Fold Revenue Rises 8% in Q4 as BTC Rewards Strategy Stays Central

Fold, the bitcoin financial services company built around a BTC rewards card, reportedly posted an 8% revenue increase in the fourth quarter of 2025, reaching $9 million for the period while adding roughly 2,000 new customers. The results, disclosed during an earnings webcast, signal that the company’s bet on bitcoin as a consumer rewards mechanism continues to gain traction even as losses and softer transaction volumes complicate the picture.

Fold Reports Higher Q4 Revenue as Customer Count Expands

Fold’s Q4 2025 results, as reported by Cointelegraph on March 19, 2026, showed revenue climbing 8% to $9 million. The company also added approximately 2,000 customers during the quarter, extending a user-growth streak that management has tied directly to demand for its bitcoin rewards offerings.

The figures come from Fold’s official Q4 and full-year 2025 earnings webcast, though the underlying financial tables and transcript were not independently accessible for direct verification at the time of reporting. Readers should note that the specific revenue and customer numbers cited here rely on secondary reporting rather than confirmed filings.

The quarterly revenue gain arrives against a backdrop of broader uncertainty in U.S. financial markets. The Federal Reserve held interest rates steady at its March meeting, flagging economic uncertainty that has rippled across both traditional and crypto-adjacent sectors.

Why Fold Keeps Centering Its Bitcoin Rewards Model

Fold describes itself in SEC filings as a bitcoin financial services platform. Its core product ties BTC rewards to everyday spending: card purchases, merchant offers, referrals, and other user actions generate bitcoin back for the cardholder.

CEO Will Reeves used the earnings call to frame the company’s ambitions in stark terms. “Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US,” Reeves said, positioning Fold not as a niche crypto product but as a direct competitor to legacy loyalty programs.

The Q4 timing matters for this thesis. Fold’s 2024 SEC filings noted that merchant-offers revenue is seasonal, typically peaking in the fourth quarter due to holiday spending and travel. In Q4 2024, merchant-offers revenue rose 47% year over year, establishing the fourth quarter as the company’s strongest seasonal window.

That seasonal pattern makes the Q4 2025 result a useful measuring stick. An 8% overall revenue increase, while modest compared to the prior year’s merchant-offer surge, suggests the rewards model is retaining users and generating repeat engagement even as the novelty period fades.

The push toward bitcoin-based consumer rewards also sits within a broader legislative conversation around crypto market structure in the United States. How regulators ultimately classify and govern bitcoin reward products could shape whether Fold’s model scales or faces new compliance hurdles.

What Tempers the Bullish Read on Fold’s Quarter

Revenue growth alone does not capture the full story. Cointelegraph also reported that Fold’s transaction volume fell 3% year over year to $215 million, suggesting that while the company is earning more per transaction or from ancillary streams, the raw volume of card activity actually contracted.

Losses remain substantial. The company reportedly posted a $6 million operating loss for the quarter and a full-year 2025 net loss of $69.6 million. For a company with $9 million in quarterly revenue, a $6 million operating shortfall leaves little margin for error.

The competitive environment adds further pressure. Coinbase, Gemini, Swan Bitcoin, and River Financial all offer some form of bitcoin rewards in the U.S. market. The research available does not provide a direct comparison of customer growth or rewards economics across these platforms, making it difficult to assess whether Fold is gaining or losing ground relative to peers.

Fold operates in U.S. financial services, which means ongoing exposure to banking-partner relationships, money transmission requirements, and state-by-state crypto compliance obligations. As regulatory clarity around digital assets continues to evolve, companies like Fold face the dual challenge of scaling a consumer product while navigating shifting rules.

There are also verification gaps worth noting. Direct access to Fold’s shareholder letter, 8-K exhibit, or transcript with quarter-specific financial tables was not available at the time of this report. A second independent outlet reproducing the same figures from the official filing would strengthen confidence in the reported numbers.

The Q4 result is a step forward for Fold’s revenue line, but the quarter is not an unqualified win. Revenue rose while transaction volume dipped, losses remained large, and the company’s bitcoin treasury reportedly shrank. Whether the BTC rewards thesis can convert customer growth into profitability remains the central question heading into 2026.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.