Stonegate Capital Partners Initiates Coverage on Fold Holdings Inc. (FLD)

Rhea-AI Summary

Fold Holdings (NASDAQ: FLD) reported quarter results and received coverage initiation from Stonegate Capital Partners on November 13, 2025. Key metrics: revenue $7.4M (up 41% y/y), net income $0.6M, and adjusted EBITDA $(4.2)M. The company reported strong product and user momentum with ~265M in total transaction volume for the quarter, 10K+ net new accounts, 3K+ new verified accounts, and a 75,000+ waitlist for the Visa/Stripe credit card.

Liquidity and distribution updates include a $45M revolving credit facility, an existing $250M equity facility, and a 1,526 BTC treasury. Product rollouts include a Bitcoin Gift Card in ~2,000 Kroger locations and a Steak 'n Shake promotion.

Positive

• Revenue $7.4M up 41% y/y
• Transaction volume $265M for the quarter
• 75,000+ waitlist for Visa/Stripe credit card
• $45M new revolving credit facility and $250M equity facility
• 1,526 BTC held in treasury

Negative

• Adjusted EBITDA $(4.2)M loss
• Headcount roughly doubled y/y, raising potential cost pressure

Dallas, Texas--(Newsfile Corp. - November 13, 2025) - Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners initiates their coverage on Fold Holdings Inc. (NASDAQ: FLD). Fold delivered revenue of $7.4M, net income of $0.6M, and adj EBITDA of $(4.2)M as legacy products continued to scale. Operating KPIs moved in tandem as the Company saw $265M in total transaction volume for the quarter, 10K+ net new accounts, and 3K+ new verified accounts. As of 3Q25, new accounts rose 2.1 y/y while transaction volumes climbed ~41% y/y, and management reiterated typical seasonal strength. We note that the Company maintained almost 50% top line growth over last year, and it is our expectation that this strong growth momentum will be carried into a seasonally strong 4Q. Management noted that headcount has roughly doubled y/y while maintaining margin, demonstrating early operating leverage in the model. Overall, the quarter reflected improving operating leverage with focused, disciplined spend on distribution and product.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Revenue was $7.4M up 41% y/y with net income of $0.6M and $235M in quarterly transaction volume.
• Strengthened liquidity with a new $45M revolving credit facility alongside an existing $250M equity facility and a 1,526 BTC treasury.
• Product momentum continued as the Visa and Stripe credit card nears launch with a 75,000+ waitlist with the Bitcoin Gift Card expanding to ~2,000 Kroger locations with a Steak 'n Shake promotion.

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274442

FAQ

What did Fold (FLD) report for revenue and net income on November 13, 2025?

Fold reported revenue $7.4M and net income $0.6M for the quarter.

How large was Fold's transaction volume in the quarter for FLD?

The company reported approximately $265M in total transaction volume for the quarter.

What liquidity facilities did Fold (FLD) announce on November 13, 2025?

Fold strengthened liquidity with a new $45M revolving credit facility alongside an existing $250M equity facility.

How many people are on the waitlist for Fold's Visa and Stripe credit card (FLD)?

Fold reported a waitlist of over 75,000 for the Visa and Stripe credit card.

What product distribution updates did Fold (FLD) report for the quarter?

Fold expanded the Bitcoin Gift Card to about 2,000 Kroger locations and ran a Steak 'n Shake promotion.

What are the key profitability and cash metrics for Fold (FLD) in 3Q25?

Key metrics: revenue $7.4M, net income $0.6M, adjusted EBITDA $(4.2)M, and a 1,526 BTC treasury.