F
Fold Holdings, Inc.
FLDDWCIK 0001889123NasdaqEmerging GrowthFinance ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-69.59M
Total Assets
$153.47M
Equity
$62.99M
Shares Out
49.83M
Op. Cash Flow
$-16.12M
Business
Fold Holdings, Inc. is a bitcoin-focused financial services company that provides consumer banking and payment solutions integrated with bitcoin. It offers an FDIC-insured checking account, a Visa prepaid debit card, bill payments, a bitcoin rewards program, bitcoin buying/selling, custody and trading via third-party custodians, and a gift card marketplace. Key business areas include Banking & Payments, Rewards Network, Custody & Trading, and merchant offer partnerships. Fold distributes its services in the United States through its mobile app and strategic partners such as Visa, Marqeta, Sutton Bank, and qualified bitcoin custodians.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenues, net | 32 | 24 | — | — | |
| Banking and payment costs | 29 | 22 | — | — | |
| Custody and trading costs | 1 | 228,080 | — | — | |
| Compensation and benefits | 18 | 3 | — | — | |
| Marketing expenses | 2 | 493,900 | — | — | |
| Professional fees | 5 | 2 | — | — | |
| Amortization expense | 557,982 | 292,266 | — | — | |
| (Gain) Loss on customer rewards liability | −798,493 | 5 | — | — | |
| (Gain) loss on digital assets - rewards treasury | 394,271 | −6 | — | — | |
| Other selling, general and administrative expenses | 5 | 1 | — | — | |
| Total operating expenses | 60 | 30 | — | — | |
| Operating loss | −28 | −6 | — | — | |
| Gain (loss) on digital assets - investment treasury | −9 | 29 | — | — | |
| Change in fair value of SAFEs | −7 | −88 | — | — | |
| Change in fair value of convertible note | −928,056 | 0 | — | — | |
| Convertible note issuance costs and fees | −10 | 0 | — | — | |
| Loss on extinguishment of debt | −10 | 0 | — | — | |
| Interest expense | −6 | −234,035 | — | — | |
| Other income | 394,791 | 91,848 | — | — | |
| Other expense, net | −42 | −59 | 10 | — | |
| Net loss before income taxes | −70 | −65 | 7 | 2 | |
| Income tax expense (benefit) | 1,472 | 7,400 | −2 | −726,410 | |
| Net loss | −70 | −65 | 4 | 1 | |
| Basic (per share) | −1.65 | −11.15 | — | — | |
| Diluted (per share) | −1.65 | −11.15 | — | — | |
| Basic (shares) | 42 | 6 | — | — | |
| Diluted (shares) | 42 | 6 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-10-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 18 | — | — | 72,753 | |
| Accounts receivable, net | 728,001 | 451,455 | — | — | — | |
| Inventories | 478,045 | 262,813 | — | — | — | |
| Digital assets - rewards treasury | 7 | 9 | — | — | — | |
| Prepaid expenses and other current assets | 2 | 687,100 | — | — | 185,213 | |
| Total current assets | 18 | 28 | 306,059 | — | 257,966 | |
| Digital assets - investment treasury | 134 | 94 | — | — | — | |
| Capitalized software development costs, net | 1 | 1 | — | — | — | |
| Deferred transaction costs | 0 | 3 | — | — | — | |
| Other non-current assets | 299,309 | 0 | — | — | — | |
| Total assets | 153 | 126 | 166 | — | 256 | |
| Accounts payable | 704,789 | 1 | — | — | — | |
| Accrued expenses and other current liabilities | 3 | 71,858 | — | — | — | |
| December 2024 convertible note, net | 0 | 12 | — | — | — | |
| Credit facility | 10 | 0 | — | — | — | |
| Customer rewards liability | 7 | 9 | — | — | — | |
| Deferred revenue | 366,252 | 387,776 | — | — | — | |
| Total current liabilities | 21 | 22 | 3 | — | 492,008 | |
| Deferred revenue, long-term | 0 | 487,690 | 1 | 1 | 1 | |
| June 2025 convertible note, net | 21 | 0 | — | — | — | |
| March 2025 convertible note - related party | 47 | 0 | — | — | — | |
| "Simple Agreements for Future Equity (""SAFEs"")" | 0 | 171 | — | — | — | |
| Other non-current liabilities | 689,680 | 0 | — | — | — | |
| Total liabilities | 90 | 193 | 5 | — | 10 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024 | 0 | 1,020 | — | — | — | |
| Common stock, $0.0001 par value; 600,000,000 shares authorized, 48,477,883 shares issued and 48,419,266 shares outstanding at December 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024 | 4,849 | 584 | — | — | 98 | |
| Additional paid-in-capital | 234 | 34 | 7 | — | — | |
| Accumulated deficit | −171 | −101 | −11 | — | −9 | |
| Total stockholders' equity (deficit) | 63 | −68 | −8 | — | −9 | |
| Total liabilities and stockholders' equity | 153 | 126 | 166 | — | 256 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Amortization expense | 557,982 | 292,266 | — | — | |
| Amortization of debt issuance costs | 236,305 | 0 | — | — | |
| Amortization of debt discount and premium | 480,357 | 187,368 | — | — | |
| Share-based compensation expense | 10 | 0 | — | — | |
| Accounts receivable, net | −276,546 | 173,448 | — | — | |
| Inventories | −215,232 | −133,619 | — | — | |
| Prepaid expenses and other current assets | 656,823 | −176,949 | — | — | |
| Accounts payable | −408,763 | 753,335 | — | — | |
| Accrued expenses and other current liabilities | 4 | 137,482 | — | — | |
| Customer reward liability | 2 | 2 | — | — | |
| Deferred revenue | −509,214 | −136,544 | — | — | |
| Other non-current liabilities | 689,680 | 0 | — | — | |
| Net cash used in operating activities | −16 | −3 | −5 | −2 | |
| Purchases of digital assets | −8 | −2 | — | — | |
| Proceeds from sales of digital assets | 0 | 104,868 | — | — | |
| Payments for capitalized software development costs | −951,669 | −738,565 | — | — | |
| Net cash used in investing activities | −9 | −3 | 100 | −28 | |
| Proceeds from issuance of convertible note and warrants, net | 0 | 19 | — | — | |
| Proceeds from recapitalization | 804,600 | 0 | — | — | |
| Payments of deferred IPO costs | −652,013 | 0 | — | — | |
| Proceeds received from SAFE financings | 0 | 8 | — | — | |
| Payment of debt issuance costs | −113,320 | −3 | — | — | |
| Proceeds from issuance of common stock | 4 | −2 | — | — | |
| Proceeds from credit facility | 10 | 0 | — | — | |
| Net cash provided by financing activities | 14 | 23 | −95 | 29 | |
| Net (decrease) increase in cash and cash equivalents | −11 | 17 | — | — | |
| Proceeds from SAFE financings received in digital assets | 0 | 64 | — | — | |
| Deferred IPO costs included in accounts payable | 0 | 174,794 | — | — | |
| Non-cash payment of interest with common stock | 2 | 0 | — | — | |
| Distributions of digital assets to fulfill customer reward redemptions | 3 | 4 | — | — | |
| Distributions of digital assets to satisfy other current obligations | 671,621 | 91,566 | — | — | |
| Recapitalization | 173 | 0 | — | — | |
| Proceeds from convertible debt received in digital assets - related party | 44 | 0 | — | — | |
| Change in fair value of Series C Warrants included in loss on extinguishment | 498,771 | 0 | — | — | |
| Non-cash issuance of placement shares | 353,250 | — | — | — | |
| Non-cash amortization of deferred issuance costs | 53,941 | — | — | — | |
| Distributions of digital assets for prepaid interest - related party | 2 | 0 | — | — | |
| Cash paid during the period for interest expense related to the credit facility | 51,181 | — | — | — | |
| Cash paid during the period for income taxes | 6,139 | 3,110 | — | — |
Filings
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