Fold Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated net revenues of $7.4 million for the third quarter, marking a 41% increase from $5.2 million in the same period last year. For the nine months ending September 30, 2025, total revenues reached $22.7 million, up 48% from $15.3 million in the prior year. Despite this revenue growth, Fold recorded an operating loss of $5.9 million for the quarter and $21.8 million for the nine-month period, reflecting increased operational costs, particularly in compensation and benefits, which surged by 408% to $3.7 million in Q3 2025.
The company has undergone notable strategic changes, including the launch of new products such as the Fold Bitcoin Gift Card and the upcoming Fold Credit Card, which is expected to enhance user engagement and attract new customers. The Fold Credit Card, developed in partnership with Visa and Stripe, aims to offer premium rewards and is anticipated to go live by the end of 2025. Additionally, Fold has expanded its customer base, adding over 7,500 new accounts and nearly 2,000 verified accounts in the third quarter, bringing total accounts to over 625,000.
Operationally, Fold's total assets increased to $191 million as of September 30, 2025, up from $126 million at the end of 2024. The company holds 1,494 bitcoin in its Investment Treasury, valued at approximately $170.4 million, with 800 bitcoin serving as collateral for convertible notes. The customer rewards liability, which matches the bitcoin held in the Rewards Treasury, stood at $9.3 million. The company’s total liabilities decreased significantly to $96.3 million from $193.5 million, primarily due to the restructuring of its debt following the merger with FTAC Emerald.
Looking ahead, Fold Holdings, Inc. remains focused on expanding its product offerings and enhancing its operational capabilities. The company has entered into a $250 million equity purchase facility to support its growth initiatives, including the acquisition of additional bitcoin for its treasury. Management anticipates that existing cash reserves, along with potential proceeds from the equity facility, will be sufficient to fund operations for at least the next year. However, the company acknowledges the inherent risks associated with its business model, particularly the volatility of bitcoin prices and the evolving regulatory landscape.
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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