_{1 only hold 827 BTC}

CEO CommentaryCEO Commentary

“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.“In the fourth quarter, revenue was $9.1 million, up 8.2% year-over-year, and for full year 2025 revenue was $31.8 million, up 34% year-over-year. 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.”

Mr. Reeves continued, “The most important milestone reached since we last spoke was the launch of the Fold Bitcoin Rewards Credit Card, which began last week with a select launch of the card. The internal team members who worked so hard to bring the card to life were the first to be underwritten and receive their credit lines.

This is expected to be followed by a rollout to the loyal customers and fans at the top of our waitlist in the near future.

The credit card is a product we believe can have a significant impact on Fold. The card offers up to 4% back on purchases with no categories, and up to 10% back through our rewards network across leading brands, and it is powered by industry leaders Visa and Stripe.

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.”

“Our second major product milestone this quarter was the launch of Fold for Business, an entirely new enterprise service. Partnered with Fold, companies can now include Bitcoin into payroll, bonuses, and corporate financial programs. We’ve already seen the power of our first product in this line, the Bitcoin Bonus Program, through our flagship partnership with Steak ‘n Shake, in which their thousands of employees can receive Bitcoin bonuses powered by Fold. We look to initiate many more partnerships through the year.”

He added, “We strengthened our capital structure by eliminating and extinguishing our two outstanding convertible debt instruments. This simplifies the balance sheet, removes structural overhang, and directs financing solely to the growth of our operating businesses. Importantly, it’s a clear directive that Fold’s focus is on supporting and expanding our operations and that the company is not a digital asset treasury vehicle. Fold has a collection of innovative products servicing a market which is growing at an extraordinary speed. We believe maximizing this opportunity will create far more value for our shareholders than simply stacking bitcoin.”

Mr. Reeves concluded, “With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we’ve built across customer acquisition, engagement, cross-sell, and retention. We’re confident in our direction, focused on execution, and excited for the year ahead.”

Strategic & Business Updates:Strategic & Business Updates:

• Limited Launch of Fold Bitcoin Rewards Credit Card
• Card significantly expands Fold’s total addressable market and allows for greater share of wallet with existing users
• Traditional unsecured credit card - spend USD, earn bitcoin rewards
• Powered by Visa and Stripe Base rewards rate of 1.5%, up to 4.0% for qualifying activities

Fold Bitcoin Gift CardFold Bitcoin Gift Card

• Low cost, high reach customer acquisition strategy
• Available online (Fold App, foldapp.com, giftcards.com, etc.)
• Available in store (~2,000 Kroger brand locations)

Program is expected to expand to additional partners in 2026; currently in active discussions with other US based retailers

Fold For BusinessFold For Business

• Service launched in Q1 2026
• Allows businesses to integrate Bitcoin into payroll, bonuses, and other corporate financial programs for their employees, and to build corporate treasury programs
• Enterprise partners will engage with Fold through annual SaaS-style contracts
• Inaugural program with Steak ‘n Shake allows all of their employees to receive Bitcoin bonuses powered by Fold’s financial platform
• Program is expected to expand to additional partners in 2026

2026 Full Year Outlook2026 Full Year Outlook

Growth drivers are expected to include the broader rollout of the Fold Credit Card, continued expansion of consumer products, and the growth of the newly launched enterprise business
Given the recent limited launch of the credit card, the company is currently not providing specific revenue figures.

My Thoughts 💭My Thoughts 💭

I am excited for Fold for Business. I hope more businesses use that service. Shocked to see the credit card is out. I don’t know anyone who is using it but hopefully it gets rolled out soon.

I am disappointed to see them sell some corn but I know they are a new publicly traded business so I hope they can get back to stacking soon.

Overall the financials were meh. Still not profitable but we shall see if this credit card and fold for business can be a road to a profitability.