Fold Holdings Inc (NYSE American: FLD) is a bitcoin-focused fintech company that operates a rewards-based debit card and financial platform where users earn bitcoin on everyday spending. Revenue comes from interchange fees collected each time a Fold Debit Card is used on the Visa network, supplemented by transaction fees charged to cardholders based on membership tier, and merchant-related fees. The Fold Debit Card is issued by Sutton Bank under a program agreement, and bitcoin custody and trading services are provided through BitGo, making both partnerships operationally critical. Net revenues were $31.8M for the year ended December 31, 2025, up 34% from $23.8M in 2024. The company holds a bitcoin treasury split between a Rewards Treasury (79 BTC, valued at $6.9M as of December 31, 2025) used to fund customer reward obligations, and an Investment Treasury (1,527 BTC, valued at $133.7M as of December 31, 2025) held as a long-term balance sheet asset. Operating expenses significantly exceed revenues, reflecting an early-stage cost structure.

Revenue model

Interchange fees on Fold Debit Card (Visa network) transactions are the primary revenue source, with additional income from cardholder transaction fees (instant transfer, international, ATM) and merchant-related fees. Revenue is transactional in nature, dependent on card spend volume and membership tier.

Products and services

Fold Debit Card (Visa, issued by Sutton Bank), Fold Rewards Program (bitcoin rewards earned on card spending and marketing activities), bitcoin custody via BitGo, tiered membership accounts combining spending and bitcoin savings features.

Customers and end markets

Retail consumers seeking bitcoin rewards on everyday spending. Rewards are denominated in bitcoin as of the date earned and expire after 12 consecutive months of account inactivity.

Value-chain role

Fold sits between card-issuing bank partners (Sutton Bank) and bitcoin service providers (BitGo) as a program manager and consumer-facing application layer. It does not issue cards or custody bitcoin directly.

Source: SEC 10-K, filed 2026-03-17

Industry: Finance Services