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FAQ: Stonegate Capital Partners Initiates Coverage on Fold Holdings Inc. (NASDAQ: FLD)
TL;DR
Fold Holdings' Bitcoin Rewards Credit Card with up to 10% rewards and 80,000 waitlist positions offers early adopters significant financial advantages over traditional cards.
Fold Holdings achieved 50% revenue growth through disciplined spending, Bitcoin treasury management, and strategic partnerships with Visa and Stripe for credit card infrastructure.
Fold's Bitcoin Gift Cards at 2,000 Kroger locations create mainstream cryptocurrency access, making digital currency adoption more inclusive for everyday consumers.
Fold Holdings holds ₿1,526 in treasury worth $160M and processes $265M quarterly transaction volume while rewarding users with Bitcoin for everyday purchases.
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Stonegate Capital Partners is initiating research coverage on Fold Holdings Inc. to provide investment analysis, including financial performance evaluation, growth catalysts assessment, and valuation estimates for the cryptocurrency-focused company.
Fold delivered revenue of $7.4M, net income of $0.6M, and adjusted EBITDA of $(4.2)M, while processing $265M in total transaction volume and adding over 10,000 net new accounts and 3,000+ new verified accounts.
The company maintained almost 50% top line growth over last year, with new accounts rising 2.1% year-over-year and transaction volumes climbing approximately 41% year-over-year as of 3Q25.
Fold has launched Bitcoin Gift Cards available in approximately 2,000 Kroger stores and partnered with Steak 'n Shake to reward customers with $5 Bitcoin Gift Cards, creating mainstream cryptocurrency on-ramps outside their app.
Fold's Bitcoin Rewards Credit Card, built with Visa and Stripe, offers up to 3.5% rewards on all purchases with bonus earnings up to 10% at top brands, targeting initial distribution by year-end 2025 and general access in 1Q26, with a waitlist exceeding 80,000 users.
As of 3Q25, Fold held ₿1,526 in its investment treasury, supporting a Bitcoin NAV of approximately $160M, and secured a $45M revolving credit facility while maintaining a $250M equity purchase facility tied to product momentum.
Stonegate's blended EV/Revenue analysis values FLD between $5.42-$7.71 with a mid-point of $6.57, while their EV/BTC NAV analysis values the company between $5.23-$8.65 with a mid-point of $6.94.
The company has roughly doubled headcount year-over-year while maintaining margins, showing early operating leverage with focused, disciplined spending on distribution and product development.
The retail partnerships create mainstream cryptocurrency access points outside the app, providing a scalable path for broad retail distribution and wallet expansion at a negative cost of acquisition to the company.
Curated from Reportable
