Fold reports $69.6 million net loss for 2025 as it looks to expand customer base with bitcoin credit card

Nasdaq-listed Fold (FLD) reported a net loss of $69.6 million for the full year 2025, according to its annual report filed late Tuesday.

The bitcoin infrastructure firm’s full-year operating losses jumped to $27.7 million, widening significantly from $5.8 million year-over-year, while annual revenue also jumped 34% to $31.8 million.

Fold reported a loss in adjusted EBITDA of $17.2 million, equating to an adjusted loss per share of $0.41.

"We closed our first full year as a public company with strong execution against the goals we set coming into 2025," said Fold Chairman and CEO Will Reeves. "We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines."

Fold reported gaining 13,000 new customers, bringing its total to 84,000 verified accounts and a 3% year-over-year jump in transaction volume of $215 million. Total transaction volume grew 46% to $960 million.

Of note, Fold reported an over $9.6 million charge to extinguish two of its outstanding convertible bonds, a move Reeves said "simplifies the balance sheet, removes structural overhang, and directs financing solely to the growth of our operating businesses."

Founded in 2019, Fold is a bitcoin-focused financial services company that offers an app for buying, selling, and staking BTC and a bitcoin payments card.

During the current fiscal quarter, the company launched its Fold For Business unit with support for payroll and other corporate financial operations. For instance, Steak 'n Shake, the fast food restaurant that leans into its Bitcoin maximalist branding, is reportedly using Fold to offer employees bitcoin bonuses.

Reeves cited the recently launched Visa and Stripe-powered Fold Bitcoin Rewards Credit Card as a potential growth area. The card offers BTC rewards of up to 4% on everyday purchases.

“More than a new product, it should meaningfully expand our addressable market and strengthen the ecosystem by increasing share of wallet, improving unit economics, and accelerating cross-sell across debit, credit, merchant rewards, exchange, and gift cards,” Reeves said.

Last June, Fold secured a $250 million equity purchase facility to expand its Bitcoin treasury. It currently holds 1,527 BTC.

FLD is down to $1.07 at publication time after opening at $1.19. The stock dropped 61% year-to-date.