Fold, the Bitcoin-focused financial services company, reported an 8% rise in fourth-quarter revenue to $9 million, driven in part by new products that layer Bitcoin rewards onto everyday spending. The company said it added roughly 2,000 customers during the quarter and pointed to the recently launched Fold Bitcoin Rewards Credit Card — powered by Visa and Stripe — which combines cashback and Bitcoin rewards.
On its Q4 and full-year 2025 earnings call, CEO Will Reeves reiterated the company’s long-term thesis: “Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US.” He said card programs must “scale to millions of cardholders” and that broader adoption will require stronger risk and fraud controls.
Fold faces competition in the U.S. from other crypto platforms offering Bitcoin-backed credit card rewards, including Coinbase, Gemini, Swan Bitcoin and River Financial.
Despite the revenue gain, Fold reported a 3% year-on-year decline in transaction volume, which fell to $215 million in Q4. The company posted an operating loss of $6 million for the quarter and a full-year net loss of $69.6 million for 2025. Reeves described the year as Fold’s first full year as a public company and said the firm met its goals: “We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines.”
Recent product expansion includes Fold for Business, a service that lets companies integrate Bitcoin into payroll, bonuses and corporate financial programs. One highlighted partner, Steak ‘n Shake, accepts Bitcoin and pays employee bonuses in Bitcoin.
Reeves also said Fold strengthened its balance sheet by extinguishing two outstanding convertible debt instruments, a move he said that “removes structural overhang and directs financing solely to the growth of our operating businesses.” He characterized 2026 as a year to focus on scaling customer acquisition, engagement, cross-sell and retention now that the credit card and enterprise products are live and the capital structure is cleaner.
The company has materially reduced its Bitcoin holdings, shrinking its treasury from 1,527 BTC at the end of last year to 827 BTC as of March 17.
Fold’s stock (FLD) has struggled: according to Google Finance, the shares are down 59% so far in 2026 and 83.8% over the last 12 months. Following the earnings release the stock rose 13.4% in after-hours trading to $1.27, then fell 4.46% the next day to $1.07.
This article follows Cointelegraph’s editorial standards and aims to present accurate, timely information. Readers are encouraged to verify details independently.