Fold Holdings Inc. (NASDAQ: FLD) ended fiscal year 2025 with robust momentum, according to an update from Stonegate Capital Partners. The company reported revenue of $31.8 million, a 34% year-over-year increase, driven by transaction volume of $960 million, up 46% from the prior year. Verified accounts grew to more than 84,000, a 20% increase, including approximately 13,000 net additions during the year.
Despite the top-line growth, profitability remained under pressure due to ongoing investments. The company reported an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million. However, Stonegate analysts view these results as reflecting continued platform scaling, broader product reach, and improving monetization.
In the fourth quarter of 2025, revenue rose 8% year-over-year to $9.1 million. However, key operating metrics softened, with transaction volume declining 3% year-over-year to $215 million and verified account growth moderating to approximately 2,000 net additions. Stonegate attributed this moderation to weaker Bitcoin market conditions, which it views as more market-driven than structural.
Fold's product expansion, including its credit card, gift cards, and Fold for Business, is expected to meaningfully expand monetization, engagement, and customer acquisition heading into fiscal 2026. The company also holds a sizable Bitcoin treasury and maintains a flexible balance sheet, providing added liquidity to support execution as new products scale.
For more details, the full announcement is available here.
