Fold Holdings, Inc. reported strong top-line growth for 2025 while remaining deeply loss-making. Full-year revenue reached $31.8 million, a 34% year-over-year increase, supported by total transaction volume of $960 million, up 46%. Q4 2025 revenue was $9.1 million, up 8% year over year, while Q4 volume of $215 million declined 3%.
The company posted a 2025 operating loss of $27.7 million and a net loss of $69.6 million, compared with a $65.1 million loss in 2024. Adjusted EBITDA loss widened to $17.2 million from $6.3 million, reflecting higher banking, compensation, and professional costs, as well as digital asset and financing-related charges.
Fold ended 2025 with $7.7 million in cash and cash equivalents, $133.7 million of digital assets in its investment treasury, and total assets of $153.5 million$90.5 million from $193.5 million, and stockholders’ equity improved from a deficit of $67.8 million to positive equity of $63.0 million, aided by recapitalization and elimination of prior SAFEs and certain convertible notes. Bitcoin investment treasury holdings were 1,527 BTC at December 31, 2025 and 827 BTC as of March 17, 2026.
Strategically, Fold launched its Bitcoin Rewards Credit Card with up to 4% base rewards and up to 10% through its rewards network, and introduced Fold for Business, enabling corporate bitcoin payroll and bonus programs under annual SaaS-style contracts. Management highlighted a cleaner capital structure, a new $10 million credit facility, and a focus on scaling consumer and enterprise products in 2026, while withholding specific revenue guidance.
Fulgur Frontier Capital LP, a 10% owner of Fold Holdings, Inc., reported acquiring 7,191,631 shares of common stock on December 30, 2025. The shares were contributed by a limited partner to Fulgur Frontier Capital for no additional consideration, raising its direct holdings to 13,740,061 shares. A related fund, Fulgur Ventures I LP, separately holds 4,360,345 shares that are not included in this total.
Fulgur Frontier Capital LP, a 10% owner of Fold Holdings, Inc., reported acquiring 7,191,631 shares of common stock on December 30, 2025. These shares were contributed by one of its limited partners to the fund for no additional consideration.
After this contribution, Fulgur Frontier Capital LP directly owns 13,740,061 shares of Fold Holdings common stock. The contributed shares had originally been purchased in open market transactions by the limited partner at an average weighted price of $3.83 per share on behalf of the reporting person.
The filing also notes that this total does not include 4,360,345 additional shares of Fold Holdings common stock held by an affiliated entity, Fulgur Ventures I LP.
Fulgur Frontier Capital LP and Fulgur Ventures I, L.P. filed a Schedule 13D reporting beneficial ownership of 18,100,406 shares of Fold Holdings, Inc. common stock, representing 37.47% of the outstanding shares based on 48,307,642 shares as of November 10, 2025.
The position reflects both sole and shared voting and dispositive power between the two private investment funds. On December 30, 2025, a limited partner contributed 7,191,631 shares to Fulgur Frontier for no consideration; those shares had been acquired in 2025 open-market purchases totaling approximately $27,557,381 at a volume-weighted price of about $3.83 per share.
The Reporting Persons state they acquired the shares because they believed they were undervalued and may increase or decrease their holdings depending on market conditions and price, but currently report no specific plans for corporate actions such as mergers, asset sales, or governance changes.
Fold Holdings, Inc. used a current report to expand on a recent post on X about its anticipated new credit card. The company currently expects to launch the card in the coming weeks, but timing depends on completing negotiations and obtaining launch sign-off from necessary third-party service providers.
Fold cautions that it cannot guarantee the credit card will launch within that timeframe, or at all. The disclosure is furnished under Regulation FD in Item 7.01 and is expressly not deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated into other securities law filings unless specifically referenced.
Fold Holdings, Inc. Chief Financial Officer Wolfe Repass reported an open-market sale of 11,281 shares of common stock at $1.423 per share. According to the filing, this sale was mandated to cover tax withholding obligations tied to vesting and settlement of restricted stock units, and was not a discretionary trade. Following the transaction, he directly owned 242,254 shares of Fold Holdings common stock.
Fold Holdings, Inc. Chief Technology Officer Thomas J. Dickman reported several equity transactions involving the company’s common stock and restricted stock units. On March 2, 2026, he sold 8 shares of common stock at $1.423 per share.
According to a footnote, this sale was a mandated “sell to cover” transaction to satisfy tax withholding obligations tied to restricted stock unit vesting, and was not a discretionary trade. On February 27, 2026, restricted stock units converted into 17 shares of common stock on a one-for-one basis, and he also received a 5,000-share grant of common stock at $1.27 per share.
The filing notes that the restricted stock units vest over time beginning on September 1, 2024, in monthly installments, contingent on continued service and subject to a liquidity event condition that was satisfied upon the company’s merger. After these transactions, Dickman directly owned 332,190 shares of Fold common stock.
Fold Holdings, Inc. Chief Executive Officer and 10% owner William Brian Poppic Reeves reported a mix of stock sales and RSU conversions. He sold 5,496 shares of common stock at $1.423 per share in an open-market transaction to cover tax withholding triggered by RSU vesting, under a mandatory “sell to cover” arrangement, not a discretionary trade. On the same date, restricted stock units converting one-for-one into common stock delivered 1,074 and 11,548 shares at $0.00, increasing his directly held common stock to 4,717,025 shares, alongside 103,935 restricted stock units that continue to vest over time.
Fold Holdings' significant shareholder group updated its ownership disclosures following several transactions. Investment adviser Ten31 LLC and related entities now report beneficial ownership of 5,560,889 shares and warrants, or 11.5% of Fold Holdings' common stock, based on 48,307,642 shares outstanding, while co-founder Jonathan Kirkwood reports 5,817,700 shares and warrants, or 12.0%.
The amendment reflects Ten31 Join the Fold LLC disposing of 1,682,670 shares, including 144,311 shares distributed to Kirkwood for no consideration, plus Kirkwood’s grant of 112,500 restricted stock units. It also captures SATS Credit Fund LP’s purchases: 520,000 shares and a Senior Unsecured Promissory Note for an aggregate $13,000,000 on February 26, 2026, and an earlier acquisition of 750,000 shares and 925,590 warrants. The filing notes that Ten31 and Kirkwood disclaim beneficial ownership of fund-held securities except for their pecuniary interests.
Fold Holdings, Inc. Chief Financial Officer Wolfe Repass reported a mix of equity exercises and tax-related share sales. On February 26–27, 2026, he exercised multiple tranches of restricted stock units that convert into common stock on a one-for-one basis and received common shares at a stated price of $0.0000 per share. To cover tax withholding obligations from these RSU vestings, he sold 13,675 common shares at $1.463 and 9,177 common shares at $1.479 in open-market transactions that the company describes as mandated "sell to cover" rather than discretionary sales. Following these transactions, he directly held 253,535 shares of Fold common stock.