Fold Holdings Inc. reported fourth‑quarter 2025 revenue of $9.1 million, up 8.2% year‑over‑year, and full‑year revenue of $31.8 million, a 34% increase from 2024. The quarterly figure fell short of consensus estimates of roughly $10.2 million, while the annual revenue beat expectations by about $1.3 million. The company’s transaction volume grew 46% year‑over‑year to $960 million, but Q4 volume slipped 3% to $215 million, reflecting a slowdown in Bitcoin‑related activity.
Fold Holdings’ earnings per share for the quarter were $‑0.08, beating the consensus estimate of $‑0.14 by 42%. The beat was largely attributable to disciplined cost management, which helped offset the company’s high operating expenses. Nevertheless, the loss per share remains significant, and other reports indicate a wider non‑GAAP loss of $0.86 per share, underscoring the ongoing pressure on profitability.
The company highlighted the launch of its Bitcoin Rewards Credit Card, which began a limited release in early 2026. The card, powered by Visa and Stripe, offers Bitcoin rewards on purchases and has attracted a waitlist of more than 80,000 applicants. CEO Will Reeves said, “The most important milestone reached since we last spoke was the launch of the Fold Bitcoin Rewards Credit Card, which began last week with a select launch of the card.” The launch is expected to drive future revenue and deepen customer engagement.
Fold’s Bitcoin investment treasury decreased from 1,527 BTC at the end of 2025 to 827 BTC as of March 17, 2026, reflecting a reduction in holdings amid market volatility. The company also eliminated $66.3 million of convertible debt, improving its balance‑sheet flexibility.
Management did not provide specific revenue guidance for 2026, citing the limited launch of the credit card. However, it projected Q1 2026 revenue of $10.95 million and a full‑year 2026 revenue of $54.9 million. The company also announced the launch of “Fold for Business” in Q1 2026, partnering with Steak ’n Shake to integrate Bitcoin into payroll and other programs.
The market reacted negatively to the earnings release, with investors disappointed by the revenue miss and widening losses. The company’s strong full‑year growth was outweighed by the deceleration in Q4 performance and the headwinds from Bitcoin market volatility. Management emphasized that the credit card launch and enterprise services are key growth drivers, while acknowledging the challenges posed by Bitcoin price swings.
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