Stonegate Capital Partners has updated its coverage on Fold Holdings Inc. (NASDAQ: FLD), highlighting the company's solid momentum exiting fiscal year 2025. Fold reported revenue of $31.8 million, a 34% increase year-over-year, driven by transaction volume of $960 million, which grew 46% year-over-year. The company ended the year with more than 84,000 verified accounts, a 20% increase from the prior year, including approximately 13,000 net additions.
Despite the strong top-line growth, profitability remained under pressure due to ongoing investments. Fold reported an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million for the full year. However, the year reflected continued platform scaling, broader product reach, and improving monetization. In the fourth quarter of 2025, revenue rose 8% year-over-year to $9.1 million, though operating key performance indicators softened. Transaction volume declined 3% year-over-year to $215 million, and verified account growth moderated to approximately 2,000 net adds amid weaker bitcoin market conditions, which Stonegate views as more market-driven than structural.
Key takeaways from the update include Fold's real scale momentum, as evidenced by 34% revenue growth and 46% total payment volume growth, validating platform traction. The credit card, gift cards, and Fold for Business product lines are expected to meaningfully expand monetization, engagement, and customer acquisition heading into fiscal year 2026. Additionally, a sizable bitcoin treasury and flexible balance sheet give Fold added liquidity to support execution as new products scale.
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