Fold Holdings Posts 34% Revenue Growth Despite Bitcoin Market Headwinds

Stonegate Capital Partners has released an updated coverage report on Fold Holdings Inc. (NASDAQ: FLD), highlighting the company's strong fiscal year 2025 performance despite ongoing profitability challenges. The financial technology firm, which operates a platform centered around bitcoin rewards, achieved significant growth metrics: revenue surged 34% year-over-year to $31.8 million, transaction volume jumped 46% to $960 million, and verified accounts expanded by 20% to over 84,000. While the company reported an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million due to continued investment in scaling, Stonegate emphasizes that these figures reflect strategic platform expansion rather than fundamental weakness. The fourth quarter showed some moderation with 8% revenue growth to $9.1 million, but transaction volume declined 3% to $215 million amid weaker bitcoin market conditions—a temporary setback that analysts attribute more to market dynamics than structural issues within Fold's business model.

The coverage update identifies several key growth drivers that position Fold for continued expansion in FY26. The company's diverse product portfolio—including its bitcoin-back credit card, gift cards program, and Fold for Business solutions—is expected to significantly enhance monetization, customer engagement, and acquisition efforts. Stonegate particularly notes Fold's substantial bitcoin treasury and flexible balance sheet as strategic advantages that provide liquidity to support product scaling and execution. For those seeking comprehensive details, the full announcement including downloadable images and additional resources is available through the provided link. This analysis comes from Stonegate Capital Partners, a leading capital markets advisory firm specializing in investor relations, equity research, and institutional outreach for public companies, with their affiliate Stonegate Capital Markets offering full investment banking services.

Fold's performance demonstrates the growing traction of cryptocurrency-integrated financial platforms, with the company successfully expanding its user base while developing multiple revenue streams. The 13,000 net account additions in FY25, though moderating to approximately 2,000 in the fourth quarter, still represent meaningful platform growth in a competitive fintech landscape. Stonegate's coverage suggests that Fold's combination of product innovation, bitcoin treasury assets, and scalable infrastructure creates a foundation for potential profitability as new offerings gain market adoption. The report's availability through Stonegate's platform provides investors and industry observers with detailed insights into how traditional financial analysis approaches emerging cryptocurrency business models, particularly those bridging digital assets with everyday consumer financial products.