Bitcoin Financial Services Firm Fold Posts $69.6M Loss as It Bets on Credit Card Expansion - Crypto Economy

TL;DR

• Fold reports $69.6 million net loss despite 34% revenue growth in 2025.
• Operating losses jump 377% to $27.7 million as customer base expands.
• Fold extinguishes convertible bonds, simplifies balance sheet with $9.6M charge.

Fold, the Bitcoin financial services company listed on Nasdaq, reported a net loss of $69.6 million during 2025 despite increases in revenue and expansion of its customer base. Operating losses reached $27.7 million, compared to $5.8 million the prior year, representing a 377% jump. Simultaneously, annual revenue grew 34% reaching $31.8 million. Adjusted EBITDA loss totaled $17.2 million, equating to adjusted loss per share of $0.41.

Fold acquired 13,000 new customers during the year, expanding total verified accounts to 84,000. Transaction volume surged 46% to $960 million, with individual transactions climbing 3% year-over-year to $215 million

Will Reeves, Fold’s CEO, characterized results as “strong execution against the objectives we established entering 2025.” He asserted the company continued adding customers and expanding its platform while building foundation to scale a Bitcoin-native financial services ecosystem.

Fold executed significant corporate maneuver extinguishing two outstanding convertible bonds through $9.6 million charge. Reeves justified the action saying it “simplifies the balance sheet, removes structural overhang, and directs financing solely to the growth of our operating businesses.” Although costly, the transaction reduced future obligations that otherwise would have pressured earnings.

New Products Position Fold for Expansion Into Enterprise and Mass Consumer Markets

Fold launched its Fold For Business operation during the current quarter, enabling corporations to execute payroll and corporate financial operations in Bitcoin. Steak ‘n Shake, the restaurant emphasizing Bitcoin maximalist branding, reportedly uses Fold to offer employee Bitcoin bonuses. Separately, Fold launched the Fold Bitcoin Rewards Credit Card, operated by Visa and powered by Stripe, offering Bitcoin rewards up to 4% on everyday purchases.


Reeves cited the card as potential significant growth area. “More than a new product, it should materially expand our addressable market and strengthen the ecosystem by increasing wallet share, improving unit economics, and accelerating cross-sell across debit, credit, merchant rewards, exchange, and gift cards,” he stated. Multi-product vision requires Fold absorb operating losses while building scale.

Fold’s Bitcoin treasury position stands at 1,527 BTC, after securing $250 million equity purchase facility in June to expand holdings. FFLD stock trades at $1.07 at publication time after opening at $1.19, having declined 61% year-to-date.

Stock depreciation reflects market skepticism about whether product expansion can justify current losses. Fold founders built company in 2019 specifically to merge Bitcoin adoption with consumer finance, yet market remains unconvinced profitability arrives before capital exhausts.