Spending as the way in
Most bitcoin businesses ask you to buy some. Fold's model is to hand you small amounts for doing what you were doing anyway. Its Form 10-K for 2025 sets out the sequence in the company's own words: "In 2019, our initial product allowed users to purchase merchant gift cards with bitcoin, including via the Lightning Network, a use case that was largely absent from the industry at that time. In 2020, we partnered with Visa to launch the first ever bitcoin rewards debit card. In 2022, we launched a bitcoin trading and custody product."
What that adds up to now is a consumer bank in front of a bitcoin position. Fold offers a checking account through Sutton Bank, a Visa prepaid card linked to it, bill payment, a bitcoin rewards credit card, a bitcoin gift card announced in May 2025, and a catalogue of merchant offers. It is not a bank and does not hold the bitcoin itself: bitcoin exchange and custody run through BitGo, and the filing states that as of 31 December 2025 over 99 per cent of Fold's corporate treasury was held there, in wallets under Fold's name and not commingled.
What the filings say
Fold, Inc. was incorporated in Delaware on 20 August 2019. It reached the public market by merging into a special purpose acquisition company: the agreement with FTAC Emerald Acquisition Corp. was signed on 24 July 2024, the registration statement was declared effective on 23 January 2025, shareholders approved on 13 February 2025, and the combination closed on 14 February 2025, with FTAC Emerald becoming Fold Holdings, Inc. It trades on the Nasdaq Capital Market as FLD, with warrants as FLDDW, from offices in Phoenix, Arizona.
The treasury is split by purpose, which is the detail worth reading. At 31 December 2025 Fold held 1,527 bitcoin in what it calls its Investment Treasury, valued at $133.7 million, and 79 bitcoin in a Rewards Treasury valued at $6.9 million, the second sized to match the rewards it owes customers. Of the investment holding, 1,000 bitcoin were pledged as collateral: 800 against convertible notes and 200 against a credit facility. Net revenue for 2025 was $31.8 million against $23.8 million in 2024, on an operating loss of $27.7 million and an accumulated deficit of $170.9 million. Listing here is not endorsement.