Core Insights - Stonegate Capital Partners has initiated coverage on Fold Holdings Inc. (NASDAQ: FLD) highlighting its strong financial performance and growth momentum [1] Financial Performance - Fold Holdings reported revenue of $7.4 million, representing a 41% year-over-year increase, with a net income of $0.6 million [1][7] - The company achieved a total transaction volume of $265 million for the quarter, with over 10,000 net new accounts and more than 3,000 new verified accounts [1] - As of Q3 2025, new accounts increased by 2.1% year-over-year, while transaction volumes rose approximately 41% year-over-year [1] Growth and Operational Efficiency - The company maintained nearly 50% top-line growth compared to the previous year, with expectations for continued strong growth into Q4 [1] - Management noted that headcount has roughly doubled year-over-year while maintaining margins, indicating early operating leverage [1] - The quarter demonstrated improving operating leverage with focused spending on distribution and product [1] Product Development and Market Expansion - Product momentum is evident as the Visa and Stripe credit card approaches launch, with a waitlist exceeding 75,000 [7] - The Bitcoin Gift Card is expanding to approximately 2,000 Kroger locations, supported by a promotion with Steak 'n Shake [7] - The company has strengthened its liquidity with a new $45 million revolving credit facility, alongside an existing $250 million equity facility and a treasury of 1,526 BTC [7]