Stonegate Capital Partners Updates Coverage on Fold Holdings Inc. Q425

Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners Updates Coverage on Folding Holdings Inc. (NASDAQ: FLD). Fold exited FY25 with solid momentum, delivering revenue of $31.8M (+34% yy) on transaction volume of $960M (+46% yy) and ending the year with more than 84K (+20% yy) verified accounts, including ~13K net adds. While profitability remained pressured by ongoing investment, with operating loss of $(27.7)M and adj. EBITDA of $(17.2)M, the year still reflected continued platform scaling, broader product reach, and improving monetization. In 4Q25, revenue rose 8% yy to $9.1M, though operating KPIs softened, as transaction volume declined 3% yy to $215M and verified account growth moderated to ~2K net adds amid weaker bitcoin market conditions, which we view as more market-driven than structural.

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

Key Takeaways:

• Fold exited FY25 with real scale momentum, as 34% revenue growth and 46% TPV growth validated platform traction.
• The credit card, gift cards, and Fold for Business meaningfully expand monetization, engagement, and customer acquisition heading into FY26.
• A sizable BTC treasury and flexible balance sheet give Fold added liquidity to support execution as new products scale.

Click image above to view full announcement.

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, equity research and capital raising for public and private companies.

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289625