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 - 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]