来源：市场资讯 （来源：吴说） 吴说获悉，比特币金融服务公司 Fold Holdings（纳斯达克代码：FLD）发布 2025 年第三季度财报，营 收 740 万美元，同比增长 41%；净利润 60 万美元。公司交易总额 2.35 亿美元，同比增长 43%；比特币 库存为 1,526 枚（约合 1.54 亿美元）。 ...

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 - The company reported $3.9 billion in operating income, $2.8 billion in net income, and earnings of $8.43 per share for Q3 2025, marking a significant year-over-year improvement [4] - Year-to-date GAAP operating income reached $12 billion, with net income of $8.6 billion and earnings of $27.80 per share, continuing a record-breaking performance [4] - The company holds 640,808 Bitcoin, valued at approximately $71 billion, purchased at an average cost of $74,000 per Bitcoin [7][10] Business Line Data and Key Metrics Changes - Bitcoin per share increased to 41,370 satoshis as of October 26, up from 39,716 satoshis on July 31, reflecting consistent accumulation of Bitcoin per share [5] - The company achieved a 26% BTC yield year-to-date, slightly below the revised full-year target of 30% [6] - Year-to-date BTC gain is 116,555 BTC, translating to approximately $12.9 billion in BTC dollar gain, compared to a full-year goal of $20 billion [6] Market Data and Key Metrics Changes - The company's market cap stands at $83 billion, positioning it among the top publicly listed companies in the U.S. [3] - The enterprise value is reported at $98 billion, with Bitcoin net asset value accounting for 72% of total enterprise value [10] Company Strategy and Development Direction - The company aims to become the second-largest corporate treasury in the world within a year and the largest within five to ten years, focusing on raising capital through preferred equity [15][16] - The introduction of preferred equity IPOs has been successful, raising $6.7 billion year-to-date, with a significant portion coming from retail investors [17][18] - The company has received a B- issuer credit rating from S&P, which is expected to enhance access to larger pools of capital [21][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the IRS interim guidance that excludes unrealized gains from Bitcoin holdings from adjusted financial statement income, benefiting the company and the broader digital asset economy [12] - The company anticipates a Bitcoin price of $150,000 by year-end 2025, with targets for operating income of $34 billion and net income of $24 billion [30][31] Other Important Information - The company has transformed its balance sheet, with digital assets growing from just under $7 billion in Q3 2024 to over $73 billion in Q3 2025, driven by Bitcoin acquisitions and fair value accounting [8][9] - The company plans to expand its preferred offerings internationally to access greater pools of capital [20][21] Q&A Session Summary Question: What is the company's outlook on Bitcoin as a capital asset? - Management believes Bitcoin is emerging as digital capital and expects its value to continue appreciating, with significant institutional adoption [35][36] Question: How does the company plan to manage its capital structure? - The company aims to reduce reliance on convertible debt and increase preferred equity, with a target to equitize convertible bonds by 2029 [16][24] Question: What are the expected benefits of the S&P rating? - The B- rating provides access to larger capital markets, potentially increasing funding opportunities for Bitcoin acquisitions [25][29]

Financial Data and Key Metrics Changes - The company reported a record GAAP operating income of $14 billion and net income of $10 billion for Q2 2025, resulting in a fully diluted EPS of $32.6, the highest in its history [8] - Year-to-date, the company achieved $8.1 billion in GAAP operating income and $5.7 billion in net income, with an EPS of $19.43, also a record high [8] - The market capitalization has surpassed $112 billion, making the company the 96th largest public company in the US [6] Business Line Data and Key Metrics Changes - The company holds 620,879,791 Bitcoin, accounting for 3% of all Bitcoin in existence, positioning it as a dominant player in the Bitcoin treasury space [6] - Year-to-date, the company has generated a BTC yield of 25% and a BTC dollar gain of $13.2 billion, nearing its full-year target of $15 billion [10][11] Market Data and Key Metrics Changes - The company has launched four listed preferred equity offerings in 2025, with STRC being the largest IPO in the US this year [7] - The company has raised $18.3 billion in capital year-to-date, which is 81% of the total capital raised in the previous year [7] Company Strategy and Development Direction - The company is focused on expanding its capital markets plan and enhancing its Bitcoin-backed credit instruments [7] - The management emphasizes the importance of Bitcoin as a treasury reserve asset, highlighting a trend of increasing corporate adoption of Bitcoin [22][24] Management's Comments on Operating Environment and Future Outlook - The management noted a supportive political environment for Bitcoin, with significant changes in the administration's stance towards cryptocurrency [18][19] - The company anticipates continued growth in Bitcoin adoption among public companies, with a notable increase in the number of companies acquiring Bitcoin [22][24] Other Important Information - The company has maintained a low cost basis for its Bitcoin holdings, having purchased over $74 billion worth of Bitcoin at an average cost of just over $73,000 per Bitcoin [11][12] - The adoption of FASB's fair value accounting has significantly increased the company's stockholders' equity by $12.7 billion [12] Q&A Session Summary Question: What is the outlook for Bitcoin prices? - Analysts covering the company forecast an average Bitcoin price of $168,000 by the end of the year, indicating strong market confidence [25] Question: How does the company plan to manage its debt? - The company has a robust balance sheet with $74 billion in Bitcoin holdings, providing significant over-collateralization against its debt obligations [14][15]