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Fold Holdings, Inc., a bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States. Its financial services platform allows consumers to accumulate, save, and use bitcoin to accomplish financial goals. The company offers consumers an FDIC insured checking account, a Visa prepaid debit card, bill payments services, and an extensive catalog of merchant reward offers, as well as partners with third-party service providers that offer bitcoin exchange and custody services. It also invests in and accumulates bitcoin for treasury. The company offers its products and services through the Fold mobile application. Fold Holdings, Inc. was founded in 2019 and is headquartered in Phoenix, Arizona.
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Fold Holdings operates a bitcoin-focused payments and rewards platform that helps consumers earn bitcoin on purchases and provides merchant-facing payments and loyalty services. Major long-term growth drivers include broader cryptocurrency adoption, expansion of merchant partnerships and payment volumes, and product development around faster bitcoin settlement technologies, which may benefit network effects and user engagement. Investors may find the company attractive for exposure to bitcoin-native payment innovation and the growing intersection of fintech and crypto adoption.
Key risks include regulatory uncertainty for crypto payments, dependence on user and merchant growth amid strong fintech competition, and sensitivity of business metrics to bitcoin market volatility.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -69.59M | -1.24M | 6.77M | -11.96M | -0.12M |
| Net income | -69.59M | -1.87M | 4.44M | -11.97M | -0.12M |
| Selling general administrative | 5.41M | 2.92M | 3.73M | 0.49M | - |
| Selling and marketing expenses | 6.58M | - | - | 1.94M | - |
| Gross profit | 14.10M | -2.17M | 17.65M | -6.86M | - |
| Reconciled depreciation | 0.56M | 0.29M | 0.23M | 0.18M | - |
| Ebit | -63.88M | -2.92M | -3.73M | -10.33M | -0.12M |
| Ebitda | -63.32M | -2.89M | -3.70M | -10.08M | 0.00M |
| Depreciation and amortization | 0.56M | 0.03M | 0.03M | 0.25M | 0.12M |
| Operating income | -27.73M | -2.92M | -3.73M | -10.33M | -0.12M |
| Other operating expenses | 59.52M | 2.92M | 3.73M | 39.21M | 0.12M |
| Interest expense | 5.71M | 0.43M | 0.00M | - | - |
| Tax provision | 0.00M | 0.63M | 2.33M | 0.73M | - |
| Interest income | - | 2.95M | 11.21M | 3.62M | - |
| Net interest income | -5.71M | 2.52M | 11.21M | 3.62M | - |
| Income tax expense | 0.00M | 0.63M | 2.33M | 0.01M | 0.00M |
| Total revenue | 31.79M | 23.75M | 21.53M | 28.88M | - |
| Total operating expenses | 41.83M | 2.92M | 3.73M | 3.47M | 0.12M |
| Cost of revenue | 17.69M | 25.93M | 3.88M | 35.73M | - |
| Total other income expense net | -41.86M | 1.68M | 10.50M | -1.63M | 0.00M |
| Net income from continuing ops | -69.59M | -1.87M | 4.44M | 1.12M | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 153.47M | 52.22M | 165.96M | 12.42M | 225.17M |
| Intangible assets | 1.39M | 1.00M | 0.55M | 0.47M | - |
| Other current assets | 9.26M | 0.02M | 0.28M | 1.41M | 0.41M |
| Total liab | 90.48M | 60.54M | 170.27M | 13.68M | 8.95M |
| Total stockholder equity | 62.99M | -8.32M | -4.31M | -1.27M | 216.22M |
| Other current liab | 20.04M | 1.80M | 1.37M | 3.34M | 0.02M |
| Common stock | 0.00M | 0.00M | 0.00M | 0.00M | 222.20M |
| Capital stock | 0.00M | 51.25M | 165.72M | 253.82M | 222.20M |
| Retained earnings | -170.94M | -14.33M | -11.30M | -29.09M | -5.98M |
| Cash | 7.65M | 0.91M | 0.03M | 5.35M | 1.23M |
| Total current liabilities | 21.11M | 9.29M | 3.39M | 4.31M | 0.09M |
| Current deferred revenue | 0.37M | - | - | 0.66M | - |
| Net debt | -7.65M | 4.84M | 2.00M | -5.35M | -1.23M |
| Short term debt | - | 5.74M | 2.02M | - | - |
| Short long term debt | 10.00M | 5.74M | 2.02M | - | - |
| Short long term debt total | - | 5.74M | 2.02M | - | - |
| Other stockholder equity | 233.92M | 6.01M | 6.98M | 27.82M | - |
| Total current assets | 18.12M | 0.93M | 0.31M | 11.77M | 1.64M |
| Long term investments | 133.66M | 93.57M | 0.08M | 0.18M | - |
| Short term investments | - | - | 5.33M | 3.01M | - |
| Net receivables | 0.73M | 0.45M | 0.62M | 1.65M | - |
| Long term debt | 68.68M | - | - | - | - |
| Inventory | 0.48M | 0.26M | 0.13M | 0.35M | - |
| Accounts payable | 0.70M | 0.53M | 0.11M | 0.30M | 0.08M |
| Accumulated other comprehensive income | - | - | - | - | 0.00M |
| Non currrent assets other | 135.35M | 51.29M | 165.65M | 254.76M | 223.53M |
| Non current assets total | 135.35M | 51.29M | 165.65M | 0.65M | 223.53M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -8.02M | 117.32M | 99.81M | -28.43M | - |
| Total cashflows from investing activities | -8.97M | 117.32M | 99.81M | -4.48M | -266.64M |
| Net borrowings | 10.00M | 3.72M | 2.02M | 7.00M | - |
| Total cash from financing activities | 14.41M | -113.01M | -94.77M | 6.98M | 268.82M |
| Net income | -69.59M | -1.87M | 4.44M | -11.97M | -0.12M |
| Change in cash | -10.68M | 0.88M | -0.04M | 1.00M | 1.47M |
| Begin period cash flow | 18.33M | 0.03M | 0.07M | 4.35M | - |
| End period cash flow | 7.65M | 0.91M | 0.03M | 5.35M | 1.47M |
| Total cash from operating activities | -16.12M | -3.43M | -5.08M | -1.49M | -0.71M |
| Issuance of capital stock | 4.37M | - | 0.00M | 28.98M | - |
| Depreciation | 0.56M | 0.43M | 0.23M | 0.18M | - |
| Other cashflows from investing activities | -8.97M | 117.32M | 103.21M | -23.95M | -266.64M |
| Change to inventory | -0.22M | -0.13M | 0.22M | 0.54M | - |
| Change to account receivables | -0.28M | 0.17M | 1.07M | 0.20M | - |
| Sale purchase of stock | - | -116.72M | -96.79M | -0.02M | - |
| Other cashflows from financing activities | 0.04M | 3.72M | 1.52M | -7.00M | 268.82M |
| Capital expenditures | 0.95M | 0.74M | 0.31M | 0.33M | 0.00M |
| Change in working capital | 6.09M | -0.35M | 0.97M | 7.77M | -0.68M |
| Stock based compensation | 9.97M | 0.00M | 0.01M | 0.01M | - |
| Other non cash items | 36.86M | -1.65M | -10.50M | 2.52M | 0.09M |
| Free cash flow | -16.12M | -3.43M | -5.08M | -1.82M | -0.71M |
Sector: Financial Services Industry: Capital Markets
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FLD Fold Holdings, Inc. Class A Common Stock |
-0.00 0.02% |
0.40 | - | - | 0.99 | 0.93 | 0.46 | 4.04 |
| GS Goldman Sachs Group Inc |
-5.57 0.60% |
921.24 | 17.21 | 16.00 | 4.47 | 2.26 | 11.15 | - |
| SCHW Charles Schwab Corp |
-0.51 0.54% |
92.28 | 19.53 | 13.89 | 7.16 | 4.22 | 8.80 | - |
| MS Morgan Stanley |
-0.97 0.51% |
189.63 | 16.50 | 13.76 | 2.80 | 1.65 | - | - |
| IBKR Interactive Brokers Group Inc |
-0.61 0.74% |
81.88 | 35.95 | 27.93 | 22.14 | 6.96 | 3.01 | 3.37 |
Fold Holdings, Inc., a bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States. Its financial services platform allows consumers to accumulate, save, and use bitcoin to accomplish financial goals. The company offers consumers an FDIC insured checking account, a Visa prepaid debit card, bill payments services, and an extensive catalog of merchant reward offers, as well as partners with third-party service providers that offer bitcoin exchange and custody services. It also invests in and accumulates bitcoin for treasury. The company offers its products and services through the Fold mobile application. Fold Holdings, Inc. was founded in 2019 and is headquartered in Phoenix, Arizona.
| Name | Title | Year Born |
|---|---|---|
| Mr. William Reeves | Founder, CEO & Chairman of the Board | 1989 |
| Mr. Wolfe Repass | Chief Financial Officer | 1990 |
| Mr. Thomas Dickman | Chief Technology Officer | 1991 |
| Mr. Matthew McManus | Chief Operating Officer | 1990 |
| Samir Jain C.F.A. | IR & Advisory Executive | NA |
| Ms. Audrey Bartosh | Corporate Secretary | NA |
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