Fold Posts $69.6M Net Loss for 2025, New Bitcoin Rewards Card Drives Growth Strategy

Nasdaq-listed Bitcoin financial services firm Fold reported a full-year 2025 net loss of $69.6 million, with Q4 revenue rising 8% year-over-year to $9 million, as the company added 13,000 new customers and launched its Fold Bitcoin Rewards Credit Card powered by Visa and Stripe.

The company’s operating losses widened significantly to $27.7 million for the full year, compared to $5.8 million in 2024, while annual revenue jumped 34% to $31.8 million. Fold reported a loss in adjusted EBITDA of $17.2 million, equating to an adjusted loss per share of $0.41.

During the company’s Q4 and full-year earnings call on March 17, 2026, CEO Will Reeves expressed confidence that “Bitcoin rewards will overtake airline miles as the preferred consumer reward in the US,” while noting that scaling to millions of cardholders requires implementing better risk and fraud controls before the company can “really open the floodgates” for mass adoption.

Financial Performance and Balance Sheet Restructuring

Q4 and Full-Year Results

Fold’s Q4 transaction volume reached $215 million, a 3% year-over-year decline, contributing to a quarterly operating loss of $6 million. Total transaction volume for 2025 grew 46% to $960 million. The company ended the year with 84,000 verified accounts, adding approximately 13,000 new customers during the period.

Debt Extinguishment

Fold reported a $9.6 million charge to extinguish two outstanding convertible debt instruments. Reeves characterized this move as strategic, stating it “simplifies the balance sheet, removes structural overhang, and directs financing solely to the growth of our operating businesses.” The company had secured a $250 million equity purchase facility in June 2025 to expand its Bitcoin treasury.

Bitcoin Treasury Reduction

Holdings Decline

Despite the company’s Bitcoin-focused business model, Fold has significantly reduced its cryptocurrency holdings. Its Bitcoin treasury, which stood at 1,527 BTC at the end of 2025, has dropped to 827 BTC as of March 17, 2026—a reduction of approximately 46%.

Strategic Context

The timing of Bitcoin sales coincides with the company’s efforts to strengthen its balance sheet through debt extinguishment and focus on scaling product lines. Bitcoin traded near $71,000 at the time of reporting.

Product Expansion and Strategic Initiatives

Fold Bitcoin Rewards Credit Card

Fold launched its Visa and Stripe-powered Bitcoin Rewards Credit Card during the quarter, offering users cashback and rewards on everyday purchases. The card offers Bitcoin rewards of up to 4% on transactions. Reeves emphasized that the credit card “should meaningfully expand our addressable market and strengthen the ecosystem by increasing share of wallet, improving unit economics, and accelerating cross-sell across debit, credit, merchant rewards, exchange, and gift cards.”

Fold for Business

The company launched its enterprise-focused Fold For Business unit, enabling companies to integrate Bitcoin into payroll, bonuses, and corporate financial programs. Notable partner Steak 'n Shake, the fast-food restaurant chain known for its Bitcoin maximalist branding, is reportedly using Fold to offer employees Bitcoin bonuses.

Competitive Landscape

Fold operates in a competitive market for Bitcoin rewards credit cards in the U.S., alongside other crypto platforms including Coinbase, Gemini, Swan Bitcoin, and River Financial.

CEO Outlook for 2026

Reeves framed 2026 as a scaling year following foundational work completed in 2025: “We closed our first full year as a public company with strong execution against the goals we set coming into 2025. We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines.”

“With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we’ve built across customer acquisition, engagement, cross-sell, and retention,” Reeves added.

Stock Performance

Recent Trading

Fold (FLD) shares rose 13.4% in after-hours trading following the earnings release, reaching $1.27, before declining 4.46% on March 18 to close at $1.07.

Year-to-Date Performance

FLD shares have fallen 59% so far in 2026 and 83.8% over the last 12 months, reflecting broader challenges facing crypto-related equities amid market volatility.

Frequently Asked Questions

What were Fold’s key financial results for 2025?

Fold reported a full-year net loss of $69.6 million, with operating losses widening to $27.7 million from $5.8 million in 2024. Annual revenue increased 34% to $31.8 million, while Q4 revenue rose 8% to $9 million. The company added 13,000 new customers, bringing total verified accounts to 84,000.

Why has Fold reduced its Bitcoin treasury?

Fold’s Bitcoin holdings declined from 1,527 BTC at year-end 2025 to 827 BTC as of March 17, 2026—a reduction of approximately 46%. The sales coincide with the company’s $9.6 million debt extinguishment charge and strategic focus on scaling product lines. CEO Will Reeves stated that eliminating convertible debt “removes structural overhang and directs financing solely to the growth of our operating businesses.”

What new products is Fold launching?

Fold recently launched two major initiatives: the Fold Bitcoin Rewards Credit Card, powered by Visa and Stripe, offering up to 4% Bitcoin rewards on purchases; and Fold For Business, an enterprise platform enabling companies to integrate Bitcoin into payroll, bonuses, and corporate financial programs. The company’s notable partner, Steak 'n Shake, is using Fold to offer employees Bitcoin bonuses.