Stonegate Capital Partners has updated coverage on Fold Holdings Inc. (NASDAQ: FLD), highlighting the company's solid exit from fiscal year 2025 despite a softer fourth quarter. Fold reported full-year revenue of $31.8 million, a 34% increase year-over-year, driven by transaction volume of $960 million, which rose 46% compared to the prior year. The company ended the year with more than 84,000 verified accounts, representing 20% growth year-over-year, including approximately 13,000 net new accounts.
However, 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 for the year. Stonegate noted that these figures reflect continued platform scaling, broader product reach, and improving monetization. In the fourth quarter of 2025, revenue grew 8% year-over-year to $9.1 million, but key operating metrics softened. Transaction volume declined 3% year-over-year to $215 million, and verified account growth moderated to approximately 2,000 net adds. Stonegate characterized this weakness as market-driven, linked to weaker bitcoin market conditions, rather than structural issues.
Key takeaways from the update include that Fold exited FY25 with real scale momentum, as 34% revenue growth and 46% transaction volume growth validated platform traction. The company's credit card, gift cards, and Fold for Business offerings 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.
Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising for public and private companies. For more details, view the full announcement here.
