Bitcoin-centric financial services application Fold (FLD) disclosed its 2025 financial results, revealing a substantial net loss of $69.6 million. This deficit comes despite the company posting a notable 34% annual revenue increase to $31.8 million. The figures, first reported by The Block, underscore the volatile and investment-heavy nature of the cryptocurrency services sector.
Dissecting the Financials: The core figures present a stark contrast. The revenue growth demonstrates strong user adoption, but it is overwhelmingly offset by a net loss nearly 2.2 times the total revenue, signaling heavy operational expenditures and strategic investments. For the fourth quarter of 2025, Fold reported an 8% revenue surge to $9 million, gaining another 2,000 customers. However, Q4 also saw a 3% year-on-year fall in transaction volume to $215 million and an operating loss of $6 million.
Bitcoin Treasury Strategy: A key element of Fold's balance sheet is its Bitcoin treasury. The company held 1,527 Bitcoin as of the end of 2024, a position unchanged since mid-2024. At a 2025 year-end Bitcoin price of approximately $61,500, this holding was valued at around $94 million. However, recent activity shows a shift: as of March 17, 2026, Fold's Bitcoin holdings have dropped to 827 BTC, nearly halving its treasury.
Leadership's Vision and Challenges: During the earnings call, CEO Will Reeves expressed a bold vision, stating the company believes "Bitcoin rewards will overtake airline miles as the preferred consumer reward in the US." He emphasized the need to scale card programs to millions of cardholders, contingent on implementing better risk and fraud controls. Reeves noted that 2026 is about scaling across customer acquisition and retention, following the launch of a Bitcoin Rewards Credit Card and an enterprise product, Fold for Business.
Market Reaction and Context: The financial report comes amid a challenging period for Fold's stock. FLD shares have fallen 59% so far in 2026 and 83.8% over the last 12 months. The stock saw a brief 13.4% after-hours jump to $1.27 following the results but fell 4.46% the next day to $1.07. Fold operates in a competitive landscape that includes other platforms like Coinbase, Gemini, Swan Bitcoin, and River Financial offering similar Bitcoin credit card rewards.
