Q1 2025 Fold Holdings Inc Earnings Call

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Operator: Hello, everyone, and welcome to the Fold Holdings Inc. First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode.

Operator: Hello everyone, and welcome to the Fold Holdings, Inc. Q1 2025 Earnings Call. Now it's my pleasure to turn the call over to Samir Jain. The floor is yours.

Hello, everyone and welcome to the fold Holdings, Inc. First quarter 2025 earnings call.

This time, all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to participate you would need to press star one one on your telephone you put in here on message advise senior N G Street to.

Operator: After the speaker's presentation, there will be a question and answer session. To participate, you will need to press star 1-1 on your telephone. You will then hear a message advising your hands is raised. To withdraw your question, please press star 1-1 again.

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Operator: Please note this event is being recorded.

Please note this event is being recorded.

Operator: Now it's my pleasure to turn the call over to Samir Jain. The floor is yours.

Speaker Change: Now, it's my pleasure to turn the call over to Samir Jim the floor is yours.

Samir Jain: Thank you, operator. Good afternoon and thank you for joining us for Fold Holdings first quarter 2025 earnings.

Samir Jain: Thank you, operator. Good afternoon, thank you for joining us for Fold Holdings' Q1 2025 Earnings Call. Joining me on the call today are Chairman and CEO, Will Reeves, and CFO, Wolfe Repass. Before we begin, let me remind you that during the call we will make forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results. We will discuss certain non-GAAP financial measures during this call. These measures should not be considered as a substitute for financial results prepared in accordance with GAAP.

Samir Jim: Thank you operator, good afternoon, and thank you for joining us for Fulton Holdings first quarter 2025 earnings call.

Samir Jain: Joining me on the call today are Chairman and CEO, Will Reeves, and CFO, Wolf Riegel. Before we begin, let me remind you that during the call, we will make forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially.

Speaker Change: Joining me on the call today are chairman and CEO will reach and CFO both readouts.

Speaker Change: Before we begin let me remind you that during the call. We will make forward looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially.

Samir Jain: Please refer to our SEC filings for discussion of the risks and uncertainties that may affect our future results.

Speaker Change: Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results.

Samir Jain: We will discuss certain non-GAAP financial measures during this These measures should not be considered as a substitute for financial results prepared in accordance with GAAP. Our results are prepared in accordance with GAAP and the reconciliation to comparable GAAP measures will be provided in our first quarter earnings release and in our estimate.

Speaker Change: We'll discuss certain non-GAAP financial measures. During this call. These measures should not be considered as a substitute for financial results prepared in accordance with GAAP.

Samir Jain: Our results are prepared in accordance with GAAP, and the reconciliation to comparable GAAP measures will be provided in our Q1 earnings release and in our SEC filings. With that, I'll pass the call to Will.

Speaker Change: Our results are prepared in accordance with GAAP and a reconciliation to comparable GAAP measures will be provided in our first quarter earnings release and in our SEC filings.

Will Reeves: With that, I'll pass the call. Good afternoon, everyone, and thank you for joining us on FOLD's first earnings call as a public. This is a big milestone for Fold and the many people it took to get us here.

Wil: With that I'll pass the call to Wil.

Will Reeves: Good afternoon, everyone, and thank you for joining us on Fold's first earnings call as a public company. This is a big milestone for Fold and the many people it took to get us here. As such, I want to begin by expressing my deepest gratitude to our investors, analysts, partners, and especially our Fold customers. Thank you. From the beginning, you've believed in our mission to bring Bitcoin to people through traditional and familiar financial products and continue to be the engine that makes this company run. Together, we are redesigning an antiquated financial system and helping everyday people build and retain wealth. Let's begin on slide 4 of our supplemental investor presentation. When we founded Fold in 2019, our vision was simple: build an easy way for our customers to accumulate, save, and use Bitcoin. Fast-forward to today, and that vision has become a reality.

Wil: Good afternoon, everyone and thank you for joining us on <unk> first earnings call as a public company.

Wil: This is a big milestone for fold and the many people it took to get us here.

Will Reeves: As such, I want to begin by expressing my deepest gratitude to our investors, analysts, partners, and especially our fold customers. Thank. From the beginning, you've believed in our mission to bring Bitcoin to people through traditional and familiar financial products. continue to be the engine that makes this company run. Together we are redesigning an antiquated financial system and helping everyday people build and retain wealth.

Wil: Such I want to begin by expressing my deepest gratitude to our investors analysts partners and especially our old customers.

Wil: From the beginning you believed in our mission to bring bitcoin to people through traditional and familiar financial products and continue to be the engine that makes this company run.

Wil: Together, we are redesigning and antiquated financial system, and helping everyday people build and retain wealth.

Will Reeves: Let's begin on slide four of our supplemental investor presentation. When we founded Fold in 2019, our vision was simple. Build an easy way for our customers to accumulate, save, and use Bitcoin. Fast forward to today, and that vision has become a reality. Bold now stands as the first publicly traded company focused entirely on delivering Bitcoin native financial products to everyday consumers. Listing on the NASDAQ earlier this year represents an extraordinary win indicative of the strength of the team and partners supporting FOLD. Since 2019, we've scaled from an idea into a platform with over 600,000 customer accounts.

Wil: Let's begin on slide four of our supplemental investor presentation.

Wil: When we founded fold in 2019, our vision with simple build an easy way for our customers to accumulate save and use bitcoin.

Wil: Fast forward to today and that vision has become a reality.

Will Reeves: Fold now stands as the first publicly traded company focused entirely on delivering Bitcoin-native financial products to everyday consumers. Listing on the Nasdaq earlier this year represents an extraordinary win indicative of the strength of the team and partners supporting Fold. Since 2019, we've scaled from an idea into a platform with over 600,000 customer accounts contributing nearly $3 billion cumulatively since inception. Through our platform, we have distributed more than $70 million in Bitcoin rewards to our customers. Unlike airline miles or traditional rewards points, our Bitcoin-based rewards cannot be devalued. They have the potential to appreciate over time, and we believe they have significantly contributed to our customers' financial security and savings. As pioneers in the space, we believe that we have a meaningful first-mover advantage versus our peers.

Wil: Old now stands at the first publicly traded company focused entirely on delivering bitcoin native financial products to everyday consumers.

Wil: Listing on the NASDAQ earlier this year represents an extraordinary win indicative of the strength of the team and partners supporting full.

Wil: Since 2019, we've scaled from an idea into a platform with over 600000 customer accounts.

Will Reeves: contributing nearly $3 billion cumulatively since inception. Through our platform, we have distributed more than $70 million in Bitcoin rewards to our customers. Unlike airline miles or traditional rewards points, our Bitcoin-based rewards cannot be devalued. They have the potential to appreciate over time, and we believe they have significantly contributed to our customers financial security and savings. As pioneers in the space, we believe that we have a meaningful first mover advantage versus our peers. As more customers join our platform to passively accumulate Bitcoin on the back of their everyday spending and saving, the size of our network expands, creating more value for our partners and facilitating.

Wil: Contributing nearly $3 billion cumulatively since inception.

Wil: Through our platform, we have distributed more than $70 million in bitcoin rewards to our customers.

Wil: And unlike airline miles or traditional rewards points or bitcoin based rewards cannot be devalued.

Wil: The potential to appreciate over time, and we believe they have significantly contributed to our customers' financial security and savings.

Wil: As pioneers in this space, we believe that we have a meaningful first mover advantage versus our peers.

Will Reeves: As more customers join our platform to passively accumulate Bitcoin on the back of their everyday spending and saving, the size of our network expands, creating more value for our partners and facilitating institutions. Likewise, the expanded business drives favorable operating leverage, increasing profitability, specifically, more customers, more volume, more value. We've spent the last three years proving this model works and are now ready to scale our offerings and enter a phase of compounding and sustainable growth. Alongside our core operations, we have strategically accumulated one of the largest Bitcoin treasuries among publicly traded companies. As of 31 March, we hold nearly 1,500 Bitcoin in our corporate treasury, making us a top 20 holder globally. Our Bitcoin holdings serve two purposes. First, a steadily increasing reserve of Bitcoin creates another vector of value for our shareholders through exposure to Bitcoin.

Wil: As more customers join our platform to passively accumulate bitcoin on the back of their everyday spending and saving.

Wil: Sides of our network expands creating more value for our partners and facilitating institutions.

Will Reeves: Likewise, the expanded business drives favorable operating leverage, increasing profitability. Specifically, more customers, more volume, more value.

Wil: Likewise, the expanded business drives favorable operating leverage increasing profitability.

Wil: Specifically more customers more volume more value. We've spent the last three years proving this model works and are now ready to scale, our offerings and enter a phase of compounding and sustainable growth.

Will Reeves: We've spent the last three years proving this model works and are now ready to scale our offerings and enter a phase of compounding and sustainable growth. Alongside our core operations, we have strategically accumulated one of the largest Bitcoin treasuries among publicly traded companies. As of March 31st, we hold nearly 1500 Bitcoin in our corporate treasury, making us a top 20 holder globally.

Wil: Alongside our core operations, we have strategically accumulated one of the largest bitcoin treasuries among publicly traded companies.

Wil: As of March 31, we hold nearly 500, bitcoin and our corporate Treasury.

Wil: Making us a top 20 hold our globally.

Will Reeves: Are Bitcoin Holdings Served to Purpose? First, a steadily increasing reserve of Bitcoin creates another vector of value for our shareholders through exposure to Bitcoin. Second, our Bitcoin reserves act as the strategic backbone for Fold's next generation of Bitcoin-powered financial products and services. Bold's treasury strategy aligns the interests of our shareholders, customers, and We believe the present moment represents a key opportunity for Fold to expand our platform, deepen engagement with our customers, and accelerate the company's growth, building the business around higher margin products and services.

Wil: Our bitcoin holding serve two purposes.

Wil: First our steadily increasing reserve of bitcoin, great another vector of value for our shareholders through exposure to bitcoin.

Will Reeves: Second, our Bitcoin reserves act as the strategic backbone for Fold's next generation of Bitcoin-powered financial products and services. Fold's treasury strategy aligns the interests of our shareholders, customers, and team. We believe the present moment represents a key opportunity for Fold to expand our platform, deepen engagement with our customers, and accelerate the company's growth, building the business around higher-margin products and services. I want to spend the majority of time today outlining these opportunities, but first, I will briefly review the quarter's results, which are highlighted on slide 6. 2025 is off to a very strong start. In Q1, we saw sequential growth in all key metrics. Revenue grew 45% year over year to $7.1 million. Active accounts increased to over 600,000.

Wil: And second our Bitcoin reserves act as the strategic backbone for folds in next generation.

Wil: Coin powered financial products and services.

Wil: Bolds Treasury strategy aligns the interests of our shareholders customers and team.

Wil: We believe the present moment represents a key opportunity for <unk> to expand our platform deepen engagement with our customers and accelerate the company's growth building the business around higher margin products and services.

Will Reeves: I want to spend the majority of time today outlining these opportunities.

Wil: I want to spend the majority of time today outlining these opportunities.

Will Reeves: But first, I will briefly review the quarter's results, which are highlighted on slide six. 2025 is off to a very strong start. In Q1, we saw sequential growth in all key metrics. Revenue grew 45% year over year to $7.1 million. active accounts increased to over 600,000. Total verified accounts exceeded 76,000. average monthly transaction volume in Q1 2025 reached nearly $85 million, which is approximately a 70% increase over Q1 2024. Note, these results do not include any contribution from any of our new product lines. Based on historical seasonality and early momentum, we are optimistic 2025 will be a strong year across the board.

Wil: First I will briefly review the quarter's results, which are highlighted on slide six.

Wil: 2025 is off to a very strong start.

Wil: In Q1, we saw sequential growth in all key metrics revenue grew 45% year over year to $7 1 million.

Wil: Active accounts increased to over 600000.

Will Reeves: Total verified accounts exceeded 76,000, and average monthly transaction volume in Q1 2025 reached nearly $85 million, which is approximately a 70% increase over Q1 2024. Note, these results do not include any contribution from any of our new product lines. Based on historical seasonality and early momentum, we are optimistic 2025 will be a strong year across the board. All product lines continue to be net profitable, highlighting the strength of our unit economics across the business. A major contributor of these results is that our customers are amongst the highest quality in the marketplace, with steady incomes and meaningful savings. User growth has been almost entirely organic and achieved with minimal marketing spend, making these results even more impressive. This speaks to the virality of the Fold offering and the deep reservoir of unmet demand.

Wil: Total verified accounts exceeded 76000 and average monthly transaction volume in Q1, 2025 reached nearly $85 million.

Wil: Which is approximately a 70% increase over Q1 2024.

Wil: Note. These results do not include any contribution from any of our new product lines.

Based on historical seasonality and early momentum we are optimistic 2025 will be a strong year across the board.

Will Reeves: All product lines continue to be net profitable, highlighting the strength of our unit economics across the business. A major contributor of these results is that our customers are amongst the highest quality in the marketplace. steady incomes, and meaningful savings. User growth has been almost entirely organic and achieved with minimal marketing spend, making these results even more impressive. This speaks to the virality of the fold offering and the deep reservoir of unmet demand. I'm confident that we are just beginning to meet this demand and substantial opportunities remain. Having said that, we're not satisfied simply absorbing the demand that comes our way.

Wil: All product lines continue to be net profitable highlighting the strength of our unit economics across the business.

Wil: A major contributor of these results is that our customers are amongst the highest quality in the marketplace with steady incomes and meaningful savings.

Wil: User growth has been almost entirely organic and achieved with minimal marketing spend.

Wil: These results even more impressive.

Wil: This speaks to the virality of the fold offering and the deep reservoir of unmet demand.

Will Reeves: I'm confident that we are just beginning to meet this demand and substantial opportunities remain. Having said that, we're not satisfied simply absorbing the demand that comes our way. In 2025, we are increasing our paid marketing nearly ten-fold compared to 2024 and believe the higher spend will significantly increase the rate of new customers joining the Fold network. Wolfe will provide specifics on our financials shortly. Needless to say, we are very pleased with our Q1 results and are excited for Fold's future growth prospects. Since this is our first earnings call and some of you may be new to our business, let me take a minute to give you a quick overview of our current product offerings, as outlined on slide seven. Collectively, these offerings provide our customers an integrated suite of Bitcoin financial services designed to make earning, saving, and buying Bitcoin seamless.

Wil: I am confident that we are just beginning to meet this demand and substantial opportunities remain.

Wil: Having said that we're not satisfied simply absorbing the demand that comes our way.

Will Reeves: In 2025, we are increasing our paid marketing nearly tenfold compared to 2024. and believe the higher spend will significantly increase the rate of new customers joining the full network.

Wil: In 2025, we are increasing our paid marketing nearly 10 fold compared to 2024.

Wil: I believe the higher spend will significantly increase the rate of new customers joining the fold network.

Will Reeves: Wolf will provide specifics on our financials shortly, but needless to say, we are very pleased with our Q1 results and are excited for Fold's future growth prospects.

Wil: Ralph will provide specifics on our financials shortly but.

Wil: But needless to say we are very pleased with our Q1 results and are excited for <unk> future growth prospects.

Will Reeves: Since this is our first earnings call, and some of you may be new to our business, let me take a minute to give you a quick overview of our current product offerings as outlined on slide seven. Collectively, these offerings provide our customers an integrated suite of Bitcoin financial services. designed to make earning, saving, and buying Bitcoin seamless. Our flagship Visa prepaid debit card and FDIC-insured cash account offer customers the ability to save and spend while earning industry-leading rewards in Bitcoin. Our robust and expansive rewards network connects old customers to national and local merchants across numerous products and services.

Wil: Since this is our first earnings call and some of you may be new to our business. Let me take a minute to give you a quick overview of our current product offerings as outlined on slide seven.

Wil: Collectively these offerings provide our customers an integrated suite of Bitcoin financial services designed to make earning saving and buying bitcoin seamless.

Will Reeves: Our flagship Visa prepaid debit card and FDIC-insured cash account offer customers the ability to save and spend while earning industry-leading rewards in Bitcoin. Our robust and expansive rewards network connects Fold customers to national and local merchants across numerous products and services. In addition to these financial service products, we also offer Bitcoin custody and trading platform that gives Fold customers the ability to purchase and transact in Bitcoin with low to zero fees, instant withdrawals, and automatic purchase features like roundups, recurring buys, and automatic paycheck conversions. Together, these offerings form the foundation of the Fold platform, which is now used by over 600,000 people. Our customers are highly engaged, financially sophisticated, and deeply aligned with our long-term vision. You can see some specific stats on slide eight, including that the majority of our customers earn over $100,000 annually and have prime credit ratings.

Wil: Our flagship visa prepaid debit card and FDIC insured cash account offer customers the ability to save and spend while earning industry, leading rewards and bitcoin.

Wil: Our robust and expansive rewards network connects bold customers to national and local merchants across numerous products and services.

Will Reeves: And in addition to these financial service products, we also offer Bitcoin custody and trading platform that gives full customers the ability to purchase and transact in Bitcoin with low to zero fees, instant withdrawals, and automatic purchase features like roundups, recurring buys, and automatic paycheck conversions. Together, these offerings form the foundation of the fold platform, which is now used by over 600,000. Our customers are highly engaged, financially sophisticated, and deeply aligned with our long-term vision. You can see some specific stats on slide 8. including that the majority of our customers earn over $100,000 annually and have prime credit rates.

Wil: And then in addition to these financial service products. We also offer bitcoin custody and trading platform that gives both customers the ability to purchase and transact in bitcoin with low to zero fees instant withdrawals and automatic purchase features like Roundups recurring buys.

Wil: And automatic paycheck conversions.

Wil: Together these offerings form the foundation of the fold platform, which is now used by over 600000 people.

Wil: Our customers are highly engaged financially sophisticated and deeply aligned with our long term vision.

Wil: You can see some specific stats on slide eight <unk>.

Wil: Including that the majority of our customers earn over a $100000 annually and have prime credit ratings.

Will Reeves: Working with this large base of high-quality customers is a significant advantage for Fold and materially de-risks new ventures.

Will Reeves: Working with this large base of high-quality customers is a significant advantage for Fold and materially de-risks new ventures. Our customer demographic is one major reason why we are so excited about our recently announced products and are confident they will be a success. Okay, let's get to those new products, which are listed on slide nine. Starting with Bitcoin custody and trading. In Q1 2025, our Bitcoin transaction volume grew 500% year over year, and we are just getting started. Currently, Fold only captures a sliver of the addressable market, as only Fold cardholders can buy Bitcoin with Fold. This represents an obstacle in onboarding new customers and limits the reach of our platform. In opening this product to more users, we have removed this barrier and created a new and compelling use case for millions of people.

Wil: Working with this large base of high quality customers is a significant advantage for fold and materially Derisk new ventures.

Will Reeves: Our customer demographic is one major reason why we are so excited about our recently announced products and are confident they will be a success.

Wil: Our customer demographic is one major reason why we are so excited about our recently announced products and are confident they will be a success.

Will Reeves: Okay, let's get to those new products, which are listed on slide. starting with Bitcoin custody and trading. In Q1 2025, our Bitcoin transaction volume grew 500% year over year, and we are just getting started.

Speaker Change: Okay, let's get to those new products, which are listed on slide nine.

Speaker Change: Starting with bitcoin custody and trading in.

Speaker Change: In Q1, 2025, our bitcoin transaction volume grew 500% year over year and we are just getting started.

Will Reeves: Currently, Fold only captures a sliver of the addressable market, as only Fold cardholders can buy Bitcoin with Fold. This represents an obstacle in onboarding new customers and limits the reach of our platform. In opening this product to more users, we have removed this barrier and created a new and compelling use case for millions of people. Additionally, we are adding support for larger orders via wire deposits. continuing to expand into new geographical territories via expanded MTL reach. and focusing on making our platform more efficient and scalable via updated system architecture, UX improvements, and more efficient funding options.

Speaker Change: Currently bold only captures a sliver of the addressable market as only fold cardholders can buy bitcoin with fold.

Speaker Change: This represents an obstacle and onboarding, new customers and limits the reach of our platform.

Speaker Change: And opening this product to more users we have removed this barrier and created a new and compelling use case for millions of people.

Will Reeves: Additionally, we are adding support for larger orders via wire deposits, continuing to expand into new geographical territories via expanded MTL reach, and focusing on making our platform more efficient and scalable via updated system architecture, UX improvements, and more efficient funding options. Our planned program updates will make the onboarding experience seamless and dramatically increase our custody and trading platform's geographic footprint. Next, in early February, we announced the anticipated launch of our Fold Visa Bitcoin Rewards Credit Card. It's not hyperbole to say that the Fold Credit Card has the potential to be a game changer. Our Credit Card will give our customers more flexibility, higher rewards, higher limits, and it will open up a new customer acquisition funnel for Fold. Moreover, it provides our customers with a better version of a product they already use.

Speaker Change: Additionally, we are adding support for larger orders via wire deposits.

Speaker Change: Continuing to expand into new geographical territories expanded MTL reach.

Speaker Change: And focusing on making our platform more efficient and scalable via updated system architecture, UX improvements and more efficient funding options.

Will Reeves: Our planned program updates will make the onboarding experience seamless and dramatically increase our custody and trading platform's geographic footprint.

Speaker Change: Our planned program updates will make the onboarding experience seamless and dramatically increase our custody and trading platforms geographic footprint.

Will Reeves: Next, in early February, we announced the anticipated launch of our Fold Visa Bitcoin Rewards credit card. It's not hyperbole to say that the fold credit card has the potential to be a game-changer. Our credit card will give our customers more flexibility, higher rewards, higher limits, and it will open up a new customer acquisition funnel for Fold. Moreover, it provides our customers with a better version of a product they already use. roughly 95% of our debit card customers. have a credit card that is both outside our network and isn't tied to Bitcoin. Couple that with the fact that 85% of our customers have expressed a desire to hold a Bitcoin rewards card, and you can clearly see the opposite.

Speaker Change: Next in early February we announced the anticipated launch of our fold visa bitcoin rewards credit card.

Speaker Change: It's not hyperbole to say that the fold credit card has the potential to be a game changer.

Speaker Change: Our credit card will give our customers more flexibility higher rewards higher limits and it will open up a new customer acquisition funnel for bolt.

Speaker Change: Moreover, it provides our customers with a better version of a product they already use.

Will Reeves: Roughly 95% of our debit card customers have a credit card that is both outside our network and isn't tied to Bitcoin. Couple that with the fact that 85% of our customers have expressed a desire to hold a Bitcoin rewards card, you can clearly see the opportunity. Indications are that demand for our credit card will be incredibly strong. As of today, we have over 75,000 customers on the wait list. With the combined impact of word of mouth and our increased marketing budget, we expect demand to only increase from here. It's early days in the rollout, it would be premature for me to comment on the financial impact of the card. However, I can offer some broad guidelines. The credit card will bring higher interchange revenue than our debit card, as well as offer new streams, such as those related to financing the credit card.

Roughly 95% of our debit card customers have a credit card that is both outside our network and isn't tied to bitcoin.

Speaker Change: Couple that with the fact that 85% of our customers have expressed a desire to hold a bitcoin rewards card and you can clearly see the opportunity.

Will Reeves: Indications are that demand for our credit card will be incredibly strong. As of today, we have over 75,000 customers on the waitlist.

Speaker Change: Indications are that demand for our credit card will be incredibly strong.

Speaker Change: As of today, we have over 75000 customers on the waitlist.

Will Reeves: combined impact of word-of-mouth and our increased marketing budget, we expect demand to only increase It's early days in the rollout, so it would be premature for me to comment on the financial impact of the card. However, I can offer some broad guidance. credit card will bring higher interchange revenue than our debit card, as well as offer new streams such as those related to financing the credit card. We also believe that there will be favorable synergies with our current offerings and significant potential to cross-sell credit card customers into our other products.

Speaker Change: The combined impact of word of mouth, and our increased marketing budget, we expect demand to only increase from here.

Speaker Change: It's early days and the rollout so it would be premature for me to comment on the financial impact of the card.

Speaker Change: However, I can offer some broad guidelines.

Speaker Change: Credit card will bring higher interchange revenue than our debit card as well as offer new streams, such as those related to financing the credit card.

Will Reeves: We also believe that there will be favorable synergies with our current offerings and significant potential to cross-sell credit card customers into our other product lines, specifically our Bitcoin trading platform and checking account. Finally, let's talk about our latest announcement, the Fold Bitcoin Gift Card. Similar to the credit card, we believe this is an incredible opportunity. The Fold Bitcoin Gift Card will allow consumers to gain access to Bitcoin nearly everywhere they shop today, both online and in physical store locations. This creates thousands of points of sale and opens up a new on-ramp to Bitcoin that has never existed before and is in a format our customers, and the vast majority of American consumers, are already familiar with. No longer confined to niche corners of the market that cater to those already deeply enmeshed in Bitcoin culture, our Gift Card brings Bitcoin to the masses.

Speaker Change: We also believe that there will be favorable synergies with our current offerings and significant potential to cross sell credit card customers into our other product lines.

Will Reeves: Specifically our Bitcoin trading platform and check Finally, let's talk about our latest Fold Bitcoin Gift Card. Similar to the credit card, we believe this is an incredible opportunity. The Fold Bitcoin gift card will allow consumers to gain access to Bitcoin nearly everywhere they shop. both in line and in physical store location.

Speaker Change: Specifically, our bitcoin trading platform and checking account.

Speaker Change: Finally, let's talk about our latest announcement the fold bitcoin gift card.

Speaker Change: Similar to the credit card. We believe this is an incredible opportunity.

Speaker Change: The full bitcoin gift card will allow consumers to gain access to bitcoin nearly everywhere they shop today, both inline and in physical store locations.

Will Reeves: This creates thousands of points of sale and opens up a new on-ramp to Bitcoin that has never existed before and is in a format our customers and the vast majority of American consumers are already familiar with. no longer confined to niche corners of the market that cater to those already deeply enmeshed in Bitcoin culture. Our gift card brings Bitcoin to the map. At the same time, the gift card will leverage our existing infrastructure and act as a new distribution channel for our Bitcoin trading platform. It allows Fold to tap into important physical and digital retail networks.

Speaker Change: This creates thousands of points of sale and opens up a new on ramp to bitcoin that has never existed before.

Speaker Change: And as in a format our customers.

Speaker Change: The vast majority of Americans zoom consumers are already familiar with.

Speaker Change: No longer confined to niche corners of the market that cater to those already deeply enmeshed in bitcoin culture, our gift card brings bitcoin to the masses.

Will Reeves: At the same time, the gift card will leverage our existing infrastructure and act as a new distribution channel for our Bitcoin trading platform. It allows Fold to tap into important physical and digital retail networks, as well as the largest loyalty and rewards ecosystems. Through our partnership with Totus, we now have access to over 150,000 points of sale. Our new Fold Bitcoin Gift Card enables Fold to support major national retailers with a differentiated and in-demand product. For context, Costco alone has over $200 million in monthly Fold sales. Fold's Fold Bitcoin Gift Card is already resonating with Fortune 100 retailers with thousands of locations nationwide. We have a full pipeline of interested partners. We are optimistic our gift card will result in significant demand for Bitcoin, alongside exchanges and ETFs will become one of the main ways people acquire Bitcoin.

Speaker Change: At the same time, the gift card will leverage our existing infrastructure and act as a new distribution channel for our bitcoin trading platform.

Speaker Change: It allows fold to tap into important physical and digital retail networks as well as the largest loyalty and rewards ecosystems.

Will Reeves: as well as the largest loyalty and rewards ecosystem. Through our partnership with TOTUS, we now have access to over 150,000 points of sale. Our new Bitcoin gift card enables Fold to support major national retailers with a differentiated and in-demand product. Context, Costco alone has over $200 million in monthly gold sales. Fold's Bitcoin gift card is already resonating with Fortune 100 retailers with thousands of locations nationwide. We have a full pipeline of interested partners. We are optimistic our gift card will result in significant demand for Bitcoin, alongside exchanges, and ETS will become one of the main ways people acquire Bitcoin.

Speaker Change: Through our partnership with <unk>, we now have access to over 150000 points of sale.

Speaker Change: Our new Bitcoin gift card enables fold to support major national retailers with a differentiated and in demand product.

Speaker Change: For context, Costco alone has over $200 million in monthly gold sales.

Speaker Change: Bolds Bitcoin gift card is already resonating with fortune 100 retailers with thousands of locations nationwide, we have a full pipeline of interested partners.

Speaker Change: We are optimistic our gift card will result in significant demand for bitcoin alongside exchanges and Etfs will become one of the main ways people acquire bitcoin.

Will Reeves: Collectively, our new offerings are innovative, dramatically expand Fold's total addressable market, and offer substantial value to deepen existing user engagement. They allow us to better serve our existing customer base and capture a higher share of their financial service needs. we see clear upside in cross-selling our current customer base into new products like our Bitcoin trading platform, the Fold credit card, and the Bitcoin gift card. Likewise, the addition of the products will allow Fold to operate in a market that is multiple times larger than where we were only months ago. said differently, our opportunity is exponentially higher.

Will Reeves: Collectively, our new offerings are innovative, dramatically expand Fold's total addressable market, and offer substantial value to deepen existing user engagement. They allow us to better serve our existing customer base and capture a higher share of their financial service needs. We see clear upside in cross-selling our current customer base into new products like our Bitcoin trading platform, the Fold Credit Card, and the Fold Bitcoin Gift Card. Likewise, the addition of the products will allow Fold to operate in a market that is multiple times larger than where we were only months ago. Said differently, our opportunity is exponentially higher. While not a guarantee of success, it gives us an opportunity to scale our business in a way that wasn't previously possible. It's something I'm incredibly excited about.

Speaker Change: Collectively our new offerings are innovative dramatically expand folds total addressable market and offer substantial value to deepen existing user engagement.

Speaker Change: They allow us to better serve our existing customer base and capture a higher share of their financial service needs.

Speaker Change: We see clear upside in cross selling our current customer base into new products like our bitcoin trading platform default credit card and the bitcoin gift card.

Speaker Change: Likewise. The addition of the products will allow <unk> to operate in a market that has multiple times larger than where we were only months ago.

Speaker Change: Said differently, our opportunity is exponentially higher.

Will Reeves: While not a guarantee of success, it gives us an opportunity to scale our business in a way that wasn't previously possible.

Speaker Change: Well not a guarantee of success it gives us an opportunity to scale our business in a way that wasn't previously possible.

Will Reeves: something I'm incredibly excited.

Speaker Change: It's something I'm incredibly excited about.

Will Reeves: Before I move on, let's take stock of where Fold is in terms of achieving our goal of providing customers with a full suite of Bitcoin-enabled financial products and services. With a suite of products including a credit card, a Bitcoin gift card that allows users the ability to buy Bitcoin nearly anywhere, and broad-based access to Bitcoin trading services, we are fortifying an ecosystem that services our customers every financial need. This in turn compounds our revenue touch points as everything is happening on one platform.

Will Reeves: Before I move on, let's take stock of where Fold is in terms of achieving our goal of providing customers with a full suite of Bitcoin-enabled financial products and services. With a suite of products including a credit card, a Bitcoin Gift Card that allows users the ability to buy Bitcoin nearly anywhere, and broad-based access to Bitcoin trading services, we are fortifying an ecosystem that services our customers' every financial need. This, in turn, compounds our revenue touch points as everything is happening on one platform, the Fold platform. While the use case for any one product is compelling, the collective force of our diversified offerings is both extraordinary and unmatched. We believe this will drive significant demand to our platform and further cement our already high customer loyalty. Lastly, let's turn to slide 12 to discuss our Bitcoin treasury.

Speaker Change: Before I move on let's take stock of where fold is in terms of our achieving our goal of providing customers with a full suite of bitcoin enabled financial products and services.

Speaker Change: With a suite of products, including a credit card a bitcoin gift card that allows users the ability to buy bitcoin nearly anywhere.

Speaker Change: And broad based access to bitcoin trading services, we are fortifying and ecosystem that services, our customers' every financial need.

Speaker Change: This in turn compounds, our revenue touch points as everything is happening on one platform the <unk>.

Will Reeves: The Fold Plot. While the use case for any one product is compelling, the collective force of our diversified offerings is both extraordinary and unmatched. We believe this will drive significant demand to our platform and further cement our already high customer loyalty.

Speaker Change: <unk> platform.

Speaker Change: While the use case for any one product is compelling the collective force of our diversified offerings is both extraordinary and unmatched.

Speaker Change: We believe this will drive significant demand to our platform and further cement our already high customer loyalty.

Will Reeves: Lastly, let's turn to slide 12 to discuss our Bitcoin treasury. With Bitcoin Fundamentals strong, we believe this is a prime moment to increase our Bitcoin holding. This quarter alone, we've grown that figure by more than 50%. Holds treasury now stands at nearly 1,500 Bitcoin. which as of May 14th represented roughly $150 million in value. Our strategy is to continue accumulating opportunistically with every move focused on increasing SATs per share. Our treasury has already proven to be a compounding asset, lowering our cost of capital and serving as the foundation for future Bitcoin denominated financial products. Further, we have been strategic in our accumulation of Bitcoin and have leveraged various capital market strategies to build out our treasury holdings.

Speaker Change: Lastly, let's turn to slide 12 to discuss our bitcoin treasury.

Will Reeves: With Bitcoin fundamentals strong, we believe this is a prime moment to increase our Bitcoin holdings. This quarter alone, we've grown that figure by more than 50%. Fold's treasury now stands at nearly 1,500 Bitcoin, which, as of 14 May, represented roughly $150 million in value. Our strategy is to continue accumulating opportunistically with every move focused on increasing sats per share. Our treasury has already proven to be a compounding asset, lowering our cost of capital and serving as the foundation for future Bitcoin-denominated financial products. Further, we have been strategic in our accumulation of Bitcoin and have leveraged various capital market strategies to build out our treasury holdings. We are also open to and currently exploring other capital market strategies. We believe that raising capital to fund the acquisition of Bitcoin is a key and critical part of our overarching strategy.

Speaker Change: With bitcoin fundamentals strong.

Speaker Change: We believe this is a prime moment to increase our bitcoin holdings.

Speaker Change: This quarter alone, we've grown that figure by more than 50%.

Speaker Change: Holds treasury now stands at nearly 500, bitcoin, which as of May 14th represented roughly $150 million in value.

Speaker Change: Our strategy is to continue accumulating opportunistically with every move focused on increasing SaaS per share.

Speaker Change: Our treasury has already proven to be a compounding asset lowering our cost of capital and serving as the foundation for future Bitcoin denominated financial products.

Speaker Change: Further we have been strategic in our accumulation of bitcoin and have leveraged various capital market strategies to build out our treasury holdings.

Will Reeves: We are also open to and currently exploring other capital market strategies.

Speaker Change: We are also open to and currently exploring other capital market strategies.

Will Reeves: We believe that raising capital to fund the acquisition of Bitcoin is a key and critical part of our overarching strategy. As a now public company, many new capital options are available. and we have every intention of exploring those options to further our strategy. We believe we are still in the early days of Bitcoin's growth. in adding more to our treasury both increases the value of our equity and further aligns us with our customers.

Speaker Change: We believe that raising capital to fund the acquisition of Bitcoin is a key and critical part of our overarching strategy.

Will Reeves: As a now public company, many new capital options are available to us, and we have every intention of exploring those options to further our strategy. We believe we are still in the early days of Bitcoin's growth. In adding more to our treasury, both increases the value of our equity and further aligns us with our customers. I'll now turn the call over to our CFO, Wolfe Repass, who can discuss our financials in greater detail. Over to you, Wolfe.

Speaker Change: As of now public company, many new capital options are available to us and we have every intention of exploring those options to further our strategy.

Speaker Change: We believe we are still in the early days of bitcoins growth.

Speaker Change: And adding more to our treasury both increases the value of our equity and further aligns us with our customers.

Wolf Riegel: I'll now turn the call over to our CFO, Wolfe Repas, who can discuss our financials in greater detail. Over to you, Wolfe. Thanks, Will, and good afternoon, everyone. I'll now walk through our recent financial performance. Please refer to slide 14 for a few important metrics. Overall, we started the year strong and generally met or exceeded our internal expectations. Our legacy products continue to gain traction with new and existing customers alike and the positive regulatory developments that our industry has experienced over the past few quarters contributed positively to our Q1 growth. From a financial perspective, our first quarter revenues were $7.1 million, which was an approximately 45% increase versus the $4.9 million we recorded in Q1 2024.

Speaker Change: I'll now turn the call over to our CFO wall free pass, who can discuss our financials in greater detail.

Speaker Change: Over to you.

Wolfe Repass: Thanks, Will, and good afternoon, everyone. I'll now walk through our recent financial performance. Please refer to slide 14 for a few important metrics. Overall, we started the year strong and generally met or exceeded our internal expectations. Our legacy products continued to gain traction with new and existing customers alike, and the positive regulatory developments that our industry has experienced over the past few quarters contributed positively to our Q1 growth. From a financial perspective, our Q1 revenues were $7.1 million, which was an approximately 45% increase versus the $4.9 million we recorded in Q1 2024. This increase largely reflects the strong performance of our banking and payments business with smaller contributions from custody and trading, which is still being rolled out to a broader customer base. Growth in the quarter was driven by a broad-based uptick in our core KPIs with some notable highlights on slide 15.

Speaker Change: Thanks will and good afternoon, everyone I'll now walk through our recent financial performance. Please refer to slide 14 for a few important metrics.

Speaker Change: Overall, we started the year strong and generally met or exceeded our internal expectations.

Speaker Change: Our legacy products continued to gain traction with new and existing customers alike.

Speaker Change: And the positive regulatory developments that our industry has experienced over the past few quarters contributed positively to our Q1 growth.

Speaker Change: From a financial perspective, our first quarter revenues were $7 1 million, which was an approximately 45% increase versus the $4 9 million. We recorded in Q1 2024.

Wolf Riegel: This increase largely reflects the strong performance of our banking and payments business with smaller contributions from custody and trading, which is still being rolled out to a broader Growth in the quarter was driven by a broad-based uptick in our core KPIs with some notable highlights on slide 15. In Q1, we added more than 17,000 new accounts, bringing total active accounts to over 600,000. We also added more than 5000 verified accounts, bringing total verified accounts to just over 76,000. Importantly, our total transaction volume in the quarter was just over $250 million, representing a nearly 70% increase versus Q1 2024.

Speaker Change: This increase largely reflects the strong performance of our banking and payments business with smaller contributions from custody and trading which is still being rolled out to a broader customer base.

Speaker Change: Growth in the quarter was driven by a broad based uptick in our core kpis with some notable highlights on slide 15.

Wolfe Repass: In Q1, we added more than 17,000 new accounts, bringing total active accounts to over 600,000. We also added more than 5,000 verified accounts, bringing total verified accounts to just over 76,000. Importantly, our total transaction volume in the quarter was just over $250 million, representing a nearly 70% increase versus Q1 2024. These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customer base. Notably, average spend per transacting user increased to $3,300 per month, representing an increase of 47% versus a year ago. As we roll out new offerings such as the Fold Credit Card, the Fold Bitcoin Gift Card, and our enhanced custody and trading offerings, we expect spend volumes per transacting user to increase further. On the cost side, our operating expenses were $16.6 million, up from $5.8 million in Q1 2024.

Speaker Change: In Q1, we added more than 17000, new accounts, bringing total active accounts to over 600000.

Speaker Change: We also added more than 5000 verified accounts, bringing bringing total verified accounts to just over 76000.

Speaker Change: Importantly, our total transaction volume in the quarter was just over $250 million, representing a nearly 70% increase versus Q1 2024.

Wolf Riegel: These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customers. Notably, average spend per transacting user increased to $3,300 per month, representing an increase of 47% versus a year. As we roll out new offerings such as the Fold Credit Card, the Fold Bitcoin Gift Card, and our enhanced custody and trading offerings, we expect spend volumes per transacting user to increase further.

Speaker Change: These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customer base.

Speaker Change: Notably average spend per transacting user increased to $3300 per month, representing an increase of 47% versus a year ago.

Speaker Change: As we rollout new offerings, such as the Ford credit card default bakery gift card in our enhanced custody and trading offerings, we expect spend volumes per transacting user to increase further.

Wolf Riegel: On the cost side, our operating expenses were $16.6 million, up from $5.8 million in Q1 2024. The principal drivers of this increase related to increased professional fees of $1.8 million, increased compensation and benefits expense of $5.7 million, of which $5.2 million related to non-cash, share-based comp. increased marketing expenses of $0.4 million and increased insurance expenses of $0.3 million. Our increased professional fees related directly to legal, advisory, and audit services incurred as part of our transition to becoming a public company. Compensation and benefits expenses increased in correlation with increased employee headcount as we brought on key hires to support our public company and new product needs.

Speaker Change: On the cost side, our operating expenses were $16 $6 million up from $5 8 million in Q1 2024.

Wolfe Repass: The principal drivers of this increase related to increased professional fees of $1.8 million, increased compensation and benefits expense of $5.7 million, of which $5.2 million related to non-cash share-based comp, increased marketing expenses of $0.4 million, and increased insurance expenses of $0.3 million. Our increased professional fees related directly to legal, advisory, and audit services incurred as part of our transition to becoming a public company. Compensation and benefits expenses increased in correlation with increased employee headcount as we brought on key hires to support our public company and new product needs. Marketing expenses increased in accordance with our planned growth strategy, which includes budgeted expenditures for paid marketing channels in 2025. Insurance expenses related to increased coverage premiums as a result of our transition to becoming a public company.

Speaker Change: The principal drivers of this increase related to increased professional fees of $1 8 million incur.

Speaker Change: Increased compensation and benefits expense of $5 7 million of which $5 $2 million related to noncash share based comp.

Speaker Change: Increased marketing expenses of <unk> 4 million and increased insurance expenses $3 million.

Speaker Change: Our increased professional fees related directly to legal advisory and audit services incurred as part of our transition to becoming a public company.

Speaker Change: Compensation and benefits expenses increased in correlation with increased employee head count as we brought on key hires to support our public company and new product needs.

Wolf Riegel: Marketing expenses increased in accordance with our planned growth strategy, which includes budget expenditures for paid marketing channels in 2025. insurance expenses related to increased coverage premiums as a result of our transition to becoming a public. The good news is that not all of these costs will continue at that magnitude now that we are at the tail end of the merger transaction. We are actively managing our costs across all departments, and we plan to continue to invest in marketing to support new products and to attract new customers to our platform. As Will mentioned, our historical growth as a company has been primarily organic in nature and we believe we have significant untapped growth potential via paid acquisition.

Speaker Change: Marketing expenses increased in accordance with our plan and growth strategy.

Speaker Change: Which includes budgeted expenditures for paid marketing channels in 2025.

Speaker Change: Insurance expenses related to increased coverage premiums as a result of our transition to becoming a public company.

Wolfe Repass: The good news is that not all of these costs will continue at that magnitude now that we are at the tail end of the merger transaction. We are actively managing our costs across all departments, that we plan to continue to invest in marketing to support new products and to attract new customers to our platform. As Will mentioned, our historical growth as a company has been primarily organic in nature, and we believe we have significant untapped growth potential via paid acquisition channels. Moving down our P&L, our net loss for Q1 2025 was $48.9 million, compared to $1 million in Q1 2024. As you'll see in our statement of operations, the majority of this loss relates to non-cash fair value adjustments for a variety of balance sheet items that are marked to fair value each period.

Speaker Change: The good news is that not all of these costs will continue at that magnitude now that we're at the tail end of the merger transaction.

Speaker Change: Actively managing our costs across all departments that we plan to continue to invest in marketing to support new products and to attract new customers to our platform.

Speaker Change: As will mentioned our historical growth as a company has been primarily organic in nature.

Speaker Change: We believe we have significant untapped growth potential via paid acquisition channels.

Wolf Riegel: Moving down our P&L, our net loss for Q1 2025 was $48.9 million compared to $1 million in Q1 2024. As you'll see in our statement of operations, the majority of this loss relates to non-cash fair value adjustments for a variety of balance sheet items that are marked to fair value each period. These fair value adjustments relate to Bitcoin denominated assets and liabilities, including the Bitcoin in our treasury and one of our convertible notes, as well as fair value adjustments related to safe. Going forward, Bitcoin denominated assets and liabilities will potentially result in continued large fluctuations in our GAP earnings.

Speaker Change: Moving down our P&L, our net loss for Q1, 2025 was $48 9 million compared to $1 million in Q1 2024.

Speaker Change: As Youll see in our statement of operations. The majority of this loss relates to noncash fair value adjustments for a variety of balance sheet items that are mark to fair value each period.

Wolfe Repass: These fair value adjustments relate to Bitcoin-denominated assets and liabilities, including the Bitcoin in our treasury and one of our convertible notes, as well as fair value adjustments related to SAFE Notes. Going forward, Bitcoin-denominated assets and liabilities will potentially result in continued large fluctuations in our GAAP earnings. To account for these fluctuations, we are now reporting non-GAAP metrics within our MD&A as a supplement to our GAAP financial statements. Key among those is adjusted EBITDA, which excludes various non-cash expenses and non-recurring cash items that we believe are not indicative of our core operating results, including those related to fair value adjustments. Our adjusted EBITDA in Q1 2025 was a $4.2 million loss compared to a $0.9 million loss in Q1 of 2024. As noted previously, the majority of this variance was due to increased costs related to becoming a public company.

Speaker Change: These fair value adjustments relate to bitcoin denominated assets and liabilities, including the big one in our Treasury and one of our convertible notes as well as fair value adjustments related to safe notes.

Speaker Change: Going forward <unk> denominated assets and liabilities will potentially result in continued large fluctuations in our GAAP earnings.

Wolf Riegel: To account for these fluctuations, we are now reporting non-GAP metrics within our MD&A as a supplement to our GAP financial statement. Key among those is adjusted EBITDA, which excludes various non-cash expenses and non-recurring cash items that we believe are not indicative of our core operating results, including those related to fair value adjustments. Our adjusted EBITDA in Q1 2025 was a $4.2 million loss compared to a $0.9 million loss in Q1 of 2025. As noted previously, the majority of this variance was due to increased costs related to becoming a public company. Despite these costs, our unit economics for each product line remain positive, inclusive of the contra revenue impact of rewards.

Speaker Change: To account for these fluctuations we are now reporting non-GAAP metrics within our MD&A as a supplement to our GAAP financial statements.

Speaker Change: Key among those is adjusted EBITDA, which excludes various noncash expenses and nonrecurring cash items that we believe are not indicative of our core operating results, including those related to fair value adjustments.

Speaker Change: Our adjusted EBITDA in Q1, 2025, with a $4 2 million loss compared to $8 9 million loss in Q1 of 2024.

Speaker Change: As noted previously the majority of this variance was due to increased costs related to becoming a public company.

Wolfe Repass: Despite these costs, our unit economics for each product line remain positive, inclusive of the contra revenue impact of rewards. While that has yet to translate to overall profitability, we continue to make progress in that direction. Combined with the growth strategies we have outlined, we are also excited about the additions of higher margin products like the Fold Credit Card and Fold Bitcoin Gift Card. The timing and success of these product and future releases will impact our ability to meet financial targets for 2025 and beyond. We ended the quarter with a healthy balance sheet and ample liquidity. As of 31 March 2025, we had cash and cash equivalents of $11.7 million and positive working capital of $13.3 million. Unsecured debt balances remain at zero. We continue to be in a net asset position.

Speaker Change: Despite these costs our unit economics for each product line remain positive inclusive of the contra revenue impact of rewards.

Wolf Riegel: While that has yet to translate to overall profitability, we continue to make progress in that direction. Combined with the growth strategies we have outlined, we're also excited about the additions of higher margin products, like the Fold credit card and Fold Bitcoin gift card. The timing and success of these products and future releases will impact our ability to meet financial targets for 2025 and beyond.

Speaker Change: While that has yet to translate to overall profitability, we continue to make progress in that direction.

Speaker Change: Combined with the growth strategies, we have outlined we are also excited about the additions of higher margin products like the <unk> credit card and fold bickering gift card.

Speaker Change: The timing and success of these product in future leases will impact our ability to meet financial targets for 2025 and beyond.

Wolf Riegel: We ended the quarter with a healthy balance sheet and ample liquidity. As of March 31, 2025, we had cash and cash equivalents of $11.7 million and positive working capital of $13.3 million. unsecured debt balances remain at zero and we continue to be in a net asset position. Specifically, we currently hold 1,490 Bitcoin in our investment treasury, valued at roughly $150 million as of today. As of close of business on May 13th, the value of our investment treasury represented approximately 80% of our entire market cap. As Will mentioned, we'll continue to seek opportunities to add to our Bitcoin holdings and believe in the long-term value proposition of a robust Bitcoin treasury strategy.

Speaker Change: We ended the quarter with a healthy balance sheet and ample liquidity.

Speaker Change: As of March 31, 2025, we had cash and cash equivalents of $11 7 million and positive working capital of $13 3 million.

Speaker Change: Unsecured debt balances remained at zero and we continue to be in a net asset position.

Wolfe Repass: Specifically, we currently hold 1,490 Bitcoin in our investment treasury, valued at roughly $150 million as of today. As of close of business on 13 May, the value of our investment treasury represented approximately 80% of our entire market capitalization. As Will mentioned, we will continue to seek opportunities to add to our Bitcoin holdings and believe in the long-term value proposition of a robust Bitcoin treasury strategy. Not only do we believe in the value of Bitcoin and consider the current macro environment to be favorable towards adding additional Bitcoin to our balance sheet, we also believe in being aligned with our customers and having shared incentives. In terms of employing capital-raising strategies to further grow our business and our Bitcoin treasury, we are exploring various opportunities. However, it is too early to say exactly when or how we may access these tools.

Speaker Change: Specifically, we currently hold 1490, bitcoin and our investment treasury valued at roughly $150 million as of today.

Speaker Change: As of close of business on May 13th the value of our investment Treasury represented approximately 80% of our entire market capitalization.

Speaker Change: As will mentioned, we will continue to seek opportunities to add to our Baker and holdings and believe in the long term value proposition of our robust bitcoin treasury strategy.

Wolf Riegel: Not only do we believe in the value of Bitcoin and consider the current macro environment to be favorable towards adding additional Bitcoin to our balance sheet, we also believe in being aligned with our customers and having shared In terms of employing capital raising strategies to further grow our business and our Bitcoin treasury, we are exploring various opportunities.

Speaker Change: Not only do we believe in the value of bitcoin and consider the current macro environment to be favorable towards adding additional bitcoin to our balance sheet. We also believe in being aligned with our customers and having shared incentives.

Speaker Change: In terms of employing capital raising strategies to further grow our business and our current treasury.

Wolf Riegel: However, it is too early to say exactly when or how we may access these Next, I'd like to offer a few thoughts on the year ahead and our longer term financial profile as outlined on slide 16.

Speaker Change: Our exploring various opportunities. However, it is too early to say exactly when or how we may access these tools.

Wolfe Repass: Next, I'd like to offer a few thoughts on the year ahead and our longer-term financial profile, as outlined on slide 16. At the onset of our merger with FTAC Emerald, we put forth a full year 2025 revenue target of $61.6 million. That target was based on a 12-month forecast and assumed contributions from both Fold Credit Card and the Fold Bitcoin Gift Card. While both of those launches are still rolling out, we are not providing explicit updated forecasts for 2025 at this time. We will continue to monitor these products and their impact on our ability to meet 2025 targets as the year progresses. Two important things to note regarding our revenues. First, as a consumer payments business, the Q4 historically represents our highest volume and revenue quarter as customers engage in seasonal spending behaviors.

Speaker Change: Next I'd like to offer a few thoughts on the year ahead, and our longer term financial profile as outlined on slide 16.

Wolf Riegel: At the onset of our merger with FTAC Emerald, we put forth a full year 2025 revenue target of $61.6 million. That target was based on a 12-month forecast and assumed contributions from both Fold credit card and the Fold Bitcoin gift card. While both of those launches are still rolling out, we are not providing explicit updated forecasts for 2025. We will continue to monitor these products and their impact on our ability to meet 2025 targets as the year progresses.

Speaker Change: At the onset of our merger with <unk> Emerald, we put for the full year 2025 revenue target of $61 6 million.

Speaker Change: That target was based on a 12 month forecast and assumed contributions from both full credit card and a full bitcoin gift card.

Speaker Change: While both of those launches are still rolling out we are not providing explicit updated forecast for 2025 at this time.

Speaker Change: We will continue to monitor these products and their impact on our ability to meet 2025 targets as the year progresses.

Wolf Riegel: Two important things to note regarding our revenues. First, as a consumer payments business, the fourth quarter historically represents our highest volume and revenue quarter as customers engage in seasonal spending behavior. Second, volumes from the Bitcoin gift card will be recognized on a gross revenue basis as we are the principal in the transaction from an accounting perspective. These volumes will also be included within our custody and trading revenue line.

Speaker Change: Two important things to note regarding our revenues.

Speaker Change: First as a consumer payments business the fourth quarter, historically represents our highest volume and revenue quarter as customers engage in seasonal spending behaviors.

Wolfe Repass: Second, volumes from the Bitcoin Gift Card will be recognized on a gross revenue basis as we are the principal in the transaction from an accounting perspective. These volumes will also be included within our custody and trading revenue line. Slide 17 gives an overview of the previously issued revenue forecast for 2025, as well as the expected change in composition of our revenue streams from last year to this year. While banking and payments should continue to be our largest business line, we will be more diversified with our upcoming products and platform enhancements. We believe this not only lowers our dependency on any one given business, but it will also give us more vectors for growth. While it would be premature to give specifics, as I mentioned earlier, our new products are designed to drive higher margins than our existing business.

Speaker Change: Second volumes from the Bitcoin gift card will be recognized on a gross revenue basis. As we are the principal in the transaction from an accounting perspective.

Speaker Change: These volumes will also be included within our custody and trading revenue line.

Wolf Riegel: Slide 17 gives an overview of the previously issued revenue forecast for 2025, as well as the expected changing composition of our revenue streams from last year to this year. While banking and payments should continue to be our largest business line, we will be more diversified with our upcoming products and platform enhancements. We believe this not only lowers our dependency on any one given business, but it will also give us more vectors for growth. While it would be premature to give specifics, as I mentioned earlier, our new products are designed to drive higher margins than our existing business.

Speaker Change: Slide 17 gives an overview of the previously issued revenue forecast for 2025 as well as the expected changing composition of our revenue streams from last year to this year.

Speaker Change: While banking and payments should continue to be our largest business line, we will be more diversified with our upcoming products and platform enhancements.

Speaker Change: We believe this not only lowers our dependency on any one given business, but it will also give us more vectors for growth.

Speaker Change: It would be premature to give specifics as I mentioned earlier, our new products are designed to drive higher margins than our existing business.

Will Reeves: With that, I'll now turn the call back to Will for some closing. Thanks, Wolf. It's been an incredible journey conceptualizing, creating, and now taking full public. Despite the many milestones we've achieved, I believe our best days are ahead.

Wolfe Repass: With that, I'll now turn the call back to Will for some closing thoughts.

Will: With that I'll now turn the call back to will for some closing thoughts.

Will Reeves: Thanks, Wolfe. It's been an incredible journey conceptualizing, creating, and now taking Fold public. Despite the many milestones we've achieved, I believe our best days are ahead. We hit the ground running in 2025 with the announcements of our proprietary credit card and Bitcoin gift card. These are groundbreaking products that we believe will attract millions of new customers to the Fold ecosystem and enhance the value and worth of the customers already here. Our substantial treasury holdings of nearly 1,500 Bitcoin are both a stabilizer to volatile markets and an accelerator to our growth. We aim to continue to fortify this position by buying more Bitcoin. As Wolfe just mentioned, we are aiming to increase our volumes and revenues this year, which is a testament to the progress we have made as a company in a very short period of time.

Will: Thanks Ralph.

Speaker Change: It's been an incredible journey conceptualizing, creating and now taking full public.

Speaker Change: Despite the many milestones we've achieved I believe our best days are ahead.

Will Reeves: We hit the ground running in 2025 with the announcements of our proprietary credit card and Bitcoin gift card. These are groundbreaking products that we believe will attract millions of new customers to the bold ecosystem. and enhance the value and worth of the customers already here. Our substantial treasury holdings of nearly 1500 Bitcoin are both a stabilizer to volatile markets and an accelerator to our growth. We aim to continue to fortify this position by buying more Bitcoin. As Wolfe just mentioned, we are aiming to increase our volumes and revenues this year. which is a testament to the progress we have made as a company in a very short period of time.

Speaker Change: We hit the ground running in 2025, we see announcements of our proprietary credit card and bitcoin gift card.

Speaker Change: These are groundbreaking products that we believe will attract millions of new customers to the fold ecosystem.

Speaker Change: And enhance the value and worth of the customers already here.

Speaker Change: Our substantial Treasury holdings of nearly 500 bitcoin are both a stabilizer to volatile markets and an accelerator to our growth.

Speaker Change: We aim to continue to fortify that position by buying more bitcoin.

Speaker Change: As <unk> just mentioned, we are aiming to increase our volumes and revenues this year, which.

Speaker Change: Which is a testament to the progress we have made as a company in a very short period of time.

Will Reeves: I am excited as we continue to expand our offerings and bring many new customers into our ecosystem in the years ahead. We are both a growth company and a leader in an emerging sector where demand far outstrips supply. Our goal is to close that gap, and in doing so, accrue substantial value for our customers, employees, and shareholders. Thanks again for your support and belief in what we're doing.

Will Reeves: I am excited as we continue to expand our offerings and bring many new customers into our ecosystem in the years ahead. We are both a growth company and a leader in an emerging sector where demand far outstrips supply. Our goal is to close that gap, and in doing so, accrue substantial value for our customers, employees, and shareholders. Thanks again for your support and belief in what we're doing. Let's open the floor for some questions.

Speaker Change: I am excited as we continue to expand our offerings and bring many new customers into our ecosystem in the years ahead.

Speaker Change: We are both a growth company.

Speaker Change: And a leader in an emerging sector, where demand far outstripped supply.

Speaker Change: Our goal is to close that gap and in doing so our crew substantial value for our customers employees and shareholders.

Speaker Change: Thanks again for your support and belief in what we're doing let's open the floor for some questions.

Operator: Let's open the floor for some questions. Thank you so much, and as a reminder to ask a question, simply press star 1 1 on your telephone and wait for your name to be announced. To remove yourself, press start one more again. Please stand by while we compile the Q&A roster.

Operator: Thank you so much. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To remove yourself, press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Michael Donovan with H.C. Wainwright. Please proceed.

Speaker Change: Thank you so much.

Speaker Change: As a reminder to ask a question simply press Star one one on your telephone and wait for your name to be announced.

Speaker Change: To remove yourself Crestar one again, please standby, while we compile the Q&A roster.

Michael Donovan: Our first question comes from the line of Michael Donovan with HC Wainwright. Please proceed. Thank you, operator.

Speaker Change: Our first question comes from the line of Michael Donovan with H C. Wainwright. Please proceed.

Michael Donovan: Thank you, operator. Congrats, Wolfe and Will, on the first call as a public company, and congrats on the gift card. I'm on the line for Kevin Dede. I was hoping if you could further discuss the credit card rollout. What could unlock a faster rollout?

Michael Donovan: Thank you operator.

Will Reeves: Congrats, Wolf and Will, on your first call as a public company, and congrats on the gift card on the line for Kevin Deedy. I was hoping you could further discuss the credit card rollout. What could unlock a faster rollout?

Congrats welcome well on first call as a public company and congrats on the gift card.

Speaker Change: On the line for Kevin Didi.

Speaker Change: Hoping you could further discuss the credit card rollout what could unlock unlock a faster rollout.

Will Reeves: It's great to have you, Michael. And we wish Kevin Deedy is well. Thanks for joining today. And we're very excited about this being the first call. So thank you for joining here. So our credit card, as you can see, is one of the key drivers of our growth for our coming 2025 and beyond. We believe it is a flagship product for the fold ecosystem. And so our primary goal is to deliver an incredible product to our customers. As we've shown, you know, over 75,000 customers already on the wait list. We have seen significant demand from our existing user base, as well as from outside.

Speaker Change: Sure.

Will Reeves: It's great to have you, Michael, and we wish Kevin Dede is well. Thanks for joining today, and we're very excited about this being the first call. Thank you for joining here. Our credit card, as you can see, is one of the key drivers of our growth for our coming 2025 and beyond. We believe it is a flagship product for the Fold ecosystem, our primary goal is to deliver an incredible product to our customers. As we've shown, over 75,000 customers already on the wait list. We have seen significant demand from our existing user base as well as from outside. We truly believe this can be a game changer in terms of how people on-ramp and accumulate Bitcoin in a major way. For us, our North Star is providing the most competitive, best quality product out there.

Michael Donovan: It's great to have you Michael and.

Speaker Change: We wish Kevin Didi.

Speaker Change: Well, thanks for joining today and we're very excited about this being the first call. So thank you for for.

Speaker Change: Joining here so our credit card as you can see as one of the.

Speaker Change: Key drivers of our growth for our coming 2025 and beyond we believe it is a flagship product for the full ecosystem and so our primary goal is to deliver an incredible product to our customers as we've shown over 75000 customers already on the way.

Speaker Change: List.

Speaker Change: We have seen significant demand from our existing user base as well as from outside we truly believe this can be a game changer in terms of how people on ramp and accumulate bitcoin in a major way and so for US our north star is providing the most competitive best quality product out there and so for us.

Will Reeves: We truly believe this can be a game changer in terms of how people on ramp and accumulate Bitcoin in a major way. And so for us, our North Star is providing the most competitive, best quality product out there. And so for us, we are making sure to take the time to be able to deliver that. However, we know our customers are very eager to get their hands on this, and we are still on track to get this out in 2025. And the team is very hard at work to make that happen. Great, appreciate that. It's helpful.

Will Reeves: For us, we are making sure to take the time to be able to deliver that. However, we know our customers are very eager to get their hands on this, and we are still on track to get this out in 2025. The team is very hard at work to make that happen.

Speaker Change: We are making sure to take the time to be able to deliver that.

Speaker Change: However, we know our customers are very eager to get their hands on this and we are still on track to get this out in 2025 and the team is it's very hard at work to make that happen.

Michael Donovan: Great. Appreciate that. It's helpful. Now, on geographic expansion, which new markets are at the top of your expansion roadmap, and what drives their priority?

Speaker Change: Great I appreciate that Thats helpful.

Will Reeves: Now on geographic expansion, which new markets are at the top of your expansion roadmap and what drives their priority? Well, currently, our Bitcoin custody and trading platform is limited to the MTL licensing footprint that we have access to. And as it stands today, the only markets that we do not have access to are New York and Arkansas. While Arkansas may be a smaller market, still plenty of users there who would like us to join. However, New York remains the largest untapped market for fold and one that represents a large install base because many of our cardholders today reside in New York, but they cannot access our Bitcoin custody and trading feature.

Speaker Change: No on geographic expansion.

Speaker Change: Which new markets are at the top of your expansion roadmap and what drives their priority.

Will Reeves: Well, currently, our Bitcoin custody and trading platform is limited to the MTL licensing footprint that we have access to. As it stands today, the only markets that we do not have access to are New York and Arkansas. While Arkansas may be a smaller market, we still have plenty of users there who would like us to join. However, New York remains the largest untapped market for Fold, and one that represents a large install base because many of our cardholders today reside in New York, but they cannot access our Bitcoin custody and trading features. That is a high priority for us. As you may know, the New York BitLicense has always provided more friction for companies to provide their services in the state of New York.

Speaker Change: Well currently our bitcoin custody and trading platform is limited to the MTL.

Speaker Change: Licensing footprint that we have access to and as it stands today the only markets that we do not have access to our New York and Arkansas, While Arkansas, maybe a smaller market stopped plenty of users there who would like us to join however, New York remains.

Speaker Change: The largest untapped market for fault and one that represents a large installed base because many of our cardholders today reside in New York, but they cannot access our bitcoin custody and trading features.

Will Reeves: So that is a high priority for us. As you may know, the New York BitLicense has always provided more friction for companies to provide their services in the state of New York. However, we are optimistic that our partners and us have the ability to move, to change that in the coming year. Now, the Bitcoin custody and trading product is new for us. As we said in the update, that product has grown 500% year over year. Big buying and selling Bitcoin is the tried and true use case in the market. And Fold is relatively new to that.

Speaker Change: So that is a high priority for us as you May know the New York fit license has always provided more friction for companies to provide their services in the state of New York. However, we are optimistic that our partners.

Will Reeves: However, we are optimistic that our partners and us have the ability to move to change that in the coming year. The Bitcoin custody and trading product is new for us. As we said in the update, that product has grown 500% year over year. Buying and selling Bitcoin is the tried and true use case in the market, and Fold is relatively new to that, and that's where you can see a lot of that growth. It's only been about six months since we got access to Texas. We are steadily building out our footprint, steadily optimizing and expanding the access to our Bitcoin exchange. Really a natural next step is getting into New York, which we hope to do so soon.

Speaker Change: And us have the ability to move to change that in the coming year now the bitcoin custody and trading product is new for US as we said in the update that product has grown 500% year over year.

Speaker Change: Big buying and selling bitcoin is the tried and true use case.

Speaker Change: The market and fold is relatively new to that and Thats, where you can see a lot of that growth and it's only been about six months since we got access to Texas. So.

Will Reeves: And that's where you can see a lot of that growth. And it's only been about six months since we got access to Texas. So we are steadily building out our footprint, steadily optimizing and expanding the access to our Bitcoin exchange. And really a natural next step is getting into New York, which we hope to do so.

Speaker Change: We are steadily building out our footprint steadily optimizing and expanding the access to a bitcoin exchange and really a natural next step is getting into New York, which we hope to do so soon.

Will Reeves: Okay, great. One additional question. You highlighted a considerable step up in marketing. Which channels or campaigns do you see absorbing most of that budget? So historically, most of our growth has been driven by organic referrals. And as we are looking at the macro climate, as well as rising retail interest in Bitcoin. Paired with Fold being a publicly traded company representing Bitcoin financial services, we know that their world is a lot larger and we are not going to be satisfied just waiting for the demand to come to us. And so we have a targeted marketing strategy that will specifically support the growth of our credit card, gift card, and expanding custody and trading platform.

Michael Donovan: Okay, great. One additional question. You highlighted a considerable step-up in marketing. Which channels or campaigns do you see absorbing most of that budget?

Speaker Change: Okay great.

Speaker Change: One additional question.

Speaker Change: You highlighted a considerable step up in marketing.

Speaker Change: Which channels or campaigns do you see absorbing most of that budget.

Will Reeves: Historically, most of our growth has been driven by organic referrals. As we are looking at the macro climate as well as rising retail interest in Bitcoin, paired with Fold being a publicly traded company representing Bitcoin financial services, we know that their world is a lot larger, and we are not going to be satisfied just waiting for the demand to come to us. We have a targeted marketing strategy that will specifically support the growth of our credit card, gift card, and expanding custody and trading platform. We expect a lot of that to be directed at our distribution channels that will get our products in retail stores, in front of existing install bases of other companies and organizations, as well as in store.

Speaker Change: So historically most of our growth has been driven by organic referrals and as we are looking at the macro clue.

Speaker Change: Climate as well as rising retail interest in bitcoin.

Speaker Change: Paired with <unk> being a publicly traded company representing Bitcoin financial services, we know that the world is a lot larger and we are not going to be satisfied just waiting for the demand to come to us and so we have a targeted marketing strategy that will specifically support the growth of our.

Speaker Change: Card gift card and expanding custody and trading platform, we expect a lot of that to be <unk>.

Michael Donovan: We expect a lot of that to be directed at our distribution channels that will get our products in retail stores, in front of existing install bases of other companies and organizations, as well as in store. And beyond that, we'll be continuing to tap into the growth channels that we have seen to be very successful. And that is related to financial and social content on social media, as well as working with the influencers in communities that have driven a lot of great growth for Fold to date. I appreciate you entertaining my questions. I'll hop back in the queue.

Speaker Change: <unk> at our distribution channels that will get our products.

Speaker Change: In retail stores in front of.

Existing install bases of other companies and organizations as well as in store.

Will Reeves: Beyond that, we'll be continuing to tap into the growth channels that we have seen to be very successful, and that is related to financial and social content on social media, as well as working with the influencers and communities that have driven a lot of great growth for Fold to date.

Speaker Change: And.

Speaker Change: Beyond that we'll be continuing to tap into the growth.

Growth channels that we have seen to be very successful and that is related to.

Speaker Change: Financial financial and social content on social media as well as working with the Influencers in communities that have driven a lot of a lot of great growth for <unk> to date.

Michael Donovan: Great. I appreciate you entertaining my questions. I'll hop back in the queue.

Michael Donovan: Okay. I appreciate you entertaining my questions I'll hop back in the queue. Thank you Michael.

Operator: Thank you, Michael.

Will Reeves: Thank you, Michael.

Operator: Thank you.

Operator: Thank you. Our next question comes from Chris Brendler with Rosenblatt Securities. Please proceed.

Speaker Change: Thank you.

Chris Brendler: Our next question comes from Chris Brendler with Gross & Blatt Securities. Please proceed. Hi, and good evening. And also echo my congratulations on a strong start and being out in your first post credit quarter. So I wanted to ask a couple of follow ups here on some of Michael's questions. If I could start with marketing, are there certain products that will benefit more from marketing? And then did you have any, you know, early returns this quarter since there was an increase in marketing spend in the first quarter?

Our next question comes from Chris <unk> with <unk>. Please proceed.

Chris Brendler: Hi, good evening, also echo my congratulations on a strong start and being out in your first post-traded quarter. I wanted to ask a couple of follow-ups here on some of Michael's questions, if I could start with marketing. Are there certain products that will benefit more from marketing? Did you have any early returns this quarter since there was an increase in marketing spend in Q1?

Speaker Change: Hi, and good evening and I also echo my congratulations on a strong start and being out for the quarter. So I wanted to.

Speaker Change: Couple of follow ups here on Michael's questions, if I could start with marketing.

Speaker Change: Certain products that will benefit more from marketing and then did you have any.

Speaker Change: So early returns this quarter since there was an increase in marketing spend in the first quarter.

Will Reeves: Yeah, great, great to have you, Chris. So our marketing spend that we we mentioned is specifically earmarked to drive growth to our new products or our credit card, as well as our Bitcoin gift card. Most of the increased spend this year has been specifically related to the initial launch and wait list of our Bitcoin credit card. But so far we have not, because those products are not in market, well, the Bitcoin gift card is now in market as of today, we have yet to really turn up the spend on marketing. And so while we've seen an increase, the increase has been fairly modest, and we have a lot more to go.

Will Reeves: Yeah. Great to have you, Chris. Our marketing spend that we mentioned is specifically earmarked to drive growth to our new products, our credit card as well as our Bitcoin Gift Card. Most of the increased spend this year has been specifically related to the initial launch and wait list of our Bitcoin Credit Card. So far we have not, because those products are not in market, well, the Bitcoin Gift Card is now in market as of today, we have yet to really turn up the spend on marketing. While we've seen an increase, the increase has been fairly modest, and we have a lot more to go, and that's really going to be paired in lockstep with the availability of these products.

Chris: Yes, great great to have you Chris so.

Chris: Our marketing spend that we mentioned specifically earmarked to drive growth to our new products are.

Chris: Our credit card as well as our bitcoin gift card most of the increased spend this year has been specifically related to the initial launch and waitlist of our bitcoin credit card, but so far we have not because those products are not in market. The bitcoin gift card is now in market as of today.

Chris: We have yet to really turn up the spend on marketing and so while we've seen an increase the increase has been fairly modest and we have a lot more to go and that's really going to be pared in lock step with the availability of these products.

Will Reeves: And that's really going to be paired in lockstep with the availability of these products. In terms of which products we think are going to be better suited for marketing, we really believe that today the Bitcoin gift card is an incredible opportunity here. I think there's a couple things to understand about this. Number one, the Bitcoin gift card makes buying Bitcoin very simple. Perhaps the most simple way that someone can purchase Bitcoin. But I think what is most innovative about this product is it packages Bitcoin in a vehicle that can tap into the existing distribution channels of national retailers across the nation.

Will Reeves: In terms of which products we think are going to be better suited for marketing, we really believe that today the Bitcoin Gift Card is an incredible opportunity here. I think there's a couple things to understand about this. Number one, the Bitcoin Gift Card makes buying Bitcoin very simple, perhaps the most simple way that someone can purchase Bitcoin. I think what is most innovative about this product is it packages Bitcoin in a vehicle that can tap into the existing distribution channels of national retailers across the nation. What that is going to allow us to do is reach millions of customers where they shop today because we've packaged it in this very familiar vehicle.

Chris: In terms of which products, we think are going to be better suited for marketing, we really believe that today. The bitcoin gift card is an incredible opportunity here I think there's a couple of things to us.

Chris: Understand about this number one the bitcoin gift card makes buying bitcoin very simple, perhaps the most simple way that someone can purchase bitcoin.

Chris: But I think what is most innovative about this product is it packages bitcoin and a vehicle that can tap into the existing distribution channels up national retailers.

Will Reeves: And so what that is going to allow us to do is reach millions of customers where they shop today because we've packaged it in this very familiar vehicle. And so for us, we believe there is a lot of opportunity to educate Bitcoin curious customers, those that have not fully adopted Bitcoin as a primary savings tool, but those who are interested. And we believe the Bitcoin gift card is able to service and meet those customers where they're at today. And so I suspect a good amount of the marketing will be about supporting that product, its growth, as well as bringing in our retail, our partner retails, our retail partners into co-marketing so that we can tell this story with other large national merchants and tap into these audiences that Fold today just doesn't have access to.

Chris: Across the nation and so what that is going to allow us to do is reach millions of customers, where they shop today, because we packaged it in this very familiar vehicle and so for US. We believe there is a lot of opportunity to educate.

Will Reeves: For us, we believe there is a lot of opportunity to educate Bitcoin-curious customers, those that have not fully adopted Bitcoin as a primary savings tool, but those who are interested. We believe the Bitcoin gift card is able to service and meet those customers where they're at today. I suspect a good amount of the marketing will be about supporting that product, its growth, as well as bringing in our retail partners into co-marketing so that we can tell this story with other large national merchants and tap into these audiences that Fold today just doesn't have access to, and that for the most part, that nobody is selling Bitcoin in those areas.

Chris: Bitcoin curious customers those that have not fully adopted bitcoin as a primary savings tool, but those who are interested and we believe the bitcoin gift card is able to service and meet those customers where they are at today and so I suspect a good amount of the marketing will be about support.

Chris: Sorting that product its growth as well as bringing in our retail our partner retails.

Chris: Our retail partners into co marketing so that we can tell this story with other large national merchants and tap into these audiences that fold today, just doesn't have access to and thats for the most part.

Will Reeves: And that's for the most part that nobody is selling Bitcoin in those areas. That's great. That's great color.

Chris: Nobody is selling bitcoin in those areas.

Chris Brendler: That's great color. I actually had a question on gift card as well, which was, do you envision most of the gift card sales coming in physical stores, or is it going to be more of an online product? How do you see that product mix breaking out from an onboarding perspective?

Will Reeves: Um, I actually had a question on gift card as well, which was, um, do you envision most of the of the. gift card sales coming in physical stores or is it going to be more of an online product? How do you see that product mix breaking out from an onboarding perspective? Yes, so we envision the primary distributors of our gift card are going to be online retailers or online loyalty and rewards programs. You can think of credit card rewards, airline mile rewards. large online retailers, as well as in-store physical retail locations. Already to date, we have quite a bit of interest across that spectrum that we're very excited about.

Speaker Change: That's great that's great color I actually had a question on gift card as well, which was do you envision most of them.

Speaker Change: Gift card sales coming in physical stores or is it going be more of an online product.

Speaker Change: C.

Yes.

Speaker Change: Alright, thanks, breaking out from a from an Onboarding perspective.

Will Reeves: We envision the primary distributors of our gift card are going to be online retailers or online loyalty and rewards programs. You can think of credit card rewards, airline mile rewards. You can think of large online retailers, as well as in-store physical retail locations. Already to date, we have quite a bit of interest across that spectrum that we're very excited about. As for the mix of what % will be online and what % will be in-store, I think that remains to be seen. We do know and have some good examples from the market. I know we mentioned in the call that Costco is selling $200 million worth of gold per month. Fold has really created a way for retailers to finally sell Bitcoin to their customers, and this is something that they're already doing.

Speaker Change: Yes, so we envision.

Speaker Change: Primary.

Speaker Change: Distributors of our gift card are going to be.

Speaker Change: Online retailers or online loyalty and rewards program. So you can think of credit card rewards airline mile rewards you can think of large online retailers as well as in store physical retail locations.

Speaker Change: Already to date, we have.

Speaker Change: Quite a bit of interest across that spectrum that we're very excited about so as for the mix of what percent will be online and what percent will be in store I think that remains to be seen we do know and have some good examples from the market I know we mentioned in the call that Costco is.

Will Reeves: So as for the mix of what percent will be online and what percent will be in-store, I think that remains to be seen. We do know and have some good examples from the market. I know we mentioned in the call that Costco is selling $200 million worth of gold per month. You know, Fold has really created a way for retailers to finally sell Bitcoin to their customers. And this is something that they're already doing. You look at Walmart has already deeply into financial services, Target as well. This is something that is very familiar to them and they see the opportunity that will come with being able to give access to Bitcoin to their customers.

Speaker Change: Selling $200 million worth of gold per month full.

Speaker Change: <unk> has really created a way for retailers to finally sell bitcoin to their customers and this is something that they're already doing you look at Walmart has already deeply into financial services target as well. This is something that is very familiar to them and they see the opportunity that is.

Will Reeves: You look at Walmart, has already deeply into financial services, Target as well. This is something that is very familiar to them, and they see the opportunity that will come with being able to give access to Bitcoin to their customers. I think we're going to learn a lot about the in-store online mix. What I think we are sure about and believe will happen is that this is going to meet really a demand that has been really pent-up and unmet. There really is no avenues for everyday consumers to experience Bitcoin in the places that they already visit and shop every day. Typically, Bitcoin is in your brokerage account online or in the app store in an app like Fold.

Speaker Change: That will come with being able to give access to bitcoin to their customers and so I think we're going to learn a lot about the in store online mix. What I think we are sure about and believe will happen is that this is going to meet really a demand that has been really pent up unmet.

Will Reeves: And so I think we're going to learn a lot about the in-store online mix. What I think we are sure about and believe will happen is that this is going to meet really a demand that has really pent up and unmet. There really is no avenues for everyday consumers to experience Bitcoin in the places that they already visit and shop every day. Typically, Bitcoin is in your brokerage account online or in the app store in an app like Fold. Fold is going to bring this and make Bitcoin ubiquitous. And I think that's going to surprise us and the market in a lot of ways about how big this can actually get.

Speaker Change: There really is no avenues for everyday consumers to experience bitcoin and the places that they are already visit and shop everyday typically bitcoin.

Speaker Change: Is.

Speaker Change: In your brokerage account online or in the App store and an app like fold fold is going to bring this and make bitcoin ubiquitous and I think that's going to surprise us in the market and a lot of ways about how big this can actually get.

Will Reeves: Fold is going to bring this and make Bitcoin ubiquitous, and I think that's going to surprise us and the market in a lot of ways about how big this can actually get.

Will Reeves: That's great.

Chris Brendler: That's great. One more on the gift card, and then I had wanted to ask one general question on the exchange as well. On the gift card, are there competitors in this space, or is Fold kind of a first mover in the Bitcoin Gift Card space?

Will Reeves: One more on the gift card.

Speaker Change: That's great one more on the gift card and then I wanted to ask one.

Will Reeves: And then I had wanted to ask one general question on the exchange as well.

Will Reeves: On the gift card, are there competitors in this space or is full kind of first mover in the Bitcoin gift card space? We we consider ourselves a first mover. And part of the reason there is there's been there's been various attempts and other ways to create a Bitcoin gift card. But the issue is that they've either lacked actually tapping into the distribution of gift cards so that they don't have the visibility or they are offering non Bitcoin products. And for us, staying focused on Bitcoin and tapping in to the largest distribution network of gift cards to us makes that makes us a first mover here.

Speaker Change: The final question on the exchange as well on the gift card.

Speaker Change: There are competitors in this space are as full as kind of a first mover in the bitcoin gift card space.

Will Reeves: We consider ourselves a first mover, part of the reason there is there's been various attempts and other ways to create a Bitcoin gift card, but the issue is that they've either lacked actually tapping into the distribution of gift cards, so that they don't have the visibility, or they are offering non-Bitcoin products. For us, staying focused on Bitcoin and tapping into the largest distribution network of gift cards, to us, that makes us a first mover here. Just to give you a sense of that distribution, our partner, Totus, who we're launching the Bitcoin gift card with, has direct distribution to 150,000 points of sale nationwide, and that's our starting point.

Speaker Change: We consider ourselves.

Speaker Change: A first mover and part of the reason there is there has been.

Speaker Change: There has been various attempts and.

Speaker Change: Other ways to create a bitcoin gift card, but the issue is that they are either lacked actually tapping into the distribution of gift cards.

Speaker Change: So that they don't have the visibility.

Speaker Change: Or they are offering non bitcoin products and for us staying focused on bitcoin and tapping in to the largest distribution network of gift cards to us makes that makes us a first mover here and just to give you.

Will Reeves: And just to give you a sense of that distribution, our partner, Totus, who we're launching the Bitcoin gift card with, has direct distribution to 150,000 points of sale nationwide. And that's our starting.

Speaker Change: A sense of that distribution our partner told us so we're launching the gift bitcoin gift card width.

Speaker Change: <unk>.

Speaker Change: Direct distribution to 150000 points of sale nationwide and Thats, our starting point and so if we look at the success that Costco is seen or some of the other larger national retailers fold now can activate retailers of that size on mass through a vehicle that's very familiar to those retail.

Will Reeves: And so if we look at the success that Costco has seen or some of the other larger national retailers, Fold now can activate retailers of that size en masse through a vehicle that's very familiar to those retailers and very familiar to consumers. Gift cards are the number one gift in America. When people think about what to give at a graduation, a Christmas or a wedding, gift card is often the thing that they give. And Fold is, for the first time, packaged Bitcoin in this very familiar, very easy vehicle.

Will Reeves: If we look at the success that Costco has seen or some of the other larger national retailers, Fold now can activate retailers of that size en masse through a vehicle that's very familiar to those retailers and very familiar to consumers. Gift cards are the number one gift in America. When people think about what to give at a graduation, a Christmas, or a wedding, gift card is often the thing that they give, and Fold is, for the first time, packaged Bitcoin in this very familiar, very easy vehicle.

Speaker Change: And very familiar to consumers.

Speaker Change: <unk> cards are the number one gift in America when people think about what to give at a graduation at Christmas or a wedding gift card is often the thing that they gave in August for the first time packaged bitcoin and that's very familiar very easy vehicle.

Will Reeves: That's great.

Chris Brendler: That's great. Well, one more question, if I may. I appreciate all the time here. Is on the exchange and broadening it up to non-Fold customers, is that just part of the funnel, like you're going to try to attract customers to the Fold platform by offering the exchange products, or do you expect customers to be exchange-only and benefit from in other ways from having them on the platform, maybe from a liquidity perspective?

Will Reeves: Well, one more question, if I may, I appreciate all the time here, is on the exchange and broadening it up to non-fold customers. Is that, you know, just part of the funnel, like you're going to try to attract customers to the full platform by offering exchange products? Or do you expect customers to be exchange only and benefit from, in other ways, from having them on the platform, maybe from a liquidity perspective?

That's great well one more question if I may I. Appreciate all the time here is on the exchange and broadening it up to non <unk> customers is that.

Speaker Change: Just part of the funnel like Youre going to try to attract customers to the full platform by offering exchange products or do you expect customers to be exchanged only.

Speaker Change: Benefit from in other ways from having them on the platform maybe from a liquidity perspective.

Will Reeves: So Fold is gonna win and is winning because we've created what I believe is the most comprehensive Bitcoin financial services platform out there. And we started with the funnel being, hey, come in and earn rewards. This made us very differentiated. We were a first mover in Bitcoin rewards as well. And what we saw was by adding to our financial service ecosystem with Bitcoin custody and trading, our Bitcoin rewards customers started buying all their Bitcoin through us. And so for us, we understand the power of our platform is the cross sell, is giving our customers access to many different products and services that are valuable to them.

Will Reeves: Fold is going to win and is winning because we've created what I believe is the most comprehensive Bitcoin financial services platform out there. We started with the funnel being, hey, come in and earn rewards. This, again, made us very differentiated. We were a first mover in Bitcoin rewards as well. What we saw was by adding to our financial service ecosystem with Bitcoin custody and trading, our Bitcoin rewards customers started buying all their Bitcoin through us. For us, we understand the power of our platform is the cross-sell, is giving our customers access to many different products and services that are valuable to them. At the same time, we need to recognize that customers are at various stages and coming for different reasons. To date, we've only really been speaking to those wanting to earn Bitcoin as a reward.

Speaker Change: So full that is going to win and is winning because we created what I believe is the most comprehensive bitcoin financial services platform out there and we started with the funnel being hey come in and earn rewards.

Speaker Change: Again made us very differentiated we were a first mover in bitcoin rewards as well and what we saw was by adding to our financial service ecosystem with bitcoin custody and trading our bitcoin rewards customers started buying all their bitcoin through us and so for us we under.

Speaker Change: Stand the power of our platform is the cross sell is giving our customers access to many different products and services that are valuable to them, but at the same time, we need to recognize that customers are at various stages in coming for different reasons to date, we've only really been speaking to those wanting to.

Will Reeves: But at the same time, we need to recognize that customers are at various stages and coming for different reasons. Today, we've only really been speaking to those wanting to earn Bitcoin as a reward. But there is a large segment of the population that simply is ready to buy Bitcoin today. And for us to open up our exchange beyond our cardholders to everyone allows us to increase the top of the funnel to bring in customers who wanna buy Bitcoin in five minutes after they download the app. That's what we're gonna offer to them. But what is better and what gives us a competitive edge is not only is our Bitcoin custody and exchange product going to be superior, but we also now give them access to earning rewards in Bitcoin, converting their paycheck into Bitcoin, earning rewards on their bill pays, or getting access to our merchant network, or giving gifts over the holidays through our Bitcoin gift card.

Speaker Change: Earn bitcoin as a reward but there is a large.

Will Reeves: There is a large segment of the population that simply is ready to buy Bitcoin today. For us to open up our exchange beyond our cardholders to everyone allows us to increase the top of the funnel to bring in customers who want to buy Bitcoin in 5 minutes after they download the app. That's what we're going to offer to them. What is better and what gives us a competitive edge is not only is our Bitcoin custody and exchange product going to be superior, but we also now give them access to earning rewards in Bitcoin, converting their paycheck into Bitcoin, earning rewards on their bill pays, or getting access to our merchant network, or giving gifts over the holidays through our Fold Bitcoin Gift Card.

Segment of the population that simply is ready to buy bitcoin today.

Speaker Change: And for Us to open up our exchange beyond our cardholders to everyone allows us to increase the top of the funnel to bring in customers, who want to buy bitcoin in five minutes. After they download the app that so we're going to offer to them, but what is better than what gives us a competitive competitive edge is not only is our bitcoin.

Speaker Change: Custody and exchange product going to be superior, but we also know give them access to earning rewards and bitcoin converting their paycheck into bitcoin, earning rewards on their bill pays are getting access to our merchant network or giving gifts over the holidays through our bitcoin gift card and is the rich network that is going to create.

Will Reeves: It is the rich network that is going to create the different has created the differentiation for fold. And our focus to allow customers to immediately download the app and buy Bitcoin is simply to increase our top of funnel and allow people to meet people where they are at today by providing the value proposition they're looking for immediately. And the fact is we've come a long way since starting with rewards, and we are now a fully fledged Bitcoin financial services company. And so we think this is really important to that evolution.

Will Reeves: It is the rich network that is going to create has created the differentiation for Fold. Our focus to allow customers to immediately download the Fold App and buy Bitcoin is simply to increase our top of funnel and allow people to meet people where they are at today by providing the value proposition they're looking for immediately. The fact is, we've come a long way since starting with rewards, and we are now a fully fledged Bitcoin financial services company. We think this is really important to that evolution.

Speaker Change: The different has created the differentiation for bold and our focus.

Speaker Change: To allow customers to immediately download the app and buy bitcoin is simply to increase our top of funnel and allow people to meet people where they are at today by providing the value proposition there looking for immediately and the fact is we've come a long way since starting with rewards and we are now a fully fledged bitcoin financial service.

Speaker Change: This company and so we think this is really important to that evolution.

Chris Brendler: Yeah a great time to be in this business. Thanks so much Will and Wolf and congrats again. Thank you Chris.

Chris Brendler: Yeah. A great time to be in this business. Thanks so much, Will and Wolfe. Congrats again.

Speaker Change: Okay great.

Speaker Change: Business. Thanks, so much well Wolfson Congrats again, thank you Chris.

Will Reeves: Thank you, Chris.

Operator: Thank you and as a reminder to our audience if you do have a question simply press star 11 to get in the queue.

Operator: Thank you. As a reminder to our audience, if you do have a question, simply press star one one to get in the queue. Our last question comes from Mike Grondahl with Northland. Please proceed.

Speaker Change: And as a reminder to our audience. If you do have a question simply press star one one to get in the queue.

Mike Grondahl: And our last question comes from Mike Grondahl with Northland. Please proceed. Hey Will and Wolf, I'm going to ask a question too on the Bitcoin gift card. Can you talk about. How a consumer... will find that and maybe the mechanics of how it works. Like, will I buy a $25 gift card, a 50, a hundred, kind of from a consumer perspective, how that'll work. And then lastly, how is, you know, how is Fold making money or kind of monetizing that?

Speaker Change: And our last question comes from Mike Grondahl with Northland. Please proceed.

Mike Grondahl: Hey, Will and Wolfe. I'm going to ask a question too on the Bitcoin gift card. Can you talk about how a consumer will find that, and maybe the mechanics of how it works? Will I buy a $25 gift card, a $50, $100? Kind of from a consumer perspective, how that'll work. Lastly, how is Fold making money or kind of monetizing that service?

Wolf: He will in Wolf.

Speaker Change: I'm going to ask a question too on the on the Bitcoin gift card.

Speaker Change: Can you talk about.

Speaker Change: Our consumer.

Speaker Change: We'll find that.

Speaker Change: And maybe the mechanics of how it works.

Speaker Change: <unk> at $25 gift card or 50 or 100.

Speaker Change: From a consumer perspective, how that will work.

Speaker Change: And then lastly, how was how was fold, making money you're kind of monetizing that service.

Will Reeves: Great questions, Mike, and it's great to have you here. Thanks for joining us on our on our first call. So quickly, how it works. Well, it works just like any other gift card. You can buy a dollar denomination of twenty five fifty up to five hundred dollars that is stored on that gift card. And that gift card can be digital or soon will be physical. And from there, you are given a redemption code that you open up the fold app, enter the redemption code and your Bitcoin appears in your fold account. Very simple. Allows us to completely flip the Bitcoin on-ramp on its head.

Will Reeves: Great questions, Mike, and it's great to have you here. Thanks for joining us on our first call. Quickly how it works. Well, it works just like any other gift card. You can buy a dollar denomination of $25, $50, up to $500 that is stored on that gift card, and that gift card can be digital or soon will be physical. From there, you are given a redemption code that you open up the Fold App, enter the redemption code, and your Bitcoin appears in your Fold account. Very simple. Allows us to completely flip the Bitcoin on-ramp on its head. Previously, to acquire Bitcoin, you would need to find a platform to do this with. From there, you would need to submit your information, KYC. You would then need to attach a bank account. From there, wait for verification and money settling.

Michael Donovan: Great questions, Mike and it's great to have you here. Thanks for joining us on our on our first call. So quickly how it works well it works just like any other gift card.

Michael Donovan: You can buy a dollar denomination of $25 50 up to $500 that is stored on that gift card and that gift card can be digital or soon will be physical and from there you are given a redemption code that you open up the fold app enter the redemption code.

Michael Donovan: And your bitcoin appears in your fold account.

Michael Donovan: Very simple allows us to completely flipped.

Michael Donovan: Bitcoin on ramp on its head previously took to acquire bitcoin you would need to.

Will Reeves: Previously, to acquire Bitcoin, you would need to find a platform to do this with. From there, you would need to submit your information, KYC. You would then need to attach a bank account. From there, wait for verification and money settling. From there, you could initiate a trade and then you would have Bitcoin. Now it is you simply buy the Bitcoin gift card and enter the redemption code and allows us to really make the onboarding into Bitcoin much more seamless. And something that I believe for the Bitcoin curious, the masses of people interested in Bitcoin, but those that have not fully adopted it is the right vehicle for them to make their first step.

Michael Donovan: Find a platform to do this with.

Michael Donovan: From there you would need to submit your information <unk> you would then need to attach a bank account from their weight for verification and money settling from there you could initiate a trade and then you would have bitcoin.

Will Reeves: From there, you could initiate a trade, and then you would have Bitcoin. Now, it is you simply buy the Bitcoin gift card and enter the redemption code, and allows us to really make the onboarding into Bitcoin much more seamless. Something that I believe for the Bitcoin-curious, the masses of people interested in Bitcoin, those that have not fully adopted it, is the right vehicle for them to make their first step. It really is about how can we serve Bitcoin via the most familiar financial instruments for consumers, which is a gift card.

Michael Donovan: Now it is you simply by the Bitcoin gift card and enter the redemption code and allows us to really make the onboarding into bitcoin much more seamless.

Michael Donovan: And something that I believe for the bitcoin curious the masses of people interested in bitcoin, but those that have not fully adopted it is the right vehicle for them to make their first step and so it really is about how can we serve bitcoin via the most familiar financial.

Mike Grondahl: And so it really is about how can we serve Bitcoin via the most familiar financial instruments for consumers, which is a gift card. And it works about as about as simply as it does, as most others do. and then go ahead go ahead Mike. I'll follow up a question quick if I buy a hundred dollar Am I paying, I don't know, the retailer and you a couple percent commission and I'm maybe getting $90, $95 of Bitcoin. Can you walk through the economics involved a little bit? Yes. So, the goal with this Bitcoin gift card is to make Bitcoin ubiquitous.

Michael Donovan: <unk> for consumers, which is a gift card and it works about as about as simply as a as most others do.

Mike Grondahl: Sure.

Will Reeves: It works about as simply as most others do.

Mike Grondahl: Let me-

Michael Donovan: Tom.

Michael Donovan: And then just.

Will Reeves: Go ahead, Mike.

Mike Grondahl: I'll follow up a question quick. If I buy a $100 gift card, am I paying, I don't know, the retailer and you a couple percent commission, and I'm maybe getting $90, $95 of Bitcoin? Can you walk through the economics involved a little bit?

Mike Grondahl: Go ahead go ahead, Mike I'll follow up a question quick.

Mike Grondahl: If I buy a $100 gift card.

Mike Grondahl: Am I paying I don't know.

Mike Grondahl: The retailer a new a couple percent commission and I may be getting.

Mike Grondahl: 90, $95 a bitcoin can you can you walk through the economics involved a little bit.

Will Reeves: Yes. Fold, the goal with this Bitcoin gift card is to make Bitcoin ubiquitous, so that, Mike, when you're walking down into your favorite retail store or grocery store, at the checkout line, in the aisles, is giant Bitcoin gift cards or the Bitcoin beast staring you in the face. The idea is to bring Bitcoin right to where people are today. With that, to make that happen in the background, is a partnership between Fold and those retail partners. For us, we incentivize retail partners to carry the card and to bring it to the forefront of their experience by giving them an incentive on the purchase of that card. Fold and the retail partner will take a margin on that gift card.

Mike Grondahl: Yes so.

The goal with this bitcoin gift card is to make bitcoin ubiquitous so that Mike when you're walking down into your favorite retail store or grocery store at the checkout line in the aisles is giant bitcoin gift cards of the bitcoin be staring you in the face.

Will Reeves: So that, Mike, when you're walking down into your favorite retail store or grocery store, at the checkout line, in the aisles, is giant Bitcoin gift cards. There's a Bitcoin bee staring you in the face. The idea is to bring Bitcoin right to where people are today. And with that is a partnership to make that happen in the background is a partnership between Fold and those retail partners. And so, for us, we incentivize retail partners to carry the card and to bring it to the forefront of their experience by giving them an incentive on the purchase of that card.

Mike Grondahl: Ideas to bring big coin right to where people are today and with that is a partnership to do that to make that happened in the background as a partnership between fold and.

Mike Grondahl: Those retail partners and so for US we incentivize retail partners two two.

Mike Grondahl: To carry the card and to bring it to the forefront of their experience by giving them an incentive on the purchase of that card and so bold and the retail partner will take a margin on that gift cards. So the gift card will be sold for $100 and some percent of that well.

Will Reeves: And so, Fold and the retail partner will take a margin on that gift card. So, the gift card will be sold for $100. And some percent of that will go to Fold and to the retail partner for bringing that very convenient way to buy Bitcoin to the market. Perfect.

Will Reeves: The gift card will be sold for $100, and some percent of that will go to Fold and to the retail partner, for bringing that very convenient way to buy Bitcoin to the market.

Mike Grondahl: Go to fold and to the retail partner.

For bringing that.

Mike Grondahl: Very convenient way to buy bitcoin to the market.

Mike Grondahl: Perfect. Maybe just one on the Credit Card. Is there one or two things keeping you from launching that, I don't know, imminently? Is it just, hey, this is a big undertaking, we're working through it, we'll get it launched as soon as possible?

Mike Grondahl: And then.

Mike Grondahl: Perfect Perfect and then.

Mike Grondahl: Maybe just one on the.

Will Reeves: gift, I'm sorry, on the credit card. It is, is there one or two things?

Mike Grondahl: Gift I'm, sorry on the credit card.

Mike Grondahl: Is there one or two things.

Will Reeves: keeping you from launching that, I don't know, imminently, or is it just, hey, this is a big undertaking, we're working through it, you know, we'll get it launched as soon as Yeah, there's really nothing, you know, in our way, per se, to launching it besides, number one, having a very high bar for the quality and experience of this card. We know that this card needs to handle scale from day one. There are 75,000 people on this wait list ready to go. And so...

Mike Grondahl: Keeping you from launching that I don't know imminently or is it just hey, this is a big undertaking we're working through it we'll get it launched as soon as possible.

Will Reeves: Yeah, there's really nothing in our way, per se, to launching it besides, number 1, having a very high bar for the quality and experience of this card. We know that this card needs to handle scale from day one. There are 75,000 people on this wait list ready to go.

Mike Grondahl: Yes.

Mike Grondahl: Nothing.

Speaker Change: In our way per se to launching it besides number one having a very high bar for the quality and experience of this card. We know that this card needs to handle scale from day. One there are 75000 people on this waitlist ready to go and so from the wait list well, yes, we will.

Mike Grondahl: I'm on the wait list, Will.

Will Reeves: I'm on the wait list, Will. Yes. Well, we will... I don't know how far you up there, Mike, but share your referral link more and you might get it faster. Sure. Fair enough.

Will Reeves: Yes. Well, I don't know how far you are up there, Mike, but share your referral link more and you might get it faster.

Mike Grondahl: Don't know how far you up there, Mike, but sure your referral link more than you might get it faster.

Mike Grondahl: Fair enough.

Will Reeves: We... There is really nothing stopping us except continuing to build and working with our partners to find the fastest way and the fastest path to get this to market.

Mike Grondahl: No.

Will Reeves: There is really nothing stopping us except continuing to build and working with our partners to find the fastest way and the fastest path to get this to market. To be really honest, building a credit card is an enormous undertaking. I think many people underestimate that. It is really a partnership between multiple entities to bring this thing to fruition. We have been very lucky that not only have we established a great track record and reputation in the community with our Bitcoin rewards debit card, we have the numbers to show the success, the partnership, and that has really helped us identify and get some of the best partners on our side to help us bring this to market.

Mike Grondahl: We there is really nothing stopping us except continuing to build in working with our partners to find the fastest way and the SaaS path to get this to market, but to be really honest.

Will Reeves: But to be really honest, you know, building a credit card is an enormous undertaking. I think many people underestimate that. It takes a... It's really a partnership between multiple entities to bring this thing to fruition. And we have been very lucky that not only have we established a great track record and reputation in the community with our Bitcoin Rewards Debit Card, we have the numbers to show the success, the partnership, and that has really helped us identify and get some of the best partners on our side to help us bring this to market.

A building a credit card is an enormous undertaking I think many people.

Mike Grondahl: Under estimate that it takes a it's really a partnership between multiple entities to bring this thing to fruition and we have been very lucky that not only have we established a great track record and reputation in the community with our bitcoin rewards debit card we have the numbers to show the success the partnership.

Mike Grondahl: And.

Mike Grondahl: That has really helped us identify and get some of the best partners on our side to help us bring this to market. So what I what I can guarantee is that it's coming to market. This year and the only thing that standing in its way is just us doing it really incredible quality job to make sure. This thing is ready for mass market because we believe this.

Will Reeves: So what I can guarantee is that it's coming to market this year. And the only thing that's standing in its way is just us doing a really incredible quality job to make sure this thing is ready for mass market. Because we believe this product will be one of the top three on ramps to Bitcoin overall. And that is right behind the spot Bitcoin Exchange, right behind the Bitcoin ETF will be the Bitcoin Rewards Credit Card. No, they're two really cool products.

Will Reeves: What I can guarantee is that it's coming to market this year, and the only thing that's standing in its way is just us doing a really incredible quality job to make sure this thing is ready for mass market. Because we believe this product will be one of the top three on-ramps to Bitcoin overall. That is right behind the spot Bitcoin exchange, right behind the Bitcoin ETF, will be the Bitcoin Rewards Credit Card.

Mike Grondahl: <unk> will be one of the top three on ramps to bitcoin overall and that is right behind the spot Bitcoin exchange right behind the bitcoin Etfs will be the bitcoin rewards credit card.

Mike Grondahl: No, they're 2 really cool products. Thanks, guys.

Speaker Change: No there are two really cool products. Thanks, guys. Thank.

Mike Grondahl: Thanks guys. Thank you, Mike. Thank you.

Will Reeves: Thank you, Mike.

Mike Grondahl: Thank you Mike.

Operator: Thank you. As I see no further questions in the queue, I will conclude the Q&A session and turn it back to Mr. Will Reeves for closing remarks.

Will Reeves: And as I see no further questions in the queue, I will conclude the Q&A session and turn it back to Mr. Will Reeves for closing remarks.

Speaker Change: Thank you and I see no further questions in the queue I will conclude the Q&A session and turn it back to Mr. <unk> for closing remarks.

Will Reeves: Thank you very much, Operator. And I want to thank everyone who showed up today for Fold's first public earnings call. It has been quite the journey, and I want to deeply say thank you to our team and our investors and our customers. You know, the support, trust, and hard work really has made this quarter possible, and I'm very confident that we're going to be able to return quarter after quarter, building an even more compelling story and really showing some of the power of these new products that we've mentioned today and the continued growth of our existing business.

Will Reeves: Thank you very much, operator. I want to thank everyone who showed up today for Fold's first public earnings call. It has been quite the journey. I want to deeply say thank you to our team, our investors, and our customers. The support, trust, and hard work really has made this quarter possible. I'm very confident that we're going to be able to return quarter after quarter, building an even more compelling story and really showing some of the power of these new products that we've mentioned today and the continued growth of our existing business. This is all powered by the fact that Bitcoin is really what we believe is an inevitable force, something that the world is increasingly turning to, and that 99% of the world has yet to really get involved with.

Speaker Change: Thank you very much operator, and I want to thank everyone, who showed up today for <unk> first public earnings call. It has been quite the journey and I want to deeply say, thank you to our team and our investors and our customers.

Speaker Change: To support Trust and hard work really has made this quarter possible and I'm very confident that we're going to be able to return quarter after quarter.

Speaker Change: Building, an even more compelling story and really showing some.

Speaker Change: The power of these new products that we've mentioned today and the continued growth of our existing business and this is all powered by the fact that bitcoin is really well.

Will Reeves: And this is all powered by the fact that Bitcoin is really what we believe is an inevitable force, something that the world is increasingly turning to and that 99% of the world has yet to really get involved with. And Fold is positioning itself right now to be the most ubiquitous, friendly, easiest Bitcoin financial services company to get started. And I think there's no better timing for this. And so thank you all for being on the journey with us. It's going to be a great adventure, and we look forward to spending time together in another quarter.

Speaker Change: What we believe is inevitable for something that the world is increasingly turning to in that 99% of the world has yet to really get involved with unfold is positioning itself right now to be the most ubiquitous.

Will Reeves: Fold is positioning itself right now to be the most ubiquitous, friendly, easiest Bitcoin financial services company to get started. I think there's no better timing for this. Thank you all for being on the journey with us. It's going to be a great adventure, and we look forward to spending time together in another quarter. Thank you all.

Speaker Change: Friendly easiest.

Speaker Change: Financial services company to get started and I think there's no better timing for this and so thank you all for being on the journey with US it's going to be a great adventure and we look forward to two.

Speaker Change: Spending time together in another quarter. Thank you all.

Operator: Thank you all.

Operator: And with that, ladies and gentlemen, we thank you for participating in today's conference. You may now disconnect.

Operator: With that, ladies and gentlemen, we thank you for participating in today's conference. You may now disconnect.

Speaker Change: With that ladies and gentlemen, we thank you for participating in today's conference you may now disconnect.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].