Bitcoin financial services firm Fold reported fourth-quarter revenue of $9 million, up 8% from a year earlier, as it added 2,000 customers and expanded its Bitcoin rewards offerings.
Revenue and product growth
The results arrived weeks after Fold launched its Bitcoin Rewards Credit Card, a Visa and Stripe-powered product aimed at bringing bitcoin-backed perks into everyday spending.
CEO Will Reeves said on the company’s earnings call:
“Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US.”
He said Fold’s card programs will need to reach millions of users, though stronger fraud and risk controls are still needed before the company can scale more aggressively.
Losses and transaction slowdown
Despite the revenue increase, Fold said transaction volume slipped 3% year over year to $215 million.
The company also posted a $6 million operating loss and a full-year net loss of $69.6 million for 2025.
Reeves said Fold still met its goals in its first full year as a public company:
“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.”
Fold has also rolled out Fold for Business, which lets companies use bitcoin in payroll, bonuses and other financial programs.
Balance sheet and bitcoin sales
Reeves said Fold improved its balance sheet by paying off two convertible debt instruments.
He added:
“With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we’ve built across customer acquisition, engagement, cross-sell, and retention.”
Even so, Fold’s bitcoin treasury fell from 1,527 BTC at the end of 2025 to 827 BTC as of March 17.
Shares remain under pressure
Fold shares are down 59% in 2026 and 83.8% over the last 12 months.
The stock rose 13.4% in after-hours trading after the earnings release, but later fell 4.46% to $1.07.
