Fold Chairman and CEO, Will Reeves, Publishes Letter to Fold Customers
Rhea-AI Summary
Fold (NASDAQ: FLD) CEO Will Reeves outlined 2025 progress and 2026 priorities, focused on simplifying the product, expanding custody and distribution, and accelerating bitcoin accumulation for households.
Key moves: eliminate Fold+ subscriptions, clear zero-fee recurring buys, federally backed custody via BitGo with $250M aggregate insurance, an upgraded app, and a no-annual-fee credit card earning up to 4% back in bitcoin.
Positive
- Nationwide bitcoin services backed by a federally regulated national bank custody via BitGo
- Customer assets protected by BitGo’s $250 million aggregate insurance policy
- Elimination of Fold+ subscriptions to provide a consistent free experience for all customers
- Planned no-annual-fee metal credit card earning up to 4% back in bitcoin
- Fold holds 1,526 bitcoin in its investment treasury as of November 10, 2025
Negative
- Eliminating subscription and zero-fee pricing may materially reduce near-term revenue
- Previous delays required rebuilding the original credit card program from the ground up
News Market Reaction – FLD
On the day this news was published, FLD gained 5.31%, reflecting a notable positive market reaction. Argus tracked a peak move of +7.2% during that session. Argus tracked a trough of -11.8% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $111.59M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FLD gained 2.48% while peers showed mixed moves: MATH +1.01%, FRGE +0.13%, but NCTY -0.58%, BTCS -3.64%, BTM -1.79%, pointing to a stock-specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 22 | Index inclusion | Positive | +3.7% | Announced inclusion in the Russell 2000 Index, boosting visibility and awareness. |
| Dec 18 | Regulatory expansion | Positive | +0.0% | Nationwide availability via BitGo’s federally chartered trust bank framework in all 50 states. |
| Dec 04 | Market survey data | Positive | -1.9% | Survey showed broad consumer interest in gifting bitcoin through regulated U.S. providers. |
| Nov 19 | Product marketing | Positive | -0.8% | Launched affiliate program to promote Fold Bitcoin Gift Card across partners and retailers. |
| Nov 13 | Earnings & coverage | Positive | -4.5% | Reported Q3 revenue growth and net income alongside new analyst coverage and product momentum. |
Recent history shows FLD often trading flat or lower on generally positive news, with only the Russell 2000 inclusion seeing a clear positive price alignment.
Over the last few months, Fold has focused on scaling its bitcoin financial platform, including Q3 2025 revenue growth and net income, index inclusion in the Russell 2000, and nationwide rollout via BitGo’s federally chartered framework. Marketing and distribution have centered on the Bitcoin Gift Card and an upcoming bitcoin rewards credit card. Despite broadly constructive updates, price reactions were frequently muted or negative, suggesting investors have been cautious even as the company expands products, partnerships, and regulatory footing. Today’s customer-focused strategy letter fits into this buildout narrative.
Market Pulse Summary
The stock moved +5.3% in the session following this news. A strong positive reaction aligns with management’s emphasis on structural upgrades: eliminating subscriptions, zero-fee recurring buys, and a new bitcoin rewards credit card. The company highlighted custody via a federally regulated national bank and a $250 million insurance policy, plus a 1,526 BTC treasury. Historically, FLD’s price response to good news has been mixed, so any large move could face scrutiny if execution on these 2026 goals or broader bitcoin conditions waver.
Key Terms
8k regulatory
bankruptcy-remote financial
form 10-q regulatory
AI-generated analysis. Not financial advice.
Reeves discusses Fold’s 2025 accomplishments and 2026 goals
PHOENIX, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Yesterday 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, filed an 8K with a letter from Chairman and CEO, Will Reeves, to Fold customers. A copy of that letter follows below.
To Fold Customers,
Fold was founded on a simple belief: financial tools should help people move forward in their lives. The word fold comes from an old idea. To be in the fold is to belong, to be protected, and to be part of something built to last. For most of history, the fold was where people kept what mattered most: family, resources, and the future. It was about continuity, not extraction. Today, many financial systems generate activity without progress. People are busier and transacting more than ever, yet long-term stability feels further away. When your time and effort no longer compound, patience breaks down. Saving feels less rational. Capital moves toward volatility and short-term outcomes, not because people are reckless, but because building no longer feels possible on a meaningful timeline. It pushes people into platforms where
As we look ahead to 2026, we are simplifying Fold and returning to first principles. This is not a change in direction. It is a deepening of what we have always believed. A financial platform to help people move forward.
The Year Behind Us
The past year was one of progress and rebuilding. We had an incredible year. We shipped more products than ever and materially increased execution velocity across the company. We also rebuilt critical infrastructure. After delays in our original credit card program, we made the decision to start over and rebuild the card from the ground up with the best partners in the world, including Stripe and Visa. That reset allowed us to design the credit card product we always wanted to ship, one we believe will become Fold’s flagship offering and a primary way customers accumulate bitcoin. We made meaningful progress toward our mission of bringing bitcoin into the mainstream of American life. We put a bitcoin company onto Nasdaq and brought bitcoin to the billboards of Times Square. We put bitcoin on the shelves of the largest grocery chain in the country, Kroger, and onto the menu of one of the fastest growing fast-food chains in the US, Steak ’n Shake, alongside countless other activations that made bitcoin more accessible, more trusted, and more part of everyday life. We expanded coverage of our bitcoin services to all 50 states. Fold is now the only public bitcoin financial services company offering nationwide bitcoin services backed by a federal trust bank charter through BitGo. This milestone provides the regulatory foundation required to operate at scale and sets a new standard for trust and compliance in the market. Over the course of the year, we strengthened the team, improved governance, and are nearing the completion of our first full year as a public company. We have an engaged board and a growing base of long-term shareholders who share our conviction in bitcoin as a future savings standard. The foundation has been set.
The Year Ahead
In 2026, Fold will undergo the following structural upgrades. Each is guided by the same principle: remove friction and align incentives with long-term progress.
First, Fold will be free.
This year, we will be eliminating Fold+ subscriptions so every customer gets a consistent experience with Fold. We aim to return pro-rated subscription fees to all existing Fold+ members later in Q1 and all Fold members will get access to an upgraded experience.
Second, pricing will be clear and transparent.
Recurring buys and paycheck conversions will be zero-fee. Spot buys will carry a clear competitive fee with tight spreads. We are moving toward simple, competitive pricing to build trust and maintain our status as the best place to maximize your bitcoin buys.
Third, we are raising the standard for custody.
Customer bitcoin is now custodied by a federally regulated national bank. Assets will be bankruptcy-remote and protected by BitGo’s
Fourth, we are rebuilding the product experience.
In the coming weeks we will be rolling out an upgraded app experience. This new app experience was built to make Fold faster, simpler, and focused on accumulation rather than noise.
Fifth, we are launching the credit card built for bitcoin savers.
This is a no-annual-fee, metal credit card that will earn up to
Sixth, we are upgrading dollar banking rails.
Managing dollars should feel like managing bitcoin. Under your control. More accessibility. Better limits. Better hours. Fast transfers. And compounding that helps you reach your goals. That also means aiming for new banking upgrades that represent the best in dollar custody and movement, so customers can trust their money is safe and can move fast when they need it.
Seventh, we are expanding real-world distribution.
We are aiming to open partnerships and our platform to retailers and businesses in the United States to bring bitcoin into everyday life for customers, employees and business owners. Adoption happens when tools show up where people already are, not only inside financial apps. We’re just getting started bringing bitcoin to all Americans.
Eighth, we are doubling down on families.
Building for the future means building for the next generation. Fold already supports joint accounts and features that connect daily finances with long-term goals. In 2026, we are leaning further into serving households where progress is measured in years, not days.
Ninth, we are using our treasury as a tool, not a trophy.
Fold holds 1,526 bitcoin in our Investment Treasury1. We do not treat this as a speculative asset. We use it to align with shareholders and to lower friction, improve rewards, reduce costs, and unlock new bitcoin-native financial services. Bitcoin for Fold (and our customers) is our reactor for long-term strength.
Tenth, we are building a race-team culture.
Fold has assembled a high-caliber, low-ego, mission-driven team. Speed, craft, and impact matter here more than ever. How we build is becoming a core advantage, and it will define what we are able to ship and how quickly we can do it.
The Long View
Fold is being built in order to position bitcoin as a core asset of American families and businesses. Not as a niche investment or a speculative trade, but as a foundational financial tool. One that earns the same cultural and financial trust once reserved for the savings account, the money market fund, the retirement account, Social Security, and the pension systems. The shift is already underway for those who are a part of the fold.
A large majority of Fold customers already hold a meaningful portion of their net worth in bitcoin. They are not experimenting; they are committing. As this cohort grows in income, influence, and responsibility, we believe they are set to become among the most valuable financial customers in the world: long-term oriented, disciplined savers who concentrate their financial lives around platforms they trust.
As wealth moves from Boomers to Millennials and Gen Z, we are seeing a generational change in how people think about saving and security. Younger households increasingly see bitcoin not as an alternative, but as the foundation on which to build a future. For many, it is the only asset that has consistently worked in their financial lives.
This is not a small transition. It represents a multi-trillion-dollar realignment in how families are looking to structure their wealth, plan for the future, and pass it forward.
Fold is already ahead in building the infrastructure for this world, and just as importantly, in serving the customers who are already living in it. We are building the financial home where this shift becomes practical, trusted, and repeatable.
As adoption grows, Fold will aim to help partners join this transition and introduce millions more people to bitcoin in a way that feels familiar, responsible, and aligned with everyday life.
We believe Fold will be a direct beneficiary of this generational wealth transition, not because of speculation, but because we are building for how people actually want to live and plan for the future.
Bitcoin is not the goal.
The life it enables is.
We are early. We are focused. And we are building an institution designed to endure.
Thank you for your trust and your ownership.
Will Reeves
Founder and CEO
Fold Holdings, Inc.
1 As of November 10, 2025, as disclosed in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.
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
Cautionary Note on Forward-Looking Statements
The information in this letter includes “forward-looking statements” within the meaning of the federal securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of words such as “may,” “could,” “would,” “should,” “predict,” “estimate,” “plan,” “aim,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. In particular, all statements under the heading, “The Year Ahead,” are forward-looking statements. These statements are based on assumptions and on the current expectations of Fold’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to changes in the acceptance of bitcoin; (ii) our continued ability to implement business plans, including but not limited to our ability to make technical updates and other product upgrades; (iii) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; (iv) volatility in the market price of bitcoin; (v) access to and reliance on funding for our products, including the credit card; (vi) access to and reliance on third parties for their services related to certain of our products, including risks relating to Fold having a single custodian for our bitcoin; (vii) reliance on banking partners which are subject to complex and demanding regulations and compliance standards; and (viii) those risks and uncertainties discussed in Fold Holding, Inc.’s filings with the Securities and Exchange Commission, including, but not limited to our previous Annual Report on Form 10-K filed on March 28, 2025 and our subsequent Quarterly Reports filed on May 15, 2025, August 12, 2025, and November 10, 2025. If any of these risks materialize or Fold’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, Fold specifically disclaims any obligation to do so, except as required by law.
FAQ
What did Fold (FLD) announce about subscriptions and pricing for 2026?
How is Fold protecting customer bitcoin custody as of January 29, 2026?
What are the key features of Fold’s upcoming credit card for FLD customers?
How many bitcoins does Fold hold in its treasury and how will it be used?
What product and distribution changes is Fold (FLD) pursuing in 2026?
