TLDR
- Fold posted a $69.6M net loss for full-year 2025, with operating losses rising nearly fivefold to $27.7M
- Revenue grew 34% year-over-year to $31.8M; Q4 revenue hit $9M, up 8%
- The company retired two convertible bonds, removing dilution risk but adding a $9.6M one-time charge
- Fold cut its Bitcoin treasury nearly in half, from 1,527 BTC to 827 BTC as of March 17
- FFLD stock is down 59% in 2026 and 83.8% over the past 12 months; it rose 13.4% after-hours Tuesday before falling 4.46% Wednesday
Fold wrapped up its first full year as a public company with a clear story: revenue is growing, but so are the losses. The Bitcoin-focused financial services firm reported a net loss of $69.6 million for 2025, while revenue climbed 34% to $31.8 million.
The gap between the top-line growth and the bottom-line damage is hard to ignore. Operating losses jumped from $5.8 million to $27.7 million — nearly a fivefold increase. Adjusted EBITDA loss came in at $17.2 million, or $0.41 per share.
A big piece of the net loss came from a one-time $9.6 million charge to retire two convertible bonds. CEO Will Reeves called it “strategic housekeeping,” saying it “removes structural overhang and directs financing solely to the growth of our operating businesses.”
The rest of the gap from operating loss to net loss likely reflects non-cash items — stock-based compensation, depreciation, and similar charges that inflate GAAP figures without burning actual cash.
On the customer side, Fold added 13,000 new users in 2025, bringing its total to 84,000 verified accounts. Transaction volume hit $960 million for the year, up 46%. Q4 alone saw $215 million in transaction volume, though that was down 3% year-over-year.
Credit Card Push
Fold recently launched a Visa and Stripe-powered Bitcoin Rewards Credit Card, extending its cashback model to credit spending. The company also rolled out Fold For Business, which lets companies integrate Bitcoin into payroll and corporate finance programs.
Big things happen when great brands come together
We're thrilled to partner with @SteaknShake and excited to see their employees earning bitcoin rewards!
— FOLD BITCOIN (@fold_app) March 2, 2026
One early partner is Steak ‘n Shake, which pays employee bonuses in Bitcoin.
CEO Reeves made a confident call on the earnings call: “Bitcoin rewards will overtake airline miles as the preferred consumer reward in the US.”
He added that card programs need to “scale to millions of cardholders,” but better fraud and risk controls need to come first before Fold can “really open the floodgates.”
The credit card expansion is a capital-heavy move for a company already posting operating losses. Credit card products require reserves, fraud infrastructure, and compliance overhead that debit products don’t. But the US credit card market processes around $5 trillion annually — even a small slice of that dwarfs Fold’s current volume.
Bitcoin Treasury Cut
While Reeves talked up growth, Fold has been quietly selling down its Bitcoin holdings. The company held 1,527 BTC at the end of 2024. By March 17, that figure had dropped to 827 BTC — a reduction of roughly 46%.
That selloff has coincided with continued pressure on the stock. FFLD is down 59% year-to-date in 2026 and has lost 83.8% of its value over the past 12 months.
After Tuesday’s earnings release, the stock popped 13.4% in after-hours trading to $1.27. But on Wednesday, it gave back some of those gains, falling 4.46% to close at $1.07.
Fold enters 2026 with a cleaner balance sheet, a new credit card product, and 84,000 customers — but also with mounting losses and a stock sitting near historic lows.
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