Fold Becomes First Public Bitcoin Financial Services Company to Operate Nationwide Through BitGo’s Federally Chartered Trust Framework

Rhea-AI Summary

Fold (NASDAQ: FLD) announced nationwide availability in all 50 U.S. states effective after a strategic partnership with BitGo Bank & Trust following BitGo’s approval as a federally chartered bank by the OCC on Dec. 18, 2025. Fold will operate under BitGo’s federally supervised trust framework, replacing state-by-state restrictions and enabling exchange and custody services, including in previously restricted markets such as New York.

This expands access to Fold’s Bitcoin Gift Card™ and supports rollout of the Fold Bitcoin Credit Card™ as user onboarding continues.

Positive

• Available in 50 U.S. states
• Enables exchange and custody services in New York
• Operates under a single federally supervised trust
• Supports nationwide rollout of Fold Bitcoin Credit Card

Negative

• Nationwide onboarding is phased with availability updates pending
• Company operations depend on BitGo B&T federal charter

News Market Reaction

% 5.6x vol

2 alerts

% News Effect

+2.5% Peak Tracked

$141M Market Cap

5.6x Rel. Volume

On the day this news was published, FLD declined NaN%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.5% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. Trading volume was exceptionally heavy at 5.6x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

U.S. coverage: 50 states

1 metrics

U.S. coverage 50 states Nationwide availability for Fold following BitGo B&T’s OCC charter

Market Reality Check

Price: $1.79 Vol: Volume 65051 vs 20-day av...

low vol

$1.79 Last Close

Volume Volume 65051 vs 20-day avg 108951 (relative volume 0.6x) indicates subdued pre-news activity. low

Technical Shares at $2.92 are below the 200-day MA of $4.2 and far under the $14 52-week high.

Peers on Argus

Pre-news, FLD was down 2.99% while crypto-adjacent peers were mixed: several dec...

Pre-news, FLD was down 2.99% while crypto-adjacent peers were mixed: several declined (e.g., MATH -8.2%, BTM -5.22%, BTCS -2.3%) and FRGE was slightly positive at 0.16%, suggesting stock-specific factors rather than a uniform sector move.

Historical Context

5 past events · Latest: 2025-12-04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2025-12-04	Crypto survey insights	Positive	-1.9%	Holiday bitcoin gifting survey showed strong consumer interest in regulated providers.
2025-11-19	Affiliate launch	Positive	-0.8%	Affiliate program launch to promote Fold Bitcoin Gift Card with paid commissions.
2025-11-13	Coverage & metrics	Positive	-4.5%	Quarter metrics and Stonegate coverage initiation highlighted strong growth and volume.
2025-11-10	Q3 2025 earnings	Positive	-4.8%	Q3 results with 41% revenue growth and positive net income from digital asset gains.
2025-10-31	Rewards promotion	Positive	-5.9%	Steak ’n Shake partnership offering $5 in bitcoin per promotional meal purchased.

Pattern Detected

Recent news, including crypto and promotional updates, has repeatedly been followed by negative one-day price reactions despite generally constructive operational developments.

Recent Company History

Over the last few months, FLD has reported growing bitcoin-focused products and partnerships. Q3 2025 results on 2025-11-10 showed revenue of $7.4M and net income of $0.6M, yet shares fell 4.85%. Subsequent crypto-themed releases on gifting trends, affiliate expansion, and promotions with Steak ’n Shake all saw one-day declines between 0.83% and 5.91%. Today’s nationwide access via BitGo fits the pattern of strategically positive news against a weak tape.

Market Pulse Summary

This announcement expands Fold’s reach by enabling bitcoin financial services across all 50 U.S. sta...

Analysis

This announcement expands Fold’s reach by enabling bitcoin financial services across all 50 U.S. states through BitGo’s OCC-chartered bank and trust framework. It builds on prior crypto initiatives focused on gift cards, partnerships, and consumer access. Investors may watch how quickly nationwide onboarding progresses, how usage evolves in previously restricted markets like New York, and whether this regulatory structure supports future product launches in rewards and payments.

Key Terms

federally chartered bank, office of the comptroller of the currency, crypto-as-a-service, digital asset infrastructure, +2 more

6 terms

federally chartered bank regulatory

"their approval in becoming a federally chartered bank from the Office..."

A federally chartered bank is a banking institution licensed and overseen by a country's national government rather than by local authorities, similar to having a nationwide business license that allows it to operate across regions. For investors, this matters because federal charters come with national-level rules, supervision and often access to national payment systems or insurance programs, which can affect a bank's stability, growth options and regulatory risk profile.

office of the comptroller of the currency regulatory

"...bank from the Office of the Comptroller of the Currency (“OCC”)."

A U.S. federal regulator that oversees and enforces rules for nationally chartered banks and federal savings associations, acting like a referee to make sure those institutions operate safely and follow banking laws. Investors care because the agency’s supervision, rule changes, or enforcement actions can affect a bank’s safety, profitability, lending ability and legal risks — all of which influence the value and stability of bank stocks and related financial assets.

crypto-as-a-service technical

"Powered by BitGo’s Crypto-as-a-Service digital asset infrastructure, Fold..."

Crypto-as-a-service is a package of ready-made digital currency tools and infrastructure that lets businesses add cryptocurrency features—like wallets, payments, token issuance, and custody—without building the technology themselves. For investors, it matters because it can speed a company's move into the crypto market, lower technical risk and upfront costs, and provide a clearer path to new revenue streams or regulatory exposure—much like leasing a storefront instead of constructing one from scratch.

digital asset infrastructure technical

"BitGo), the digital asset infrastructure company, and their approval..."

Digital asset infrastructure is the collection of systems and services that let people create, store, trade and record ownership of digital tokens or cryptocurrencies — think of it as the roads, locks and registration offices for online value. Investors care because the strength, security and rules of that underlying setup affect how easy, safe and legal it is to buy, sell or hold digital assets, which in turn influences risk, liquidity and value.

trust framework regulatory

"...operate across all 50 states under a single, federally supervised trust framework..."

A trust framework is a written set of rules, standards and procedures that define how parties verify identities, share information and follow security and legal obligations when doing business together. Think of it as a traffic code or recipe that tells everyone how to behave so transactions are reliable and risks are reduced. Investors care because a clear trust framework lowers the chance of fraud, regulatory problems or data breaches that can damage a company’s reputation and financial value.

custody services financial

"nationwide access to bitcoin exchange and custody services, including..."

Custody services are the safekeeping, recordkeeping and transaction-handling of financial assets—such as stocks, bonds and cash—provided by a specialized firm acting like a secure vault plus an accountant for your investments. They matter to investors because they reduce the risk of loss or theft, ensure trades settle correctly, and manage administrative and regulatory tasks so owners can trust their assets are secure and accessible when they need liquidity or proof of ownership.

AI-generated analysis. Not financial advice.

BitGo B&T’s OCC charter unlocks nationwide availability for Fold, including long-restricted markets like New York

PHOENIX, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) (“Fold” or the “Company”), a Bitcoin financial services company making it easy for individuals to earn, save, and spend bitcoin through everyday financial tools, today announced that it is now available in all 50 U.S. states following its strategic partnership with BitGo Bank & Trust, National Association (“BitGo”), the digital asset infrastructure company, and their approval in becoming a federally chartered bank from the Office of the Comptroller of the Currency (“OCC”). BitGo is now one of the first few digital asset companies in U.S. history to secure this level of federal oversight, establishing a new regulatory pathway for compliant, nationwide Bitcoin access.

Powered by BitGo’s Crypto-as-a-Service digital asset infrastructure, Fold will be the first consumer Bitcoin financial services company able to operate across all 50 states under a single, federally supervised trust framework, replacing the fragmented State-by-State rules that have limited consumer access. Fold’s users will gain nationwide access to bitcoin exchange and custody services, including in previously restricted markets such as New York. This milestone immediately expands access to Fold’s Bitcoin Gift Card™ and strengthens the value proposition of the upcoming Fold Bitcoin Credit Card™.

“BitGo B&T’s federal bank charter combined with Fold’s Bitcoin financial products gives the U.S. its first true national framework for Bitcoin access, a foundation the industry has been waiting for,” said Will Reeves, Chairman and CEO of Fold. “It replaces a patchwork of state rules with a single, regulated structure, creating a clear path forward for both companies and consumers. For Fold, this opens the entire map. We can now reach consumers in all 50 states, providing a straightforward, regulated way to engage with Bitcoin where state licensing requirements previously limited access. It’s a shift from navigating barriers to building on bedrock, and it meaningfully expands the market we’re able to serve. We’ve built Fold with this moment in mind, and nationwide availability allows us to deliver Bitcoin in a way that’s aligned with the highest standards of U.S. financial oversight and access.”

BitGo’s federal bank charter strengthens Fold’s consumer offering by providing:

• Nationwide market expansion, including in historically restrictive states
• A clear, federally supervised compliance pathway for consumer Bitcoin services
• A scalable framework for future product innovation in rewards, payments, and digital asset access
  

“This is a meaningful moment for both BitGo B&T and Fold,” said Frank Wang, Executive Director of Fintech Sales at BitGo. “Our conversion to a federal bank charter allows us to support consumer platforms at a national level, and Fold is a natural partner in that effort. They’ve built products people want to use, but access has been limited by geography. With a national framework in place, both companies can now operate the way they were intended, responsibly and across the entire U.S.”

Fold is beginning to onboard users nationwide, with additional information on product availability to be shared as rollout continues.

More information on BitGo’s federal bank charter is available in BitGo’s public announcement.

About Fold
Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. With over 1,500 BTC in its treasury, Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Credit Card™, Fold Bitcoin Gift Card™, and Fold Debit Card™, the company is building the bridge between traditional finance and the bitcoin-powered future.

For investor inquiries, please contact:
Orange Group
Samir Jain, CFA
FoldIR@orangegroupadvisors.com

For media inquiries, please contact:
Jessica Starman, MBA
media@foldapp.com

FAQ

What does Fold's Dec. 18, 2025 announcement mean for FLD shareholders?

Fold is now available in all 50 U.S. states via BitGo’s federal trust framework, expanding its potential U.S. customer base.

When will FLD users in New York gain access to Fold services?

Fold announced New York access as part of its nationwide availability effective after BitGo’s OCC-charter approval on Dec. 18, 2025.

How does BitGo’s federal bank charter affect Fold (FLD)?

BitGo’s OCC charter lets Fold operate under a single, federally supervised trust framework for nationwide Bitcoin exchange and custody services.

Will Fold’s Bitcoin Credit Card (FLD) be available nationwide immediately?

Fold said the Bitcoin Credit Card rollout will follow nationwide onboarding; product availability updates will be shared as rollout continues.

Does Fold’s nationwide expansion require new state licenses for FLD?

Fold will operate under BitGo’s federal trust framework, intended to replace fragmented state-by-state restrictions for consumer Bitcoin access.