Fold Reports $69.6M Net Loss for 2025 Amid Bitcoin Card Push
Fold Holdings (NASDAQ: FLD) disclosed a $69.6 million net loss for 2025 in its March 17, 2026 annual filing, as the company expands its bitcoin rewards credit card offerings to grow its customer base.
- 01Fold's operating losses increased significantly to $27.7 million in 2025, up from $5.8 million in 2024
- 02The gap between the $69.6 million net loss and the $27.7 million operating loss was partially driven by a one-time charge of over $9.6 million to retire convertible bonds
- 03Despite a 34% increase in annual revenue, Q4 2025 revenue of $9.1 million represented only an 8% year-over-year increase, signaling a potential moderation in growth momentum
- 04Fold added approximately 13,000 verified accounts in 2025, bringing total to 84,000 as of December 31, 2025
- 05Total transaction volume reached $960 million for 2025 as of March 17, 2026
What Happened
Fold Holdings Inc. reported a net loss of $69.6 million for the full year 2025, according to its annual filing released March 17, 2026 Fold Holdings, Inc. Announces Fourth Quarter and Full Year 2025 Results. Revenue reached $31.8 million for 2025, representing a 34% year-over-year increase, while operating losses widened to $27.7 million as of March 17, 2026 Fold 2025 10-K: Revenue $31.8M, EPS $(1.65).
The company added approximately 13,000 verified accounts during 2025, bringing its total verified user base to 84,000 as of December 31, 2025 Fold posts $69.6M net loss but doubles down on bitcoin credit card expansion. Total transaction volume for 2025 reached $960 million as of March 17, 2026.
In early 2026, Fold launched a new Bitcoin Rewards Credit Card and 'Fold for Business' enterprise services to expand its addressable market Fold Launches Bitcoin Rewards Card and Business Platform.
Background
Fold Holdings operates a bitcoin rewards platform that allows users to earn bitcoin on everyday purchases. The company has been transitioning from a consumer-focused rewards app to a broader financial services provider with credit card offerings.
The gap between the $69.6 million net loss and the $27.7 million operating loss was partially driven by a one-time charge of over $9.6 million to retire convertible bonds during 2025 Fold posts $69.6M net loss but doubles down on bitcoin credit card expansion. This move was described by management as strategic to simplify the balance sheet.
Operating losses increased significantly to $27.7 million in 2025, up from $5.8 million in 2024, representing nearly a fivefold increase year-over-year Fold 2025 10-K: Revenue $31.8M, EPS $(1.65).
The Bull Case
CEO Will Reeves emphasized strong execution against 2025 goals, noting that the retirement of convertible bonds simplifies the balance sheet and removes structural overhang to focus on growth Fold posts $69.6M net loss but doubles down on bitcoin credit card expansion. Reeves framed the bond retirement as a strategic move to position the company for accelerated expansion.
Equity Research Analysts via StockTitan highlighted that revenue and volume growth are notable, suggesting accelerating top-line activity tied to new product rollouts Fold Launches Bitcoin Rewards Card and Business Platform. The 34% revenue growth and $960 million in transaction volume as of March 17, 2026 indicate growing user engagement with the platform.
Bulls point to the new Bitcoin Rewards Credit Card and enterprise services as catalysts that could drive meaningful revenue acceleration in 2026, particularly as bitcoin adoption continues to expand among retail and business users.
The Bear Case
Spark, a TipRanks AI Analyst, rated the stock as Neutral, citing weak underlying operating economics, ongoing cash burn, and technicals remaining negative with the stock trading below key moving averages Fold Launches Bitcoin Rewards Card and Business Platform. The analyst noted that profitability remains elusive despite revenue growth.
Market observers noted that Q4 2025 revenue of $9.1 million represented only an 8% year-over-year increase, signaling a potential moderation in growth momentum Fold posts $69.6M net loss but doubles down on bitcoin credit card expansion. This deceleration from the 34% annual growth rate raises questions about the sustainability of the expansion strategy.
Critics also highlight that operating losses ballooned nearly fivefold compared to 2024, suggesting that customer acquisition costs may be outpacing revenue generation. The path to profitability remains unclear despite the company's growth initiatives.
What to Watch
Investors should monitor Fold's Q1 2026 earnings report for early signals on whether the new Bitcoin Rewards Credit Card is driving meaningful user growth and transaction volume. Key metrics to track include verified account additions beyond the 84,000 baseline as of December 31, 2025, and whether operating losses begin to narrow as the company scales.
The success of 'Fold for Business' enterprise services will be critical, as B2B offerings typically carry higher margins than consumer products. Watch for announcements on partnership deals or enterprise client acquisitions in the coming quarters.
Cash burn rate and runway should be closely monitored given the $27.7 million operating loss as of March 17, 2026. Any capital raises or dilution events could impact shareholder value.
Finally, bitcoin price volatility may affect user engagement with the rewards platform, making broader crypto market conditions an important external factor to watch.