Fold Holdings, Inc. reported a net loss of $29.2 million for the three months ended March 31, 2026, a significant improvement compared to a net loss of $48.9 million during the same period in 2025. Revenue for the quarter decreased by 21% to $5.6 million, down from $7.1 million in the prior year. The decline in revenue was attributed to a broader downturn in digital asset markets, which negatively impacted customer activity on the platform. Transaction volumes averaged $57 million per month, a decrease from $84 million per month in the same quarter of the previous year.
Operating expenses also saw a reduction, totaling $13.4 million for the first quarter of 2026, down from $16.6 million in the prior year. Notable decreases were observed in banking and payments costs, which fell by 29% to $4.8 million, and compensation and benefits expenses, which decreased by 38% to $4.0 million. The company attributed these reductions to a strategic focus on optimizing operations and managing costs more effectively.
In terms of strategic developments, Fold Holdings launched its Fold Credit Card on a limited basis in March 2026, in partnership with Visa and Stripe. The company also introduced an Employee Bitcoin Bonus program, allowing employers to offer bitcoin bonuses to employees. Additionally, Fold completed the extinguishment of its March 2025 Investor Note by transferring 500 bitcoin to the investor and repaid the June 2025 Amended Investor Note with a cash payment of $27.5 million. As of March 31, 2026, the company held 826 bitcoin in its Investment Treasury, valued at approximately $56.4 million.
The company reported a total of 85,000 verified accounts, an increase of nearly 2,000 during the quarter. Fold's customer rewards liability, which is denominated in bitcoin, matched the value of its Rewards Treasury, indicating a balanced approach to managing customer rewards. The company continues to focus on expanding its product offerings and enhancing user engagement, with plans to increase investments in marketing and product development throughout 2026.
Looking ahead, Fold Holdings anticipates that its existing products, including the Fold Credit Card and the Fold Bitcoin Gift Card, will drive higher transaction volumes and revenues. The company remains committed to its bitcoin treasury strategy, which aims to align its corporate goals with customer interests while preserving potential upside in bitcoin value. However, management cautioned that ongoing market volatility and macroeconomic conditions could impact future performance.
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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