Fold Reports $69.6M Net Loss for 2025, Revenue Up 34%

Fold, the Nasdaq-listed Bitcoin financial services company, reported a net loss of $69.6 million for the full year 2025, its first complete year as a publicly traded entity, despite a 34 percent increase in revenue to $31.8 million. The results, disclosed in an annual filing on Tuesday, highlighted robust customer growth and product expansions amid widening operating losses that rose to $27.7 million from $5.8 million the previous year.

Operating losses expanded sharply, reflecting investments in scaling the platform, while adjusted EBITDA showed a loss of $17.2 million, or $0.41 per share on an adjusted basis. A key factor in the net loss was a $9.6 million one-time charge to retire two outstanding convertible bonds, a move aimed at streamlining finances. The company added 13,000 new verified customers during the year, bringing the total to 84,000 accounts. Transaction volume surged 46 percent to $960 million, with per-customer transaction volume rising 3 percent to contribute to the overall increase.

Will Reeves, Fold's chairman and CEO, described the performance as solid progress. "We closed our first full year as a public company with strong execution against the goals we...