Core Insights - A new trend in consumer rewards is emerging, shifting from traditional loyalty points to Bitcoin rewards, which are gaining popularity among shoppers [1][4]. Group 1: Decline of Traditional Loyalty Points - Traditional loyalty points, such as frequent flyer miles and retail rewards, have lost value due to unexpected charges and devaluation practices by airlines and retailers [2][3]. - Airline miles are devalued by an average of 10% to 20% per year, leading to a significant erosion of purchasing power for consumers [3]. Group 2: Bitcoin Rewards Model - The Bitcoin rewards model, as offered by companies like Fold, allows consumers to earn Bitcoin (sats) instead of store-specific points, providing a more stable and valuable asset [4]. - Bitcoin's value is not controlled by retailers or credit card companies, making it less susceptible to sudden devaluations compared to traditional loyalty points [4]. Group 3: Adoption of Bitcoin Rewards Credit Card - Fold has introduced a Bitcoin Rewards Credit Card in partnership with Visa and Stripe Issuing, which offers up to 3.5% back in Bitcoin on purchases [6]. - Cardholders can earn a base of 2% back instantly, with an additional 1.5% when using a linked Fold Checking Account, and up to 10% back at select retailers during promotions [7].

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]

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]

🚨JUST IN: COINBASE AND AMERICAN EXPRESS TO LAUNCH A NEW BITCOIN REWARDS CREDIT CARD IN THE U.S. THIS FALL ...

Group 1 - Brian Armstrong, CEO of Coinbase, predicts Bitcoin price will reach $1 million within the next 5 years, driven by current industry outlook and sentiments [1][2] - Armstrong emphasizes the importance of robust regulatory frameworks in the US, such as the GENIUS Act, which could significantly boost Bitcoin prices [3] - Institutional adoption of Bitcoin is increasing, with firms like Strategy and Metaplanet accumulating substantial amounts of Bitcoin [4] Group 2 - Nasdaq-listed Fold Holdings is set to launch a Bitcoin Rewards Credit Card in collaboration with Stripe and Visa, indicating growing mainstream adoption of Bitcoin [5] - Armstrong points out Bitcoin's fixed maximum supply of 21 million, which contributes to scarcity and is expected to trigger a price rally [6] - Other prominent figures in the crypto space, including Jack Dorsey and Cathie Wood, have expressed similar bullish sentiments regarding Bitcoin's price potential [7]

Core Insights - Fold Holdings, Inc. is set to launch its Bitcoin Rewards Credit Card on September 23, with Stripe providing backend infrastructure and Visa as the issuing network [1][3] - The shares of Fold Holdings have dropped over 14% following the announcement of the credit card [1][6] Product Details - The Bitcoin Rewards Credit Card allows users to earn Bitcoin on every purchase, offering up to 3.5% back in Bitcoin, with an unlimited 2% earned instantly and an additional 1.5% by using the Fold Checking Account [2] - The card leverages Stripe Issuing's platform and Visa's global network to ensure reliability and accessibility [3] Strategic Partnerships - The partnership between Fold, Stripe, and Visa is described as a blueprint for innovative financial products, minimizing the complexities of program management for companies [3] - Visa emphasizes the security and scale of its network, allowing consumers to earn Bitcoin wherever Visa is accepted [4] Company Performance - Fold claims to have over $3.1 billion in transaction volume and has distributed more than $83 million in Bitcoin rewards, holding nearly 1,500 BTC in its treasury [5] - Following the credit card announcement, Fold's share price fell from $3.88 to $3.31, reflecting bearish sentiment in the cryptocurrency market on that day [6]