Stonegate Capital Partners has updated its coverage on Fold Holdings Inc. (NASDAQ: FLD), noting 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, up 46% year-over-year. The company ended the year with more than 84,000 verified accounts, a 20% increase, including approximately 13,000 net additions.
Despite these gains, profitability remained under pressure due to ongoing investments. Fold recorded an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million. However, Stonegate views these results as reflective of 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 KPIs softened. Transaction volume declined 3% year-over-year to $215 million, and verified account growth moderated to about 2,000 net additions amid weaker bitcoin market conditions. Stonegate analysts consider this more market-driven than structural.
Key takeaways from the update include Fold's exit from FY25 with real scale momentum, as 34% revenue growth and 46% transaction volume growth validated platform traction. The credit card, gift cards, and Fold for Business initiatives are expected to meaningfully expand monetization, engagement, and customer acquisition heading into FY26. Additionally, a sizable Bitcoin treasury and flexible balance sheet provide Fold with added liquidity to support execution as new products scale.
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