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 ...

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]

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]

Group 1: ETF Market - ETFs are approaching $1 trillion in net inflows for 2025, with $997 billion recorded as of October 9, marking a significant achievement as this milestone was first reached only last December [1] - The demand for alternative investments such as cryptocurrency and gold is increasing alongside the popularity of ETFs [1] Group 2: Private Credit - Aksia's research indicates that private credit may be experiencing a capital glut, with significant cash inflows potentially driving equity valuations higher and increasing systemic risk [2] - The analysis covered over 630 private credit managers and more than 40,000 private credit loans [2] Group 3: Nontraded REITs - The backlog of redemptions in nontraded REITs has been largely resolved, with only one fund still experiencing significant redemption requests [3] Group 4: Private Equity and Liquidity - Private equity firms are innovating to enhance liquidity, with notable transactions such as PAI Partners' $4.2 billion recap of Froneri, which includes a new continuation vehicle [4] - HarbourVest is targeting $20 billion in its latest megafund initiative [4] Group 5: Private Markets Valuation - A surge in retail investment into private markets is expected to lead to more frequent portfolio valuations by money managers, as scrutiny over private market valuations has increased [5] Group 6: Public/Private Investing - Morningstar emphasizes that semiliquid offerings may not suit every investor, highlighting the importance of understanding underlying holdings, leverage, fees, and redemption limits before investing [6] Group 7: Hedge Funds - Hedge funds have seen a resurgence with $37.3 billion in inflows amid market volatility, attracting institutional investors back to active management [9] Group 8: Emerging Markets - Goldman Sachs has raised its forecast for the MSCI EM index to 1,480 over the next 12 months, up from 1,373, with emerging market currencies expected to continue outperforming [10] Group 9: Bitcoin Financial Services - Unchained has launched a bitcoin wealth platform by merging its RIA affiliate into Gannett Trust Company, responding to the rising demand for financial structures that accommodate digital assets [11]

Core Viewpoint - Bitcoin Well Inc. is launching a private placement offering of up to US$100 million to enhance its position in the bitcoin industry and provide investors access to a significant Bitcoin Treasury [1][2] Group 1: Offering Details - The private placement will consist of units priced at C$0.102 each, with the first tranche already closed, raising approximately C$12.5 million [1][3] - The offering may be upsized by an additional US$50 million based on investor demand, potentially totaling US$150 million [5] - Each unit includes one common share and one common share purchase warrant, with warrants exercisable at C$0.1875 for two years [4] Group 2: Strategic Goals - The funds raised will be used to increase the company's strategic bitcoin reserve, working capital, and general corporate purposes [5] - The company aims to grow its existing bitcoin treasury from 11 to over 75 bitcoin, representing a growth of over 700% [4] Group 3: Governance and Share Structure - The company plans to enter into investor rights agreements with Zermatt Consulting LLC and Adam O'Brien, which will allow for the nomination of additional directors [6] - A proposed amendment to the company's capital structure will introduce Subordinate Voting Shares and Multiple Voting Shares, subject to shareholder approval [8][9] - Investors will enter into voting support agreements to support the share structure amendment and related matters [9][10] Group 4: Regulatory and Compliance - The offering is subject to regulatory approvals, including from the TSX Venture Exchange, and all securities issued will be subject to a statutory hold period of four months and one day [12] - The O'Brien Investor Rights Agreement and Share Structure Amendment are considered related party transactions and will require minority shareholder approval [14]

Core Insights - Kindly MD, a Bitcoin treasury company, is experiencing significant volatility, prompting CEO David Bailey to advise investors seeking short-term trades to exit [1] - The company recently submitted its S3 registration to the SEC, allowing shares from a $200 million PIPE deal to become freely tradable [1] - Following the registration, Kindly MD's shares dropped over 54%, reaching a low of $1.26, the lowest since February [2] Company Developments - Kindly MD completed its merger with Nakamoto Holdings, a Bitcoin-native holding company, making it a wholly owned subsidiary responsible for the Bitcoin financial services line [5] - Trading volume for Kindly MD has surged, with over 89 million shares traded, marking the highest volume since a rally in February [2][3] - The company has faced scrutiny regarding its stock price, as Nasdaq rules could impose warnings if shares close below $1 for 30 consecutive days [3]

Core Insights - Fold Holdings, Inc. reported a revenue of $8.2 million for Q2 2025, marking a 59% year-over-year increase, with a net income of $13.4 million [1][5] - The company experienced significant growth in new accounts, which increased by over 233% year-over-year, and transaction volumes rose by 124% year-over-year [1][5] - Fold successfully secured a $250 million equity purchase facility to enhance its Bitcoin holdings, currently holding 1,492 BTC valued at approximately $180 million [1][3][5] Financial Highlights - Revenue for Q2 2025 was $8.2 million, a 59% increase from the previous year [5] - Net income stood at $13.4 million, with an adjusted EBITDA loss of $4.7 million [5][20] - Earnings per share were reported at $0.28, with an adjusted EBITDA loss per share of $0.10 [5][20] Key Operating Metrics - Total transaction volume reached $265 million, reflecting a 124% increase year-over-year [5] - The number of active accounts exceeded 615,000, with an addition of 10,000 new accounts in the quarter [5] - Verified accounts increased to over 80,000, with 3,000 new verified accounts added [5] Strategic & Business Updates - The Fold Credit Card has generated significant consumer interest, with a waitlist exceeding 75,000 applicants [3][6] - The Fold Bitcoin Gift Card was successfully launched and is gaining traction through partnerships with online retailers [3][6] - The company launched Bitcoin Sends, allowing users to send and receive Bitcoin directly with any wallet address [3][11] Treasury and Investment Strategy - Fold's Bitcoin Investment Treasury currently holds 1,492 BTC, valued at approximately $160 million as of June 30, 2025 [5][11] - The establishment of the $250 million equity purchase facility is aimed at expanding Bitcoin holdings and maintaining operational flexibility [3][7]

Core Viewpoint - Fold Holdings, Inc. has announced a $250 million equity purchase facility aimed primarily at acquiring additional bitcoin for its corporate treasury [1][2]. Group 1: Equity Purchase Facility - The facility allows the company to issue and sell up to $250 million in newly issued shares of common stock at its discretion, subject to certain conditions including SEC registration [2][3]. - The company is not obligated to utilize the facility and retains control over the timing and amount of any drawdown, with specific restrictions in place [2][3]. Group 2: Company Overview - Fold is the first publicly traded bitcoin financial services company, facilitating the earning, saving, and usage of bitcoin for individuals and businesses [5]. - The company currently holds over 1,490 BTC in its treasury and is focused on integrating bitcoin into everyday financial experiences through various innovative products [5]. Group 3: Placement Agent - Cohen & Company Capital Markets acted as the exclusive placement agent for the establishment of the equity purchase facility [4].