Bitcoin financial services firm Fold reported an 8% increase in Q4 revenue to $9 million, adding roughly 2,000 customers as it expanded products that integrate Bitcoin reward schemes into consumer spending. The results follow the launch of the Fold Bitcoin Rewards Credit Card, powered by Visa and Stripe, which offers cashback and Bitcoin rewards.
On Fold’s Q4 and full-year 2025 earnings call, CEO Will Reeves said the company believes “Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US.” He added that card programs “need to scale to millions of cardholders” and that stronger risk and fraud controls are required before mass adoption can occur.
Other crypto platforms offering Bitcoin credit card rewards in the U.S. include Coinbase, Gemini, Swan Bitcoin and River Financial.
Despite revenue growth, Fold reported a 3% year-on-year decline in transaction volume to $215 million, an operating loss of $6 million for Q4, and a full-year net loss of $69.6 million for 2025. Reeves said Fold met its goals in its first full year as a public company, noting: “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 expansions include Fold for Business, which enables companies to incorporate Bitcoin into payroll, bonuses, and corporate financial programs. One notable partner is Steak ‘n Shake, which accepts Bitcoin and pays employee bonuses in Bitcoin.
Reeves also said Fold strengthened its balance sheet by extinguishing two outstanding convertible debt instruments, which “removes structural overhang and directs financing solely to the growth of our operating businesses.” He described 2026 as a year to scale customer acquisition, engagement, cross-sell, and retention now that the credit card and enterprise product are live and the company’s capital structure is cleaner.
Fold has significantly reduced its Bitcoin treasury, from 1,527 BTC at the end of last year to 827 BTC as of March 17.
Fold’s stock (FLD) has fallen 59% so far in 2026 and 83.8% over the last 12 months, according to Google Finance. The shares rose 13.4% in after-hours trading to $1.27 following the earnings release, then declined 4.46% the next day to $1.07.
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