Stonegate Capital Partners Initiates Coverage on Fold Holdings Inc.

Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners initiates their coverage on Fold Holdings Inc. (NASDAQ: FLD). Fold delivered revenue of $7.4M, net income of $0.6M, and adj EBITDA of $(4.2)M as legacy products continued to scale. Operating KPIs moved in tandem as the Company saw $265M in total transaction volume for the quarter, 10K+ net new accounts, and 3K+ new verified accounts. As of 3Q25, new accounts rose 2.1 yy while transaction volumes climbed ~41% yy, and management reiterated typical seasonal strength. We note that the Company maintained almost 50% top line growth over last year, and it is our expectation that this strong growth momentum will be carried into a seasonally strong 4Q. Management noted that headcount has roughly doubled yy while maintaining margin, demonstrating early operating leverage in the model. Overall, the quarter reflected improving operating leverage with focused, disciplined spend on distribution and product.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

  • Revenue was $7.4M up 41% y/y with net income of $0.6M and $235M in quarterly transaction volume.
  • Strengthened liquidity with a new $45M revolving credit facility alongside an existing $250M equity facility and a 1,526 BTC treasury.
  • Product momentum continued as the Visa and Stripe credit card nears launch with a 75,000+ waitlist with the Bitcoin Gift Card expanding to ~2,000 Kroger locations with a Steak 'n Shake promotion.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274442

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