Stonegate Capital Partners has updated its coverage on Fold Holdings Inc. (NASDAQ: FLD), emphasizing the company's solid exit from fiscal year 2025. Fold reported 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 number of verified accounts grew to more than 84,000, a 20% increase, including approximately 13,000 net additions. However, profitability remained under pressure due to continued investment, with an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million for the year.
In the fourth quarter of 2025, Fold's revenue increased 8% year-over-year to $9.1 million, but operating KPIs softened. Transaction volume declined 3% year-over-year to $215 million, and verified account growth moderated to approximately 2,000 net adds. Stonegate attributes these softer metrics to weaker bitcoin market conditions rather than structural issues. The firm views the slowdown as temporary and market-driven, not indicative of underlying platform weakness.
Key takeaways from the report include Fold's real scale momentum exiting FY25, with 34% revenue growth and 46% TPV growth validating platform traction. The expansion of products such as the credit card, gift cards, and Fold for Business is expected to meaningfully enhance monetization, engagement, and customer acquisition heading into FY26. Additionally, Fold's sizable bitcoin treasury and flexible balance sheet provide added liquidity to support execution as new products scale.
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets, offers a full spectrum of investment banking, equity research, and capital raising for public and private companies. The full announcement, including downloadable images and bios, is available at Stonegate Inc..
This update underscores Fold's progress in scaling its platform and expanding its product suite, positioning the company for potential growth in the coming fiscal year despite current profitability challenges. The market-driven slowdown in Q4 is seen as a temporary headwind, with the company's strategic investments expected to yield benefits as market conditions improve.
