Fold Holdings, Inc. reported a net revenue of $31.8 million for the year ended December 31, 2025, a 34% increase from the $23.8 million reported in the previous year. The growth was primarily driven by a 30% increase in net revenue from merchant offers, which rose to $28.1 million. Custody and trading revenues also saw a significant increase, reaching $1.5 million compared to $0.2 million in 2024, attributed to the expansion of the company's bitcoin trading and custody platform and the introduction of the Fold Bitcoin Gift Card, which contributed $0.8 million.
Operating expenses for Fold Holdings increased significantly, totaling $59.5 million in 2025 compared to $29.6 million in 2024. This rise was primarily due to increased compensation and benefits expenses, which included $10.0 million in non-cash share-based compensation, and higher professional fees related to the company's transition to becoming a public entity. The company reported an operating loss of $27.7 million for 2025, a substantial increase from the $5.8 million loss in 2024. The net loss for the year was $69.6 million, compared to $65.1 million in the previous year.
Key operational developments included the limited launch of the Fold Credit Card in March 2026, the introduction of the Employee Bitcoin Bonus program, and the release of the redesigned "Fold 2.0" app. The company also restructured its debt by entering into a Purchase Agreement with SATS Credit Fund L.P., which resulted in the repayment of outstanding convertible notes. As of December 31, 2025, Fold had nearly 84,000 verified accounts on its platform.
Looking ahead, Fold Holdings plans to continue building an integrated financial system, scale adoption through partnerships, focus on capital-efficient growth, and maintain institutional trust and safety. The company also intends to leverage its bitcoin treasury strategy, holding 827 bitcoin as of March 17, 2026, as a strategic reserve asset and a hedge against inflation. The company's ability to execute its growth strategy and achieve profitability remains subject to various risks, including market volatility, regulatory changes, and competition.
About Fold Holdings, Inc.
Fold Holdings, Inc. is a bitcoin-focused financial services company offering products like FDIC-insured checking accounts, a Visa prepaid debit card, rewards programs, and bitcoin trading and custody through strategic partnerships. Serving primarily U.S. consumers, it integrates bitcoin into everyday banking, savings, and payments, emphasizing long-term bitcoin accumulation, innovative digital assets management, and expanding access to bitcoin-based financial solutions.
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