Fold Holdings (NasdaqCM:FLD) Q3 2025 Earnings Call November 10, 2025 05:00 PM ET Speaker1Good day, and thank you for standing by. Welcome to the Fold Holdings third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one-one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your questi ...

Core Insights - The global crypto asset management scale (AUM) has surpassed $120 billion in 2024, with the stablecoin market projected to reach $2.8 trillion by 2028 and real-world asset (RWA) tokenization expected to hit $16 trillion by 2030 [1][2] - HashKey Group has launched a one-stop service platform called HashKey Crypto-as-a-Service (CaaS) aimed at lowering the entry barriers for Web3 and connecting traditional finance with digital finance [1][2] Group 1 - HashKey CaaS will leverage the group's focus on RWA and the financial blockchain HashKey Chain to integrate on-chain services, asset tokenization, liquidity, institutional-grade custody, and security systems [1] - The platform aims to help financial institutions establish digital asset operations with lower costs, shorter timelines, and higher efficiency [1] Group 2 - The CaaS service provides full lifecycle support from legal structure design, smart contract development, asset issuance, distribution, to ongoing management, significantly simplifying the on-chain deployment process [2] - HashKey Group has obtained digital asset licenses in key markets such as Singapore, Dubai, Japan, and Bermuda, with plans to expand into Europe and the UAE [1]

Market Reaction - The announcement of a 100% tariff on Chinese products by Donald Trump led to a sharp decline in the S&P 500 index, which fell by 2.7% [1] - This news triggered widespread volatility across global equities, particularly affecting crypto-related stocks as investor risk appetite weakened [1] Crypto Stocks Performance - Leading digital-asset companies experienced significant declines, with Coinbase (COIN) closing at $357.01, down 7.75% from the previous close of $387 [2] - Bullish (BLSH) stock dropped 9.42% to $60.37 from a prior close of $66.65, reflecting broader market weakness [3] - Metaplanet (MTPLF) ended 2.25% lower at $3.48, compared to the previous close of $3.56, despite briefly rising to $3.65 intraday [4] - MARA Holdings, Inc. (MARA) saw a decline of 7.67%, finishing at $18.65, with further after-hours trading losses [5] - Strategy (MSTR) closed at $304.79, down 4.84% from $320.29, indicating high volatility during the session [6] Fundamental Valuation Concerns - Analysts noted a shift in focus from short-term stock declines to concerns over fundamental valuation metrics, with Strategy's multiple-to-net asset value (mNAV) dropping below 1.180, its lowest level in nearly two years [7]

Core Viewpoint - OSL Group has partnered with the Solana Foundation to promote the global compliant development of tokenization of real-world assets (RWA) to meet the increasing market demand from institutional investors [1] Group 1: Stock Performance - OSL Group's stock rose over 14% in the afternoon, with a current increase of 12.91%, trading at 17.32 HKD, with a transaction volume of 101 million HKD [1] Group 2: Partnership and Offerings - The OSL Tokenworks platform will provide a secure and compliant channel for the tokenization of traditional assets such as funds and bonds, leveraging Solana's high-performance network [1] - Several financial institutions have expressed interest in deploying tokenized financial products through OSL on the Solana network [1]

Core Viewpoint - OSL Group has announced a partnership with the Solana Foundation to promote the global compliant development of tokenization of real-world assets (RWA) to meet the growing market demand from institutional investors [1] Group 1: Company Developments - OSL Group's stock price increased by over 14%, currently trading at 17.32 HKD with a trading volume of 101 million HKD [1] - The OSL Tokenworks platform will provide a secure and compliant channel for the tokenization of traditional assets such as funds and bonds [1] Group 2: Market Implications - The collaboration aims to leverage Solana's high-performance network for the deployment of tokenized financial products [1] - Several financial institutions have already expressed interest in utilizing OSL to deploy tokenized financial products on the Solana network [1]

Core Viewpoint - The strategic partnership between Zhong Shouyou Technology Group and Amber Premium aims to leverage their respective strengths in the gaming and Web3 sectors to enhance the commercial value of the classic IP "Xianjian Qixia Zhuan" while ensuring compliance with regulations [1][3][4]. Group 1: Strategic Partnership - Zhong Shouyou has announced a strategic collaboration with Amber Premium to integrate their advantages in the gaming industry and Web3 [1][3]. - Amber Premium will provide customized services, including blockchain development, wallet security, payment solutions, and digital asset management, to support Zhong Shouyou's Web3 ecosystem [3][4]. - The partnership is expected to explore further opportunities in the Web3 space, leveraging Amber Premium's extensive client base and industry recognition [3][4]. Group 2: Web3 Business Development - This collaboration is a significant step in Zhong Shouyou's Web3 business strategy, following its announcement of a Web3 strategy and collaboration with a stablecoin sandbox pilot issuer [2][3]. - Zhong Shouyou's Web3 plans include the RWA (Real World Asset) tokenization of the "Xianjian" IP, a Web3 aggregation payment tool supporting fiat and major cryptocurrencies, and the launch of a decentralized esports platform "KKFun Esports" by late 2025 to early 2026 [4][5]. - The partnership with Amber Premium is anticipated to play a crucial role in the implementation and growth of Zhong Shouyou's Web3 initiatives [4]. Group 3: Company Background - Zhong Shouyou Technology Group is a leading global IP game operator, focusing on creating high-quality IP games through self-developed and co-developed projects [6]. - The company went public on NASDAQ in September 2012 and later listed on the Hong Kong Stock Exchange in October 2019 [6]. - Amber Premium, a subsidiary of Amber Group, provides institutional-grade financial services and aims to redefine digital wealth management in the Web3 economy [7].

Core Insights - Fold Holdings has announced that its delayed Bitcoin rewards credit card will operate on the Visa network through a partnership with Stripe, allowing users to earn Bitcoin on everyday purchases [1][3] - The Fold Bitcoin Credit Card offers up to 3.5% back on all purchases, with an unlimited 2% back instantly and up to 1.5% additional rewards when using the Fold Checking Account [2] - Despite initial excitement leading to a stock price increase, Fold's stock (FLD) experienced a significant decline of over 14% on the day, dropping from $4.69 to $3.32 [2][5] Company Performance - Fold's stock opened at $4.69 on Tuesday, following a previous close of $3.88, but fell to $3.32, marking a decline of more than 14% [2] - The stock had surged earlier in the week, nearly doubling in price to above $7 amid speculation regarding a notable investor joining the company [4] - Despite the recent drop, FLD remains up about 8% over the last week but is down approximately 12% for the month [5] Market Context - Stripe has processed over $3.1 billion in transaction volume and distributed more than $83 million in Bitcoin rewards, holding 1,485 BTC valued at around $167 million [4] - The overall sentiment in the cryptocurrency market appears bearish, with a majority of predictors expecting Bitcoin to fall to $105,000 sooner than it will rise to $125,000 [6]