity and support growth initiatives[6] - Operating expenses for the nine months ended September 30, 2025, totaled $44,428,907, a significant increase of 106.5% compared to $21,524,591 in 2024[18] - The company incurred interest expenses of $4,425,703 for the nine months ended September 30, 2025, compared to no interest expenses in the same period of 2024[23] Digital Assets - Fold's Bitcoin Investment Treasury holds 1,526 BTC, valued at approximately $154 million as of November 6, 2025[7] - The company reported a gain on digital assets - investment treasury of $31,203,938 for the nine months ended September 30, 2025, compared to a loss of $377,039 in 2024[19] - The company reported a loss on customer rewards liability of $1,477,444 for the nine months ended September 30, 2025, compared to $2,344,103 in 2024, indicating a reduction in liabilities[19] Shareholder Information - The weighted-average shares used to compute net income (loss) per share for the three months ended September 30, 2025, were 46,911,561, a significant increase from 5,836,882 in 2024[18] - Weighted-average shares used to compute basic and diluted net loss per share for the three months ended September 30, 2025, was 46,911,561, compared to 5,836,882 for the same period in 2024[24]

Core Insights - Fold Holdings, Inc. has announced a partnership with Steak 'n Shake to offer bitcoin rewards, marking a significant step in integrating bitcoin into everyday consumer experiences [1][2][4] - The promotion allows customers to earn $5 in bitcoin when purchasing specific meals, highlighting the shift of bitcoin from a niche investment to mainstream culture [2][4] Company Overview - Fold is a bitcoin financial services company that facilitates earning, saving, and spending bitcoin through various financial tools, and is the first publicly traded company in this sector [1][6] - The company holds nearly 1,500 BTC in its treasury and aims to bridge traditional finance with a bitcoin-powered future through innovative products like the Fold App and Fold Credit Card™ [6] Partnership Details - The limited-time offer is available at approximately 400 Steak 'n Shake locations across the U.S., allowing customers to earn bitcoin through meal purchases [2][3] - Customers can redeem their bitcoin reward by uploading their receipt on a dedicated website, emphasizing the ease of access to bitcoin for new users [3] Industry Impact - This initiative represents a milestone in the adoption of bitcoin, as it is the first instance of a U.S. restaurant chain offering meals bundled with bitcoin rewards [2][4] - The campaign is part of a broader strategy by Fold to establish more mainstream partnerships aimed at making bitcoin a regular part of consumer life [4]

Core Viewpoint - Fold Holdings, Inc. is set to hold its third-quarter earnings conference call on November 10, 2025, at 5:00 PM Eastern Time, with a press release detailing the results to be issued prior to the call [1]. Group 1: Company Overview - Fold Holdings, Inc. is the first publicly traded bitcoin financial services company, facilitating the earning, saving, and spending of bitcoin for individuals and businesses [4]. - The company holds nearly 1,500 BTC in its treasury, positioning itself at the forefront of integrating bitcoin into everyday financial experiences [4]. - Fold offers innovative products such as the Fold App, Fold Credit Card™, Fold Bitcoin Gift Card™, and Fold Debit Card™, bridging traditional finance with a bitcoin-powered future [4]. Group 2: Conference Call Details - Participants can join the earnings conference call by logging on or dialing in approximately 5 minutes before the start time [2]. - To join by phone, participants must register using the provided Dial-in Registration link, after which they will receive an email with access details including dial-in number, passcode, and PIN [3]. - A live and archived webcast of the conference call will be available on the Investors section of Fold's website [3].

Core Insights - The article discusses the introduction of Bitcoin gift cards by Fold, a fintech company, aiming to transform traditional gift cards into investment opportunities [2][3]. Company Overview - Fold, a fintech company, has launched the first-ever Bitcoin gift card in partnership with Blackhawk Network, a major gift card distributor in the U.S. [2] - The company was founded to make Bitcoin more accessible to everyday consumers, particularly millennials struggling to save [3]. Product Details - The Bitcoin gift card operates like a traditional gift card but allows recipients to redeem it for Bitcoin through the Fold app, which instantly credits their account [4]. - The process simplifies gifting crypto by eliminating the need for recipients to have a Bitcoin wallet or prior knowledge of Bitcoin [5]. User Benefits - Once redeemed, recipients can save, spend, or cash out their Bitcoin using the Fold app, providing flexibility in how they utilize their gift [6]. - Customers have earned over $90 million in Bitcoin rewards since Fold's inception, significantly surpassing traditional cash-back rewards [3].

Core Insights - Fold Holdings, Inc. is recognized as a leading player in integrating Bitcoin into everyday transactions through its Fold App and Fold Card, aiming for mainstream crypto adoption with a significant public Bitcoin treasury [1] - The company announced a partnership with Stripe and Visa to launch a Bitcoin-only rewards credit card, offering up to 3.5% back in Bitcoin on purchases, which simplifies the reward system for users [2] - Following the announcement of the credit card, FLD stock experienced a surge of up to 22.39%, indicating strong investor interest in crypto-linked financial products [3] - The Fold Bitcoin Credit Card is set to launch in late 2025, with a waitlist already open, and the company has processed over $3.1 billion in transactions while distributing more than $83 million in Bitcoin rewards [4]