Fold posted a $69.6 million net loss for 2025, even as revenue climbed 34% year-over-year to $31.8 million. The widening losses reflect aggressive spending as the company expands its Bitcoin-native financial services offerings.
Operating losses rose to $27.7 million from $5.8 million the previous year, while adjusted EBITDA came in at a $17.2 million loss, according to its annual filing. The Nasdaq-listed firm added 13,000 new users, bringing total verified accounts to 84,000, and reported total transaction volume of $960 million, up 46% annually.
Can Bitcoin Rewards Cards Drive Sustainable Growth?
Fold is betting on its recently launched Bitcoin rewards credit card to expand its customer base. The Visa and Stripe-powered product offers up to 4% BTC rewards on everyday spending, positioning it within a growing segment of crypto-linked payment incentives. By comparison, traditional cashback credit cards typically offer between 1% and 2% rewards, depending on category and issuer.
But, the company’s financials show the cost of scaling remains high. Fold recorded a $9.6 million charge tied to extinguishing convertible debt, a move aimed at simplifying its balance sheet and reducing long-term financing complexity. The firm also secured a $250 million equity purchase facility last year to support its Bitcoin treasury strategy, which currently stands at 1,527 BTC.
“We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem,” said CEO Will Reeves, adding that the credit card could increase user engagement and cross-sell across its product suite.
Still, market response has been cautious, with Fold’s stock down 61% year-to-date. Will increased user adoption and higher transaction volumes offset rising costs as the company pushes deeper into consumer finance? The next signal will come from early adoption metrics tied to its credit card rollout and business-facing services.
