Fold Reports 34% Revenue Growth but Deepens Losses on Bitcoin Credit Card Launch
Event summary
- Fold reported $31.8M revenue in 2025, up 34% YoY, but operating loss widened to $27.7M.
- Transaction volumes grew 46% YoY to $960M, while verified accounts increased by 13,000.
- Launched Bitcoin Rewards Credit Card with Visa and Stripe, offering up to 10% rewards.
- Retired convertible notes, streamlining capital structure for growth.
- Bitcoin treasury holdings fell from 1,527 BTC to 827 BTC by March 2026.
The big picture
Fold's strong revenue growth and product milestones reflect the growing demand for Bitcoin-native financial services. However, its deepening losses highlight the challenges of scaling a multi-product fintech platform in a competitive market. The company's strategic shift away from being a digital asset treasury vehicle toward operational expansion will be critical to watch in 2026.
What we're watching
- Product Adoption
- Whether the Bitcoin Rewards Credit Card can drive meaningful share of wallet expansion among existing users and attract new customers.
- Enterprise Growth
- The pace at which Fold for Business can secure additional enterprise partners beyond Steak 'n Shake.
- Profitability Path
- How Fold will balance aggressive growth investments with the need to narrow its operating losses.
Related topics