Fold Holdings’ Bitcoin rewards card is up 200% YTD—is this the sleeper pick to crush MicroStrategy and BTCS?

Fold Holdings’ Bitcoin rewards card has indeed been a standout performer this year, but its trajectory may not necessarily translate to a direct comparison with MicroStrategy and BTCS in terms of overall financial impact or strategic focus. 1. **Fold Holdings' Growth**: - **Q2 2025 Earnings**: Fold Holdings reported a remarkable revenue of $189.7 million for Q2 2025, marking a 15% increase year-over-year and a 4% sequential rise. - **Adjusted EBITDA**: The company achieved a record adjusted EBITDA of $40.7 million, a 61% increase from the prior year. - **Renewal and Expansion**: Strong renewal activities, including significant contributions from major customers, underscore Fold Holdings’ ability to maintain and grow its customer base. - **Full-Year Guidance**: Fold Holdings raised its full-year revenue guidance to between $776 million and $783 million, reflecting confidence in its continued growth trajectory. 2. **MicroStrategy's Position**: - **Q2 2025 Earnings**: MicroStrategy reported $10.02 billion in net income and $114.49 million in total revenue for Q2 2025. - **Bitcoin Holdings**: The company holds 628,791 bitcoins valued at $46.07 billion, with a year-to-date BTC yield of 25.0% and a target of 30% for the full year 2025. - **Stock Performance**: Microstrategy’s stock (MSTR) experienced a slight decline of 1.71%. 3. **BTCS' Performance**: - **Financials**: BTCS's financials for Q2 2025 are not available, but it is important to note that the company has been focusing on strategic acquisitions and partnerships to drive growth. - **Stock Performance**: The performance of BTCS's stock is not provided, but it is likely influenced by the company's strategic moves. 4. **Comparison and Insights**: - **Revenue and Profitability**: Fold Holdings has shown strong revenue growth and improved profitability, which is a positive indicator of its financial health and operational efficiency. - **Strategic Focus**: While Fold Holdings is benefiting from strong revenue and EBITDA growth, its focus is likely more on its core business and less on Bitcoin investments as is the case with MicroStrategy. - **Investor Consideration**: Investors considering a "sleeper pick" should evaluate Fold Holdings based on its standalone performance and market position, rather than direct comparison with MicroStrategy and BTCS's Bitcoin-centric strategies. In conclusion, Fold Holdings has demonstrated robust growth in its core business, which could make it a compelling investment for those looking for stable, non-Bitcoin-related financial growth. However, for investors interested in Bitcoin exposure, MicroStrategy and BTCS remain more directly aligned with those interests.