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- **Revenue Growth**: Q3 transaction volumes +43% YoY to $235M, net revenues +41% YoY to $7.4M.
- **Bitcoin Treasury**: 1,526 BTC ($154M) as of Q3, up 53% since February 2025.
- **Product Launches**: Bitcoin gift cards at 2,000 Kroger locations and 400 Steak 'n Shake restaurants, credit card testing internally.
- **Financial Performance**: GAAP net income $0.6M, adjusted EBITDA $(4.2M), $6.7M cash, and $154M Bitcoin on balance sheet.
- **Growth Drivers**: 80% of gift card sales occur in Q4, credit card waitlist >80,000, and negative customer acquisition cost.

**【CEO Summary Section】**
- Fold Holdings reported Q3 2025 transaction volumes of $235 million, up 43% year-over-year, and net revenues of $7.4 million, up 41% YoY.
- Launched Bitcoin gift cards at 2,000 Kroger locations and 400 Steak 'n Shake restaurants, with 80% of gift card sales occurring in November-December.
- Credit card waitlist exceeds 80,000, with internal testing nearing completion for Q1 2026 launch.
- Fold's Bitcoin treasury holds 1,526 BTC valued at $154 million, up 53% since February 2025.

**【CFO Financial Commentary】**
- GAAP net income: $0.6 million (Q3 2025) vs. $62.3 million loss (Q3 2024), driven by $10.2 million Bitcoin fair value adjustment.
- Adjusted EBITDA: $(4.2 million) vs. $(4.2 million) Q3 2024, with all business lines generating positive gross margins.
- Balance sheet: $6.7 million cash, $154 million Bitcoin, and $5 million drawn from $45 million revolving credit facility.
- $250 million equity purchase facility used to acquire additional Bitcoin.

**【Q&A Highlights】**
- **Gift Card Rollout**: 2,000 Kroger locations and 400 Steak 'n Shake restaurants, with 80% of annual gift card sales occurring in Q4.
- **Customer Acquisition**: Negative cost via gift card redemptions, < $10 per customer vs. competitors' $100+ CAC.
- **Credit Card Strategy**: Testing internal use cases, targeting Q1 2026 launch with 3.5% cashback and 10% top brand rewards.
- **Capital Strategy**: $45M revolving credit facility collateralized by Bitcoin, $250M equity purchase facility for Bitcoin acquisitions.
- **Future Products**: High-yield savings accounts, Bitcoin lending, and expanded banking partnerships in 2026.

Fold Holdings Inc (FLD) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: $8.2 million revenue (59% YoY), $265 million transaction volume (124% YoY), $13.4 million net profit. 
- **New Product Momentum**: Bitcoin gift card live on 3+ platforms, Bitcoin credit card with 75,000+ waitlist. 
- **Bitcoin Treasury Expansion**: 1,492 BTC (~$160 million) as of Q2, with $250M facility to buy more Bitcoin accretively. 
- **Strategic Differentiation**: Unique dual model (operating business + Bitcoin treasury) enables faster growth and lower CAC. 
- **2025 Outlook**: Legacy business to grow 70-100% YoY, new products to drive >$100 million TAM expansion.

**【CEO Opening Remarks】**
- Q2 2025 revenue: $8.2 million (59% YoY growth), transaction volume: $265 million (124% YoY growth), GAAP net profit: $13.4 million.
- New product launches: Bitcoin gift card (live on Blackhawk, giftcards.com, Tillo) and Bitcoin credit card (75,000+ waitlist). 
- Core business growth organic, with limited marketing spend; Bitcoin treasury now holds 1,492 BTC (~$160 million). 
- Strategic focus: Expand Bitcoin as institutional asset class, integrate into traditional financial systems (e.g., retirement accounts, mortgages). 

**【CFO Financial Commentary】**
- Q2 2025 financials: 
  - Revenues: $8.2 million (59% YoY), driven by 10,000+ new accounts and 3,000+ verified accounts. 
  - GAAP net profit: $13.4 million (vs. $2.4 million loss Q2 2024), driven by $37 million Bitcoin treasury revaluation. 
  - Adjusted EBITDA: -$4.7 million (vs. -$1.2 million Q2 2024), due to public company costs. 
  - Cash: $6.6 million; no debt. 
- 2025 legacy business outlook: $34-42 million revenue, excluding new products. 
- $250 million equity purchase facility to buy Bitcoin accretively (measured by BTC per share). 

**【Q&A Highlights】**
1. **Bitcoin Gift Card Distribution**: 
   - Online: giftcards.com, Tillo, Flus (July launch). 
   - Physical: Blackhawk (4,000+ US locations) and other top-tier retailers Q4. 
   - Marketing: $3 million allocated for credit card, gift card co-marketing with partners. 
2. **Bitcoin Credit Card**: 
   - Launch target: Q4 2025 with waitlist customers first. 
   - Issuing partner: "one of the most respected names in payments" to be announced. 
   - Credit facilities: Scaled to handle demand, with partners offering best-in-class margins. 
3. **Treasury Strategy**: 
   - Use $250M facility to buy Bitcoin when accretive (BTC per share > current). 
   - Fold's dual model (operating business + Bitcoin treasury) creates unique synergies. 
4. **Customer Acquisition**: 
   - Gift card redemptions generate negative CAC ( Fold earns spread on redemptions). 
   - Credit card: 75,000+ waitlist represents initial wave; broader launch Q1 2026. 


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