- **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.

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