Q2 2025 Fold Holdings Inc Earnings Call

Will Reeves: Good day, and thank you for standing by. Welcome to the Fold Holdings second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Samir Jain, Orange Group Advisors. Please go ahead.

Speaker #2: Good day, and thank you for standing by. Welcome to the Fold Holdings second quarter 2025 earnings call. At this time, all participants are in a listen-only mode.

Speaker #2: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press *11 on your telephone.

Speaker #2: You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded.

Speaker #2: I'd now like to hand the conference over to Samir Jain. Orange Group Advisors. Please go ahead.

Samir Jain: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings second quarter 2025 earnings call. Joining me on the call today are Chairman and CEO Will Reeves and CFO Wolf Prepass. Before we begin, please note that the information reported on this call speaks only as of today, August 12th, 2025, and therefore, you are advised that any time sensitive information may no longer be accurate as of the time of any feature replay, listing, or transcript reading. A replay of today's call will be available by webcast on the company's website at www.foldapp.com in the investor section, and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the US Federal Securities Laws.

Speaker #3: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings, second quarter 2025 earnings call. Joining me on the call today are Chairman and CEO Will Reeves and CFO Wolf Repass.

Samir Jain: Before we begin, please note that the information reported on this call speaks only as of today, 12 August 2025, and therefore, you are advised that any time-sensitive information may no longer be accurate as of the time of any feature replay, listing, or transcript reading. A replay of today's call will be available by webcast on the company's website at www.foldapp.com in the investor section, and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the US Federal Securities Laws. 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. These statements reflect the current views of Fold's management and are not guarantees of future performance.

Speaker #3: Before we begin, please note that the information reported on this call speaks only as of today, August 12th, 2025, and therefore you are advised that any time-sensitive information may no longer be accurate as of the time of any future replay, listing, or transcript reading.

Speaker #3: A replay of today's call will be available by webcast on the company's website, at www.foldapp.com, in the investor section, and more information on how to access this replay feature will be included in the company's earnings release.

Speaker #3: Comments on this call may contain forward-looking statements within the meaning of the US Federal Securities Laws. 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: 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. These statements reflect the current views of Fold's management and are not guarantees of future performance. Please refer to our Form 10-K and other filings with the SEC filings, which can be found at sec.gov or on the company's investor relations website for 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. Our results are prepared in accordance with GAAP, and a reconciliation to any comparable GAAP measures will be provided in our second quarter earnings release and in our SEC filings. With that, I'll pass the call to Will.

Speaker #3: These statements reflect the current views of Fold's management and are not guarantees of future performance. Please refer to our Form 10-K and other filings with the SEC filings, which can be found at sec.gov or on the company's investor relations website.

Samir Jain: Please refer to our Form 10-K and other filings with the SEC, which can be found at SEC.gov or on the company's investor relations website for 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. Our results are prepared in accordance with GAAP. A reconciliation to any comparable GAAP measures will be provided in our Q2 earnings release and in our SEC filings. With that, I'll pass the call to Will. Thanks, Samir. Good afternoon, everyone. Thanks for joining us. I want to start by thanking our shareholders, partners, and analysts for your continued support, and most importantly, our customers who are building Fold with us every day.

Speaker #3: For 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 a substitute for financial results prepared in accordance with GAAP.

Speaker #3: Our results are prepared in accordance with GAAP and are reconciliation to any comparable GAAP measures will be provided in our second quarter earnings release and in our SEC filings.

Speaker #3: With that, I'll pass the call to Will.

Will Reeves: Thanks, Samir, and good afternoon, everyone. Thanks for joining us. I want to start by thanking our shareholders, partners, and analysts for your continued support, and most importantly, our customers who are building Fold with us every day. And to the Fold team, none of this happens without you. This was a terrific quarter both for Fold and the Bitcoin industry. Bitcoin continues to establish itself as an institutional asset class. Fold's products and customer base are scaling, and the future we've been building toward is continuing to take shape. We posted a strong performance across the board: revenues, profits, customer growth, and platform volumes. The fundamentals of our business are strengthening. That's not just momentum; it's validation, and it's a license to go further, harder, and faster. We're in a unique moment for Bitcoin. We've seen major IPOs, institutional inflows, and the rise of the Bitcoin Treasury movement.

Speaker #4: Thanks, Samir. And good afternoon, everyone. Thanks for joining us. I want to start by thanking our shareholders, partners, and analysts for your continued support, and most importantly, our customers who are building Fold with us every day.

Will Reeves: To the Fold team, none of this happens without you. This was a terrific quarter both for Fold and the Bitcoin industry. Bitcoin continues to establish itself as an institutional asset class. Fold's products and customer base are scaling, and the future we've been building toward is continuing to take shape. We posted a strong performance across the board, revenues, profits, customer growth, and platform volumes. The fundamentals of our business are strengthening. That's not just momentum. It's validation, and it's a license to go further, harder, and faster. We're in a unique moment for Bitcoin. We've seen major IPOs, institutional inflows, and the rise of the Bitcoin Treasury movement. It's exciting, Fold was built for more than hype cycles. We've built through hype before and outlasted much of the competition that relied on it. We're still here because we build for substance, not cycles.

Speaker #4: And to the Fold team, none of this happens without you. This was a terrific quarter, both for Fold and the Bitcoin industry. Bitcoin continues to establish itself as an institutional asset class.

Speaker #4: Fold's products and customer base are scaling, and the future we've been building toward is continuing to take shape. We posted a strong performance across the board.

Speaker #4: Revenues, profits, customer growth, and platform volumes. The fundamentals of our business are strengthening. That's not just momentum; it's validation. And it's a license to go further, harder, and faster.

Speaker #4: We're in a unique, moment for Bitcoin. We've seen major IPOs, institutional inflows, and the rise of the Bitcoin Treasury movement. It's exciting, but Fold was built for more than hype cycles.

Will Reeves: It's exciting, but Fold was built for more than hype cycles. We've built through hype before and outlasted much of the competition that relied on it. We are still here because we build for substance, not cycles. We believe we can thrive in both bull and bear markets. We have a true Bitcoin-first operating company with diversified and scalable product lines that continue to grow quickly. Further, we're not just selling Bitcoin products; we are continuing to invest in it as a business. In Q2, we delivered more than 10,000 new accounts, transaction volumes of $265 million, up 124% year over year for the same quarter. Top line revenues of $8.2 million, up 59% year over year for the same quarter, and $13.4 million in GAAP net profit. And here's what's important. These results reflect only our legacy business.

Speaker #4: We've built through hype before and outlasted much of the competition that relied on it. We're still here, because we build for substance. Not cycles.

Will Reeves: We believe we can thrive in both bull and bear markets. We have a true Bitcoin-first operating company with diversified and scalable product lines that continue to grow quickly. Further, we're not just selling Bitcoin products; we are continuing to invest in it as a business. In Q2, we delivered more than 10,000 new accounts, transaction volumes of $265 million, up 124% year over year for the same quarter, top-line revenues of $8.2 million, up 59% year over year for the same quarter, and $13.4 million in GAAP net profit. Here's what's important: these results reflect only our legacy business. Our Q2 results do not include any meaningful contributions from the Bitcoin credit card or the Bitcoin gift card, both of which are just getting started. These results also include limited additional marketing spend, which we have pushed out to align with future product launches.

Speaker #4: We believe we can thrive in both bull and bear markets. We have a true Bitcoin-first operating company. With diversified and scalable product lines that continue to grow quickly.

Speaker #4: Further, we're not just selling Bitcoin products; we are continuing to invest in it as a business. In Q2, we delivered more than $10,000 new accounts, transaction volumes of $265 million up 124% year-over-year for the same quarter.

Speaker #4: Top-line revenues of $8.2 million up 59% year-over-year for the same quarter. And $13.4 million in GAAP net profit. And here's what's important: these results reflect only our legacy business.

Will Reeves: Our Q2 results do not include any meaningful contributions from the Bitcoin credit card or the Bitcoin gift card, both of which are just getting started. These results also include limited additional marketing spend, which we have pushed out to align with future product launches. That means our core business lines, banking, payments, and our Bitcoin exchange are growing organically with strong market demand from high-quality customers. We've hit a major milestone this quarter with the launch of Bitcoin Sends, enabling users to send and receive Bitcoin directly with any wallet address. This transforms Fold from a pure on- and off-ramp into a full-fledged Bitcoin wallet, unlocking the ability to manage finances natively in Bitcoin. It's a breakthrough moment in what is quickly becoming a multi-billion dollar industry in the US.

Speaker #4: Our Q2 results do not include any meaningful contributions from the Bitcoin credit card or the Bitcoin gift card. Both of which are just getting started.

Speaker #4: These results also include limited additional marketing spend, which we have pushed out to align with future product launches. That means our core business lines—banking, payments, and our Bitcoin exchange—are growing organically, with strong market demand from high-quality customers.

Will Reeves: That means our core business lines, banking, payments, and our Bitcoin exchange, are growing organically with strong market demand from high-quality customers. We've hit a major milestone this quarter with the launch of Bitcoin Sends, enabling users to send and receive Bitcoin directly with any wallet address. This transforms Fold from a pure on-and-off ramp into a full-fledged Bitcoin wallet, unlocking the ability to manage finances natively in Bitcoin. It's a breakthrough moment in what is quickly becoming a multibillion-dollar industry in the US. In addition to our product growth, during H1 2025, we invested deeply into a team that's built some of the best consumer financial products in the world. Soon, you will see their work shine through the Fold experience, driving an enhanced user experience and brand to support continued growth across our business. This quarter, we launched a major new product, the Bitcoin Gift Card.

Speaker #4: We've hit a major milestone this quarter with the launch of Bitcoin Sends. Enabling users to send and receive Bitcoin directly with any wallet address.

Speaker #4: This transforms Fold from a pure on-and-off ramp into a full-fledged Bitcoin wallet, unlocking the ability to manage finances natively in Bitcoin. It's a breakthrough moment in what is quickly becoming a multi-billion-dollar industry in the US.

Will Reeves: In addition to our product growth, during the first half of 2025, we invested deeply into a team that's built some of the best consumer financial products in the world. Soon, you will see their work shine through the Fold experience, driving an enhanced user experience and brand to support continued growth across our business. This quarter, we launched a major new product, the Bitcoin gift card. It's currently live on Fold platforms and is rolling out across the country through major distribution partners like Blackhawk, Giftcards.com, and Tillo. For context, Blackhawk is the world's largest gift card distributor, and Giftcards.com is one of the world's largest gift card marketplaces. It will soon be available at additional major retailers, putting Bitcoin in front of millions of consumers and places where they already shop. This product brings Bitcoin to the checkout line, just like any other gift card.

Speaker #4: In addition to our product growth during the first half of 2025, we invested deeply in a team that's built some of the best consumer financial products in the world.

Speaker #4: Soon, you will see their work shine through the Fold experience, driving an enhanced user experience and brand to support continued growth across our business.

Speaker #4: This quarter, we launched a major new product. The Bitcoin gift card. It's currently live on Fold platforms and is rolling out across the country through major distribution partners like Blackhawk, Giftcards.com, and Tillow.

Will Reeves: It's currently live on Fold platforms and is rolling out across the country through major distribution partners like Blackhawk, Giftcards.com, and Tillo. For context, Blackhawk is the world's largest gift card distributor, and Giftcards.com is one of the world's largest gift card marketplaces. It will soon be available at additional major retailers, putting Bitcoin in front of millions of consumers and places where they already shop. This product brings Bitcoin to the checkout line just like any other gift card. We believe this will become the third major on-ramp into Bitcoin in the US, alongside exchanges and brokerage accounts. Additionally, the Bitcoin gift card represents an alternative to the over 30,000 Bitcoin ATMs across the US.

Speaker #4: For context, Blackhawk is the world's largest gift card distributor, and Giftcards.com is one of the world's largest gift card marketplaces. It will soon be available at additional major retailers, putting Bitcoin in front of millions of consumers and places where they already shop.

Speaker #4: This product brings Bitcoin to the checkout line, just like any other gift card. We believe this will become the third major on-ramp into Bitcoin in the US.

Will Reeves: We believe this will become the third major on-ramp into Bitcoin in the US, alongside exchanges and brokerage accounts. Additionally, the Bitcoin gift card represents an alternative to the over 30,000 Bitcoin ATMs across the US. Unlike Bitcoin ATMs, which charge fees of up to 20% and require dedicated hardware, the Bitcoin gift card plugs directly into the existing retail ecosystem, making it more accessible, scalable, and compelling from day one. Each time a Bitcoin gift card is redeemed, Fold acquires a customer at a low to negative cost who is primed to engage with our broader ecosystem. In addition to the Bitcoin gift card, we are proudly looking forward to bringing a best-in-class Bitcoin Rewards credit card to market with Visa and a soon-to-be-announced issuing partner, one of the most respected names in payments. We believe that these partnerships will give us instant scale and credibility from industry leaders.

Speaker #4: Alongside exchanges and brokerage accounts, the Bitcoin gift card represents an alternative to the over $30,000 Bitcoin ATMs across the U.S. Unlike Bitcoin ATMs, which charge fees of up to 20% and require dedicated hardware, the Bitcoin gift card plugs directly into the existing retail ecosystem.

Will Reeves: Unlike Bitcoin ATMs, which charge fees of up to 20% and require dedicated hardware, the Bitcoin gift card plugs directly into the existing retail ecosystem, making it more accessible, scalable, and compelling from day one. Each time a Bitcoin gift card is redeemed, Fold acquires a customer at a low to negative cost who is primed to engage with our broader ecosystem. In addition to the Bitcoin gift card, we are proudly looking forward to bringing a best-in-class Bitcoin Rewards Credit Card to market with Visa and a soon-to-be-announced issuing partner, one of the most respected names in payments. We believe that these partnerships will give us instant scale and credibility from industry leaders.

Speaker #4: Making it more accessible, scalable, and compelling from day one. Each time a Bitcoin gift card is redeemed, Fold acquires a customer at a low to negative cost, who is primed to engage with our broader ecosystem.

Speaker #4: In addition to the Bitcoin gift card, we are proudly looking forward to bringing a best-in-class Bitcoin rewards credit card to market with Visa and a soon-to-be-announced issuing partner, one of the most respected names in payments.

Speaker #4: We believe that these partnerships will give us instant scale and credibility from industry leaders. And with nearly 75,000 people on the waitlist, the best-in-class partners in place we are deep in development of a product we believe will set the standard for Bitcoin rewards credit cards.

Will Reeves: With nearly 75,000 people on the waitlist, best-in-class partners in place, we are deep in development of a product we believe will set the standard for Bitcoin Rewards credit cards, poised to roll out soon to a built-in user base ready to engage from day one. This product marks a major milestone. It's long been my goal to dethrone airline miles and cash back as the default consumer reward in the US, not just to disrupt but to deliver real, lasting value. This card is the final piece. It's more than a product. It's a platform with the potential to rival the biggest rewards ecosystems in the country, including airline mile cards. We will continue to lead the market shift from miles and cash back to Bitcoin Rewards. We're not just entering the market. We're here to lead it.

Will Reeves: With nearly 75,000 people on the waitlist, best-in-class partners in place, we are deep in the development of a product we believe will set the standard for Bitcoin Rewards credit cards, poised to roll out soon to a built-in user base ready to engage from day one. This product marks a major milestone. It's long been my goal to dethrone airline miles and cashback as the default consumer reward in the US, not just to disrupt, but to deliver real, lasting value. This card is the final piece. It's more than a product; it's a platform with the potential to rival the biggest rewards ecosystems in the country, including airline mile cards. We will continue to lead the market shift from miles and cashback to Bitcoin rewards. We're not just entering the market; we're here to lead it.

Speaker #4: Poised to roll out soon to a built-in user base ready to engage from day one. This product marks a major milestone. Its long been my goal to dethrone airline miles and cash back as the default consumer reward in the US.

Speaker #4: Not just to disrupt, but to deliver real, lasting value. This card is the final piece. It's more than a product; it's a platform with the potential to rival the biggest rewards ecosystems in the country.

Speaker #4: Including airline mile cards. We will continue to lead the market shift from miles and cash back to Bitcoin rewards. We're not just entering the market; we're here to lead it.

Will Reeves: In addition to our current offerings, we're actively developing new products that are expected to naturally extend our consumer financial platform, each designed to serve a real customer need while unlocking new monetization opportunities for Fold. Notably, in other news in the last quarter, Fannie Mae and Freddie Mac began recognizing Bitcoin holdings for mortgage qualification. A de minimis exemption for everyday Bitcoin spending was proposed, and the current administration is moving to allow Bitcoin to be held in retirement accounts. These developments represent a major expansion opportunity for the Fold platform, where customers already come to spend Bitcoin on everyday goods and services and now increasingly plan for long-term financial goals in Bitcoin. We're building a seamless financial journey: paychecks into checking into debit and credit cards into rewards into savings into Bitcoin, and Bitcoin into home ownership and other major financial milestones.

Will Reeves: In addition to our current offerings, we're actively developing new products that are expected to naturally extend our consumer financial platform, each designed to serve a real customer need while unlocking new monetization opportunities for Fold. Notably, in other news in the last quarter, Fannie Mae and Freddie Mac began recognizing Bitcoin holdings for mortgage qualification. A de minimis exemption for everyday Bitcoin spending was proposed, and the current administration is moving to allow Bitcoin to be held in retirement accounts. These developments represent a major expansion opportunity for the Fold platform, where customers already come to spend Bitcoin on everyday goods and services and now increasingly plan for long-term financial goals in Bitcoin. We're building a seamless financial journey: paychecks into checking, checking into debit and credit cards, cards into rewards, rewards into savings, savings into Bitcoin, and Bitcoin into homeownership and other major financial milestones.

Speaker #4: In addition to our current offerings, we're actively developing new products that are expected to naturally expand our consumer financial platform. Each design to serve a real customer need while unlocking new monetization opportunities for Fold.

Speaker #4: Notably, in other news in the last quarter, Fannie Mae and Freddie Mac began recognizing Bitcoin holdings for mortgage qualification. A day minimus exemption for everyday Bitcoin spending was proposed, and the current administration is moving to allow Bitcoin to be held in retail retirement accounts.

Speaker #4: These developments represent a major expansion opportunity for the Fold platform, where customers already come to spend Bitcoin on everyday goods and services, and now increasingly plan for long-term financial goals in Bitcoin.

Speaker #4: We're building a seamless financial journey. Paychecks into checking, checking into debit and credit cards, cards into rewards, rewards into savings, savings into Bitcoin, and Bitcoin into home ownership and other major financial milestones.

Will Reeves: Every product reinforces the next: compounding value, loyalty, and long-term impact. This connectivity is our edge, and it's accelerating. Let's now talk a little bit about our Bitcoin Treasury strategy. Bitcoin Treasury companies seem to be popping up every week, but Fold has been accumulating Bitcoin in our treasury for years. What sets Fold apart is that our treasury is not separate from our business. Our treasury powers our opco and directly aligns with the products we are selling to our customers. It has already enabled us to deliver better products to our customers with better margins for our company. As we scale, we expect that advantage will compound, giving us a structural edge over competitors. Since our listing, we have continued to find ways to grow our Bitcoin Treasury using capital market strategies not previously available to us as a private company.

Will Reeves: Every product reinforces the next, compounding value, loyalty, and long-term impact. This connectivity is our edge, and it's accelerating. Let's now talk a little bit about our Bitcoin Treasury strategy. Bitcoin Treasury companies seem to be popping up every week, but Fold has been accumulating Bitcoin in our treasury for years. What sets Fold apart is that our treasury is not separate from our business. Our treasury powers our opco and directly aligns with the products we are selling to our customers. It has already enabled us to deliver better products to our customers with better margins for our company. And as we scale, we expect that advantage will compound, giving us a structural edge over competitors. Since our listing, we have continued to find ways to grow our Bitcoin Treasury using capital market strategies not previously available to us as a private company.

Speaker #4: Every product reinforces the next. Compounding value, loyalty, and long-term impact. This connectivity is our edge, and it's accelerating. Let's now talk a little bit about our Bitcoin Treasury strategy.

Speaker #4: Bitcoin Treasury companies seem to be popping up every week. But Fold has been accumulating Bitcoin in our treasury for years. What sets Fold apart is that our treasury is not separate from our business.

Speaker #4: Our treasury powers our opco and directly aligns with the products we are selling to our customers. It is already enabled us to deliver better products to our customers with better margins for our company.

Speaker #4: And as we scale, we expect that advantage will compound, giving us a structural edge over competitors. Since our listing, we have continued to find ways to grow our Bitcoin treasury using capital market strategies, not previously available to us as a private company.

Will Reeves: And since listing, we have increased the amount of Bitcoin in our treasury by nearly 50%. We expect to continue to pursue additional strategies to add Bitcoin to our treasury when it is accretive to our shareholders and makes sense for our business trajectory overall. Our most recent example is the $250 million equity purchase facility we announced in June, the registration statement for which was declared effective by the SEC on August 1st and is ready to be used. Our strategy is simple: build a great business, accumulate Bitcoin along the way, and create durable, long-term value for our customers and our shareholders. We're building the financial platform for the Bitcoin century, a company that delivers value today and is built to scale tomorrow. I'll now turn it over to Wolf to walk through our financial results in more detail.

Will Reeves: Since listing, we have increased the amount of Bitcoin in our treasury by nearly 50%. We expect to continue to pursue additional strategies to add Bitcoin to our treasury when it is accretive to our shareholders and makes sense for our business trajectory overall. Our most recent example is the $250 million equity purchase facility we announced in June, the registration statement for which was declared effective by the SEC on 1 August and is ready to be used. Our strategy is simple: build a great business, accumulate Bitcoin along the way, and create durable, long-term value for our customers and our shareholders. We're building the financial platform for the Bitcoin Century, a company that delivers value today and is built to scale tomorrow. I'll now turn it over to Wolfe to walk through our financial results in more detail.

Speaker #4: And since listing, we have increased the amount of Bitcoin in our treasury by nearly 50%. We expect to continue to pursue additional strategies to add Bitcoin to our treasury when it is accretive to our shareholders and make sense for our business trajectory overall.

Speaker #4: Our most recent example is the $250 million equity purchase facility we announced in June. The registration statement for which was declared effective by the SEC on August 1st and is ready to be used.

Speaker #4: Our strategy is simple. Build a great business, accumulate Bitcoin along the way, and create durable, long-term value for our customers and our shareholders. We're building the financial platform for the Bitcoin Century.

Speaker #4: A company that delivers value today and is built to scale tomorrow. I'll now turn it over to Wolf to walk through our financial results in more detail.

Wolfe Repass: Thank you, Will, thank you to everyone for joining today. Similar to Q1, we generally met or exceeded our internal expectations for the quarter. Q2 revenues were $8.2 million, which was an approximately 60% increase versus Q2 2024. Total year-to-date revenues through 30 June were $15.3 million, which was an approximately 52% increase over H1 2024. As Will mentioned, these increases largely reflect continued growth of our legacy businesses and do not include meaningful contributions from any of the new products we've announced. Instead, growth in the quarter was driven by a broad-based uptick in our core KPIs. In Q2, we added more than 10,000 new accounts and more than 3,000 verified accounts. Our total transaction volume in the quarter was $265 million, representing a nearly 124% increase versus Q2 2024.

Wolf Prepass: Thank you, Will, and thank you to everyone for joining today. Similar to Q1, we generally met or exceeded our internal expectations for the quarter. Second quarter revenues were $8.2 million, which was an approximately 60% increase versus Q2 2024. Total year-to-date revenues through June 30th were $15.3 million, which was an approximately 52% increase over the first half of 2024. As Will mentioned, these increases largely reflect continued growth of our legacy businesses and do not include meaningful contributions from any of the new products we've announced. Instead, growth in the quarter was driven by a broad-based uptick in our core KPIs. In Q2, we added more than 10,000 new accounts and more than 3,000 verified accounts. Our total transaction volume in the quarter was $265 million, representing a nearly 124% increase versus Q2 2024.

Speaker #5: Thank you, Will, and thank you to everyone for joining today. Similar to Q1, we generally met or exceeded our internal expectations for the quarter.

Speaker #5: Second quarter revenues were $8.2 million, which was an approximately 60% increase versus Q2 2024. Total year-to-date revenues through June 30th were $15.3 million, which was an approximately 52% increase over the first half of 2024.

Speaker #5: As Will mentioned, these increases largely reflect continued growth of our legacy businesses, and do not include meaningful contributions from any of the new products we've announced.

Speaker #5: Instead, growth in the quarter was driven by a broad-based uptick in our core KPIs. In Q2, we added more than 10,000 new accounts and more than 3,000 verified accounts.

Speaker #5: Our total transaction volume in the quarter was $265 million, representing a nearly $124% increase versus Q2 2024. These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customer base.

Wolfe Repass: These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customer base. We expect the remainder of 2025 to meet or exceed our current year-to-date revenue growth pace for our legacy product lines. That suggests total 2025 revenue from those product lines of $34 to 42 million, which is consistent with our previously issued guidance around legacy product growth. In addition to the legacy product lines, we expect the new product lines to substantially expand our TAM and provide meaningful contributions to our revenues as they continue to roll out. As noted last Q4, as a consumer payments business, the Q4 historically represents our highest volume and revenue Q4 as customers engage in seasonal spending behaviors.

Wolf Prepass: These higher volumes reflected both the increase in new customers as well as deeper penetration into our existing customer base. We expect the remainder of 2025 to meet or exceed our current year-to-date revenue growth pace for our legacy product lines. That suggests total 2025 revenue from those product lines of $34 to $42 million, which is consistent with our previously issued guidance around legacy product growth. In addition to the legacy product lines, we expect the new product lines to substantially expand our TAM and provide meaningful contributions to our revenues as they continue to roll out. As noted last quarter, as a consumer payments business, the fourth quarter historically represents our highest volume and revenue quarter as customers engage in seasonal spending behaviors.

Speaker #5: We expect the remainder of 2025 to meet or exceed our current year-to-date revenue growth pace for our legacy product lines. That suggests total 2025 revenue from those product lines of $34 million to $42 million.

Speaker #5: This is consistent with our previously issued guidance around legacy product growth. In addition to the legacy product lines, we expect the new product lines to substantially expand our Total Addressable Market (TAM) and provide meaningful contributions to our revenues as they continue to roll out.

Speaker #5: As noted last quarter, 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: On the cost side, our operating expenses were $14.5 million, up from $6.3 million in Q2 2024 and down from $16.6 million in Q1 2025. The principal drivers of the year-over-year increase relate to a combination of higher costs of sales, which correlated directly with our increased volumes and revenues, increased legal, insurance, and payroll expenses associated with being a public company. We are actively managing our costs across all departments, and we believe our fixed operational costs will remain mostly flat going forward, with some opportunities for additional cost-cutting measures as we mature as a public company. One area where we plan to increase spend is in paid marketing to support new products and to attract new customers to our platform.

Wolf Prepass: On the cost side, our operating expenses were $14.5 million, up from $6.3 million in Q2 2024 and down from $16.6 million in Q1 of 2025. The principal drivers of the year-over-year increase relate to a combination of higher costs of sales, which correlated directly with our increased volumes and revenues, and increased legal, insurance, and payroll expenses associated with being a public company. We are actively managing our costs across all departments, and we believe our fixed operational costs will remain mostly flat going forward, with some opportunities for additional cost-cutting measures as we mature as a public company. One area where we plan to increase spend is in paid marketing to support new products and to attract new customers to our platform.

Speaker #5: On the cost side, our operating expenses were $14.5 million, up from $6.3 million in Q2 2024 and down from $16.6 million in Q1 of 2025.

Speaker #5: The principal drivers of the year-over-year increase relate to a combination of higher costs of sales, which correlated directly with our increased volumes and revenues, and increased legal, insurance, and payroll expenses associated with being a public company.

Speaker #5: We are actively managing our costs across all departments, and we believe our fixed operational costs will remain mostly flat going forward, with some opportunities for additional cost-cutting measures as we mature as a public company.

Speaker #5: One area where we plan to increase spend is in paid marketing to support new products and to attract new customers to our platform. As mentioned last quarter, 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.

Wolfe Repass: As mentioned last quarter, 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, we recorded a GAAP net profit of $13.4 million in Q2 2025, compared to a net loss of $2.4 million in Q2 2024. The primary driver behind the net profit in Q2 was a $37 million increase in the fair value of our Bitcoin investment treasury. Because our Bitcoin-denominated assets and liabilities will potentially result in large fluctuations in our GAAP earnings each period, we also track adjusted EBITDA, a non-GAAP measure. In Q2 2025, our adjusted EBITDA was a $4.7 million loss compared to a $1.2 million loss in Q2 2024.

Wolf Prepass: As mentioned last quarter, 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, we recorded a GAAP net profit of $13.4 million in Q2 2025, compared to a net loss of $2.4 million in Q2 2024. The primary driver behind the net profit in Q2 was a $37 million increase in the fair value of our Bitcoin investment treasury. Because our Bitcoin-denominated assets and liabilities will potentially result in large fluctuations in our GAAP earnings each period, we also track adjusted EBITDA, a non-GAAP measure. In Q2 2025, our adjusted EBITDA was a $4.7 million loss compared to a $1.2 million loss in Q2 2024.

Speaker #5: Moving down our P&L, we recorded a GAAP net profit of $13.4 million in Q2 2025. Compared to a net loss of $2.4 million in Q2 2024.

Speaker #5: The primary driver behind the net profit in Q2 was a $37 million increase in the fair value of our Bitcoin investment treasury. Because our Bitcoin-denominated assets and liabilities will potentially result in large fluctuations in our GAAP earnings each period, we also track adjusted EBITDA on non-GAAP measure.

Speaker #5: In Q2 2025, our adjusted EBITDA was a $4.7 million loss, compared to a $1.2 million loss in Q2 2024. The majority of this variance was due to increased legal costs related to being a public company and increased payroll expenses related to increased headcount to support our new products and the enhanced compliance requirements of being a public company.

Wolfe Repass: The majority of this variance was due to increased legal costs related to being a public company and increased payroll expenses related to increased headcount to support our new products and the enhanced compliance requirements of being a public company. We also ended the quarter with a healthy balance sheet and ample liquidity. As of 30 June 2025, we had cash-in-cash equivalents of $6.6 million and positive working capital of +$7.8 million. Unsecured debt balances remain at 0. We continue to be in a net asset position. In addition, as of today, we hold approximately 1,492 Bitcoin in our investment treasury, valued at approximately $160 million as of 30 June 2025. Our Bitcoin treasury remains a core part of our overall business strategy.

Wolf Prepass: The majority of this variance was due to increased legal costs related to being a public company and increased payroll expenses related to increased headcount to support our new products and the enhanced compliance requirements of being a public company. We also ended the quarter with a healthy balance sheet and ample liquidity. As of June 30th, 2025, we had cash and cash equivalents of $6.6 million and positive working capital of $7.8 million. Unsecured debt balances remain at zero, and we continue to be in a net asset position. In addition, as of today, we hold approximately 1,492 Bitcoin in our investment treasury, valued at approximately $160 million as of June 30th, 2025. Our Bitcoin treasury remains a core part of our overall business strategy.

Speaker #5: We also ended the quarter with a healthy balance sheet and ample liquidity. As of June 30, 2025, we had cash and cash equivalents of $6.6 million, and positive working capital of $7.8 million.

Speaker #5: Unsecured debt balances remain at zero, and we continue to be in a net asset position. In addition, as of today, we hold approximately $1,492 Bitcoin in our investment treasury, valued at approximately $160 million as of June 30th, 2025.

Speaker #5: Our Bitcoin treasury remains a core part of our overall business strategy. We have seen many other companies pursue Bitcoin treasuries over the past few months, with varying strategies.

Wolfe Repass: We have seen many other companies pursue Bitcoin treasuries over the past few months with varying strategies, from pure Bitcoin proxies to more sophisticated financial engineering plays, and we expect to continue to see more in the near term. Fold remains one of the few Bitcoin treasury companies with a meaningful operating business and one of the only ones focused purely on Bitcoin financial services. That dual model creates synergies between our treasury and our operating company, and we believe it reduces our execution risk. As Will mentioned, we plan to continue to opportunistically pursue strategies to add additional Bitcoin to our balance sheet. With regards to the $250 million equity purchase facility we announced in June, we plan to use this facility when accretive to our shareholders, with accretion being measured using Bitcoin per share, which we consider to be the leading KPI for Bitcoin treasury companies.

Wolf Prepass: We've seen many other companies pursue Bitcoin treasuries over the past few months with varying strategies, from pure Bitcoin proxies to more sophisticated financial engineering plays, and we expect to continue to see more in the near term. Fold remains one of the few Bitcoin treasury companies with a meaningful operating business and one of the only ones focused purely on Bitcoin financial services. That dual model creates synergies between our treasury and our operating company, and we believe it reduces our execution risk. As Will mentioned, we plan to continue to opportunistically pursue strategies to add additional Bitcoin to our balance sheet. With regards to the $250 million equity purchase facility we announced in June, we plan to use this facility when accretive to our shareholders, with accretion being measured using Bitcoin per share, which we consider to be the leading KPI for Bitcoin treasury companies.

Speaker #5: From pure Bitcoin proxies to more sophisticated financial engineering plays. And we expect to continue to see more in the near term. Fold remains one of the few Bitcoin treasury companies with a meaningful operating business, and one of the only ones focused purely on Bitcoin financial services.

Speaker #5: That dual model creates synergies between our treasury and our operating company, and we believe it reduces our execution risk. As Will mentioned, we plan to continue to opportunistically pursue strategies to add additional Bitcoin to our balance sheet.

Speaker #5: With regards to the $250 million equity purchase facility we announced in June, we plan to use this facility when accretive to our shareholders, with accretion being measured using Bitcoin per share, which we consider to be the leading KPI for Bitcoin treasury companies.

Wolfe Repass: We may also use this facility to accelerate product and operational growth. As of today, we have not used any of the facility, but we expect to do so starting in Q3. I'll now turn the call back to Will for some closing thoughts. Thank you, Wolf. It's been a defining first 6 months as a public company, and I'm incredibly proud of the progress we've made and the momentum we're carrying into H2. We continue to post strong growth in our core operating business, attracting new users and capturing a growing wallet share from existing ones. Our product pipeline is not only deep and differentiated but increasingly synergistic, designed to expand our value to customers while driving durable revenue to Fold. Our newest product offerings are expected to continue to provide momentum for our business in the near to long term.

Wolf Prepass: We may also use this facility to accelerate product and operational growth. As of today, we have not used any of the facility, but we expect to do so starting in Q3. I'll now turn the call back to Will for some closing thoughts.

Speaker #5: We may also use this facility to accelerate product and operational growth. As of today, we have not used any of the facility but we expect to do so starting in Q3.

Speaker #5: I'll now turn the call back to Will for some closing thoughts.

Will Reeves: Thank you, Wolf. It's been a defining first six months as a public company, and I'm incredibly proud of the progress we've made and the momentum we're carrying into the second half of the year. We continue to post strong growth in our core operating business, attracting new users and capturing a growing wallet share from existing ones. Our product pipeline is not only deep and differentiated but increasingly synergistic, designed to expand our value to customers while driving durable revenue to Fold. Our newest product offerings are expected to continue to provide momentum for our business in the near to long term. With increasing regulatory clarity and institutional adoption, the opportunity to embed Bitcoin into the traditional financial system has never been stronger. Fold is uniquely positioned to be a leader in this next wave, and we are excited for what's ahead.

Speaker #4: Thank you, Wolf. It's been a defining first six months as a public company. And I'm incredibly proud of the progress we've made in the momentum we're carrying into the second half of the year.

Speaker #4: We continue to post strong growth in our core operating business, attracting new users and capturing a growing wallet share from existing ones. Our product pipeline is not only deep in differentiated but increasingly synergistic.

Speaker #4: Designed to expand our value to customers while driving durable revenue to Fold. Our newest product offerings are expected to continue to provide momentum for our business in the near to long term.

Will Reeves: With increasing regulatory clarity and institutional adoption, the opportunity to embed Bitcoin into the traditional financial system has never been stronger. Fold is uniquely positioned to be a leader in this next wave, and we are excited for what's ahead. Finally, I want to thank our team, partners, and shareholders for your continued trust and belief in Fold. This is only the beginning, and with that, I'll open the floor for questions. Our first question comes from Mike Grondahl with Northland. Hey, guys. Thank you. Will, how long has the gift card been online at Giftcards.com and a couple of those other online sites?

Speaker #4: With increasing regulatory clarity and institutional adoption, the opportunity to embed Bitcoin into the traditional financial system has never been stronger. Fold is uniquely positioned to be a leader in this next wave, and we are excited for what's ahead.

Will Reeves: Finally, I want to thank our team, partners, and shareholders for your continued trust and belief in Fold. This is only the beginning. And with that, I'll open the floor for questions.

Speaker #4: Finally, I want to thank our team. Partners and shareholders for your continued trust and belief in Fold. This is only the beginning. And with that, I'll open the floor for questions.

Will Reeves: As a reminder, if you'd like to ask a question at this time, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from Mike Grondahl with Northland.

Speaker #2: As a reminder, if you'd like to ask a question at this time, please press *11 on your telephone. And wait for your name to be announced.

Speaker #2: To withdraw your question, please press *11 again. Please stand by while we compile the Q&A roster. Our first question comes from Mike Rondall, with Northland.

Kevin Dede: Hey, guys. Thank you. Will, how long has the gift card been online, at giftcards.com and a couple of those other online sites?

Speaker #6: Hey guys, thank you. Will, how long has the gift card been online at giftcards.com and a couple of those other online sites?

Will Reeves: Hey, Mike. I think as we spoke about in our previous quarter, it initially rolls out on the Fold property, which largely in May and June. The activation of the marketplaces, including Blackhawk, Giftcards.com, Tillo, Fluz, and others, largely started in July. You're going to see it start to pick up in July and start to contribute through the quarter. We have many other marketplaces that will be coming online as we move into Q3, all in lead-up to the physical in-store retail in Q4. Got it. Has there been much marketing either spent by Fold or some of your partners yet? Has there been much of a push online? There's been very little push online to date.

Will Reeves: Hey, Mike. so I think as we spoke about in the first, our first, our previous quarter, it initially rolls out on the Fold, Fold property, which is largely, in May and June. The activation of the marketplaces, including Blackhawk, giftcards.com, Tillo, Flooz, and others, largely started in July. So you're going to see us start to pick up, in July and start to contribute through the quarter. and we have many other marketplaces that will be coming online, as we move into Q3 with all in lead-up to the physical in-store retail, in Q4.

Speaker #4: Hey Mike. so I think as we spoke about in the first, our first, our previous quarter, it initially rolls out on the Fold, Fold property, which largely, in May and June.

Speaker #4: The activation of the marketplace is including, Blackhawk, Giftcards.com, Tillow, Flus, and others largely started in July. So you're going to see it start to pick up, in July and start to contribute.

Speaker #4: and we have many other marketplaces that will be coming online, as we move into Q3. With all in lead-up to the physical re in-store retail, in Q4.

Kevin Dede: Got it. And have you, has there been much marketing either spent by Fold or some of your partners yet? Has there been much of a push online?

Speaker #6: Got it. And, and have you, has there been much marketing either spent by Fold or some of your partners yet? Has there been much of a push online?

Will Reeves: So there's been very little push online to date. Right now, we're securing the distribution so that when Fold activates their marketing, we're marked over $3 million for marketing for the Bitcoin credit card and Bitcoin gift card. And we want to make sure there's maximal availability of the Bitcoin gift card before turning that marketing spend on so it's as efficient and productive as possible. So as we have started to partner, you're going to see co-marketing with these platforms. So not just Fold getting, these cards turned on, but actual co-marketing and with our distribution partners who know who their customers are, whether they're in local markets or they're, they're online customers. And sometimes these customers are large corporations who give incentives to their employees. Sometimes they are nonprofits. Sometimes they are, weddings and other kind of, more celebratory-focused, platforms.

Speaker #4: So So there's, there's been very little push online to date. right now we're securing the distribution. So that when Fold activates our market, we are marked over $3 million for marketing for the Bitcoin credit card and Bitcoin gift card.

Will Reeves: Right now, we're securing the distribution so that when Fold activates our market, we can deal with a year marked over $3 million for marketing for the Bitcoin Credit Card and Bitcoin Gift Card. We want to make sure there's maximal availability of the Bitcoin Gift Card before turning that marketing spend on so it's as efficient and productive as possible. As we have started to partner, you're going to see co-marketing with these platforms, not just Fold getting these cards turned on, but actual co-marketing with our distribution partners who know who their customers are, whether they're in local markets or they're online customers. Sometimes these customers are large corporations who give incentives to their employees. Sometimes they are nonprofits. Sometimes they are weddings and other kind of more celebratory-focused platforms.

Speaker #4: And we want to make sure there's maximal availability of the Bitcoin gift card before turning that marketing spend on, so it's as efficient and productive as possible.

Speaker #4: So, as we have started to partner, you're going to see co-marketing with these platforms. So, not just Fold getting these cards turned on, but actual co-marketing with our distribution partners, who know who their customers are, whether they're in local markets or they're online customers.

Speaker #4: And sometimes these customers are large corporations who give incentives to their employees. Sometimes they are non-profits. Sometimes they are, weddings and other kind of, more celebratory-focused, platforms.

Will Reeves: For us, it's about developing not only the distribution but also the follow-on co-marketing. Up until this moment today, of that marketing has been activated. Got it. On the physical retailer side, do you have a guess as to how many distinct retailers or number of brands the cards will physically be in for the holidays and maybe related to that, the number of locations, roughly? Yeah. When the physical Bitcoin or physical gift card distribution happens in seasons, you have fall, you have spring seasons. For us, it's been our focus to focus on quality first with reach versus just purely getting it into as many locations as possible. What you're going to see us announcing are some top tier 1 retailers. You can go to Blackhawk, who is one of our primary distribution companies.

Will Reeves: And so for us, it's about developing not only the distribution but also the follow-on co-marketing. But up until this moment, the bulk of that marketing has been activated.

Speaker #4: And so for us, it's about developing not only the distribution, but also the follow-on co-marketing. But up until this moment today, that marketing has been activated.

Kevin Dede: Got it. And then on the physical retailer side, do you have a guess as to how many distinct retailers or number of brands the cards will physically be in for the holidays and maybe related to that, the number of locations?

Speaker #6: Got it. And then, on the physical retailer side, do you have a guess as to how many distinct retailers or number of brands the cards will physically be in?

Speaker #6: For the holidays and, and maybe related to that, the number of locations?

Will Reeves: Yeah. So when we, when, the physical Bitcoin or physical gift card distribution happens in seasons, you have fall, you have spring seasons. And for us, it's been our focus to focus on quality first with reach versus just purely getting it into as many locations as possible. And so what you're going to see us announcing are some top, tier one retailers. And you can go to Blackhawk, who is one of our primary distributors, and they can stay about over 400,000 locations across the US. So very significant opportunity for us. But we want to make sure that our first launch of this card is to top-tier retailers that have a large footprint. And the reason is that allows us to focus marketing spend on those first versus shotgunning across the network.

Speaker #4: Yes. When we, when, the physical Bitcoin or physical gift card distribution happens in seasons, you have fall, you have spring seasons. And for us, our, it's been our focus, to focus on quality first, with reach, versus just purely getting it into as many locations as possible.

Speaker #4: And so what you’re going to see us announcing are some top-tier one retailers. You can go to Blackhawk, who is one of our primary distributors; they have over 400,000 locations.

Will Reeves: They have over 400,000 locations across the US. Very significant opportunity for us. We want to make sure that our first launch of this card is to top-tier retailers that have a large footprint. The reason is that allows us to focus marketing spend on those versus shotgunning it across the network. We think this is going to both lead to more legitimacy around the product and allow us to do a lot more interesting co-marketing. For us, through Q3, you're going to start seeing us move from announcing online partners to physical in-store retailers. We are really, truly focusing on really top-tier, tier 1 retailers across the country. Got it. That'll be great to see. Maybe just one more. On the credit card, any guesstimate at the month you think you can launch that?

Speaker #4: Across the US. So very significant opportunity for us. But we want to make sure that our first launch of this card is to top-tier retailers that have a large footprint.

Speaker #4: And the reason is that allows us to focus marketing spend on those versus shotgunning it across the network. we think this is going to both lead to, more legitimacy around the product and allow us to do a lot more interesting co-marketing.

Will Reeves: we think this is going to both lead to, more legitimacy around the product and allow us to do a lot more interesting co-marketing. And so for us, over, through Q3, you're going to start seeing us move from announcing online retailers to physical in-store retailers. And we are really, truly focusing on really top-tier, tier one retailers across the country.

Speaker #4: And so for us, over, through Q3, you're going to start seeing us move from announcing online partners to physical in-store retailers. And we are really, truly focusing on really top-tier, tier one retailers, across the country.

Kevin Dede: Got it. That'll be great to see. And then maybe just one more on the credit card. Any guesstimate at the month you think you can launch that? And then, and then also, you know, the waitlist, it seems to be, I don't know, still at 75,000. Is that by design? Because no need to push it higher than that, or I'm curious those two related to the credit card.

Speaker #6: Got it. That'll be great to see. And then, maybe just one more thing. On the credit card, any guesstimate at the month you think you can launch that?

Will Reeves: The waitlist, it seems to be still at 75,000. Is that by design because no need to push it higher than that? Curious, those two related to the credit card. For the credit card, this is our top priority for the team. We have a goal that we are all marching towards, which is getting in cards in market this year. We're going to start with that waitlist. When we talk about that waitlist with 75,000, what that really refers to is we had a very specific waitlist kind of timeline, which we have since closed. Still, people can enter the waitlist now, but they're not eligible for climbing up the list and things like that. When we talk about the 75, it's really largely what customers signed up in that initial waitlist period.

Speaker #6: And then, and then also, you know, the waitlist, it seems to be I don't know, it's still at $75,000. Is that by design? Because no need to push it higher than that, or, curious those two related to the credit card.

Will Reeves: Yeah. So, for the for the credit card, this is our, this is our top priority for the team. And we have a goal, that we are all marching towards, which is getting in cards in market this year. And we're going to start with that waitlist. And when we talk about that waitlist with 75,000, what that really refers to is we we had a very specific, waitlist, kind of timeline, which we have since closed. We can still, people can enter the waitlist now, but they're not eligible for, you know, climbing up the list and things like that. So when when we talk about the 75, it's really largely what customers signed up in that initial waitlist period.

Speaker #4: Yeah. So, for the, for the credit card, this is our, this is our top priority for the team. And we have a goal, that we are all marching towards, which is getting in cards in market this year.

Speaker #4: And we're going to start with that waitlist. And when we talk about that waitlist was $75,000. What that really refers to is we, we had a very specific, waitlist, kind of timeline, which we have since closed.

Speaker #4: We can still, people can enter the waitlist now, but they're not eligible for, you know, climbing up the list and things like that. So when, when we talk about the $75, it's really largely what customers signed up in that initial waitlist period.

Will Reeves: We still have a ton of users who are on the Fold platform who are not represented on that waitlist and other customers who have come by to announce their interest in the card who are also not represented in that 75. It really just is about what was the active waitlist period that we have opened up, but we're continuing to get new customers and existing customers interested. That number is much higher in terms of how many people are likely to get the card. For an exact month, Mike, I want to be able to give that to you, but I can say that the entire team is to market this year. We want to get cards in hand beginning with the waitlist customers first, and then we'll move out beyond that to a general access.

Will Reeves: We still have a ton of users who are on the Fold platform who are not represented on that waitlist and other customers who have come by to announce their interest in the card who are also not represented in that 75. So it really just is about what was the active waitlist period that we have opened up, but we're continuing to get new customers and existing customers interested. So that number is much higher in terms of how many people are likely to use the card.

Speaker #4: We still have a ton of users who are on the Fold platform who are not represented on that waitlist, and other customers who have come by to announce their interest in the card, who are also not represented in that $75.

Speaker #4: So it really just is about what was the active waitlist period that we have opened up, but we're continuing to get new customers and existing customers interested.

Speaker #4: So that number is much higher in terms of how many people are likely to get in the card. For an exact month, Mike, I want to be able to give that to you, but I can say that the entire team platform is to market this year.

Kevin Dede: Sure. That's interesting.

Will Reeves: So for an exact month, Mike, I want to be able to give that to you, but I can say that the entire team is ready to market this year. And we want to get cards in hand beginning with the waitlist customers first, and then we'll move out beyond that to a general, general, access. So I can't give you an exact month, but I will tell you this. We have, partnered with Anysa, and we will very shortly announce, our issuing partner, who is one of the most respected and quality names in, financial services and payments, that I think will get everyone very excited and I think will relinquish all doubt on our commitment to both getting this card passed and ultimately producing the best-in-class Bitcoin rewards credit card out there.

Speaker #4: And we want to get cards in hand, beginning with the waitlist customers first, and then we'll move out beyond that to a general access.

Will Reeves: Can't give you an exact month, but I will tell you this. We have partnered with Visa, and we will very shortly announce our issuing partner, who is one of the most respected and quality names in financial services and payments, that I think will get everyone very excited and I think will relinquish all doubt on our commitment to both getting this process passed and ultimately producing the best-in-class Bitcoin rewards credit card out there. Hey, it'll be exciting fall. Thanks, guys. Thank you, Mike. Our next question comes from Brett Knoblauch with Cantor Fitzgerald. Hey, guys. Thanks for taking my question. On the digital asset treasury side, you talked about kind of accessing the equity facility when it's accretive for shareholders. Do you have a framework that you would want to share?

Speaker #4: So, I can't give you an exact month, but I will tell you this: we have partnered with Asa, and we will very shortly announce our issuing partner, who is one of the most respected and quality names in financial services and payments.

Speaker #4: I believe this will get everyone very excited and will alleviate any doubts regarding our commitment to both launching this product and ultimately producing the best-in-class Bitcoin rewards credit card available.

Kevin Dede: Hey, it'll be exciting fall. Thanks, guys.

Speaker #6: Hey, it'll be exciting fall. Thanks, guys.

Will Reeves: Thank you, Mike.

Speaker #4: Thank you, Mike.

Will Reeves: Our next question comes from Brett Knoblauch with Cantor Fitzgerald.

Speaker #2: Our next question comes from Brett Knobloch, with Canter Fitzgerald.

Brett Knoblauch: Hey, guys. Thanks for taking my question. On the digital asset treasury side, you talked about kind of accessing the equity facility when it's accretive for shareholders. Do you have a framework that you would want to share? I know Strategy kind of came out this this earnings period and outlined at what levels they would consider using which facilities. I'm curious how you guys are thinking about that.

Speaker #7: Hey guys, thanks for taking my question. On the digital asset treasury side, you talked about kind of accessing the equity facility when it's accretive for shareholders.

Speaker #7: Could you give a framework that you would want to share? I, I know strategy kind of came out this earnings period and outlined at what levels they would consider using which facilities.

Will Reeves: I know Stradegy kind of came out this earnings period and outlined at what levels they would consider using which facilities. I am curious how you guys are thinking about that. I think, Brett Knoblauch, it's good to hear from you. Glad to get you up on stage. When we think about our Bitcoin treasury, we are thinking about this, I think, on a couple of different planes that make us a little bit different than the pure-play Bitcoin treasuries. We have an operating company that's growing, has momentum. You can see here, 59% year-over-year revenue growth, 100-plus % growth in volumes. That's only our legacy business without any paid marketing really behind it. We see both the treasury as one of our product offerings that we can invest in.

Speaker #7: But I'm curious how you guys are thinking about that.

Will Reeves: I think, Brett, it's good to good to hear from you. Glad to get good to get you up on stage. You know, when we think about our, you know, Bitcoin treasury, we we are thinking about this, I think, on a couple of different planes that make us a little bit different than, the pure play Bitcoin treasuries. And that's that we have an operating company that's growing, has momentum. You can see here 59% year-over-year revenue growth, 100-plus percent growth in volumes. and that's only our legacy business without any paid marketing really behind it. We see both the treasury and any one of our product offerings that we can invest in.

Speaker #4: I I think, Brett, it's good to, good to hear from you. Glad to get, good to get you up on stage. You know, when we think about our, you know, Bitcoin treasury, we, we are thinking about this, I think, on a couple different planes that make us a little bit different than, the pure play Bitcoin treasuries.

Speaker #4: And that's that we have an operating company that's growing and has momentum. You can see here, 59% year-over-year revenue growth and over 100% growth in volumes.

Speaker #4: And that's only our legacy business, without any paid marketing really behind it. We see both the treasury for one of our product offerings that we can invest in.

Will Reeves: And so when we talk about when it's right to be accretive, we think about it not just how to grow the Bitcoin treasury the fastest, but also what's the opportunity cost to not invest in that in the in the operating company that is already proven to be, growing at a very fast clip. And I know on the call today, we we did not go as far as, I think you were mentioning from Strategy on on exactly the parameters for when it is accretive. But I know, Wolf may want to have lend some some of his perspective on here as he's he's really run the... Wolf, you want to you want to get more into into when we think or how we define what's accretive?

Will Reeves: When we talk about when it's right to be accretive, we think about it not just how to grow the Bitcoin treasury the fastest, but also what's the opportunity cost to not investing that in the operating company that is already proven to be growing at a very fast clip. I know on the call today, we did not go as far as I think you were mentioning from Stradegy on exactly the parameters for when it is accretive. I know Wolf may want to lend some of his perspective on here as he's really running for us. Wolf, you want to get more into when we think or how we define what's accretive? Absolutely. Hey, Brett. Stradegy has come out with some very prescriptive strategies around when they plan to hit their ATM versus do preferred share raises, etc.

Speaker #4: And so when we talk about when it's right to be accretive, we think about it not just in terms of how to grow the Bitcoin treasury the fastest, but also what's the opportunity cost of not investing that in the operating company, which has already proven to be growing at a very fast clip.

Speaker #4: And I know on the call today, we did not go as far as, I think you were mentioning, from strategy on exactly the parameters for when it is accretive.

Speaker #4: But I know, Wolf may want to have lend some, lend some of his perspective on here as he's, he's really run for us. Wolf, you want to, you want to get more into, into when we think or how we define what's accretive?

Wolf Prepass: Absolutely. Hey, Brett. so Strategy has come out with some very prescriptive, strategies around when they plan to, hit their ATM versus do preferred share raises, etc. a lot of that for them focuses on MNAV. MNAV is not currently a metric that we're we're reporting on. you can get there. It's a, you know, pretty easy to calculate. But one new metric that we are presenting, you'll see this in our deck, is SATs per share. So how much Bitcoin per share do we have? And the math is effectively dependent on two variables. One, the price of Bitcoin, and two, the price of FLD at any given time.

Speaker #5: Absolutely. Hey Brett, so strategy has come out with some very prescriptive, strategies around when they plan to, hit their ATM versus do preferred share raises, et cetera.

Wolfe Repass: A lot of that for them focuses on MNAV. MNAV is not currently a metric that we're reporting on. You can get there. It's pretty easy to calculate. One new metric that we are presenting, you'll see this in our deck, is SATS per share. How much Bitcoin per share do we have? The math is effectively dependent on two variables. One, the price of Bitcoin, and two, the price of FLD at any given time. In addition to the accretion considerations on the product side, like Will mentioned, the math for us on just a pure Bitcoin accumulation strategy is going to be focused on really increasing Bitcoin per share when we execute any of these strategies. Perfect. Thanks, Wolf. That's helpful.

Speaker #5: A lot of that for them focuses on MNAP. MNAP is not currently a metric that we're reporting on. You can get there; it's a pretty easy calculation.

Speaker #5: But one new metric that we are presenting, you'll see this in our deck, is SaaS per share. So how much Bitcoin per share do we have?

Speaker #5: And the math is effectively dependent on two variables. One, the price of Bitcoin, and two, the price of FLD at any given time. So in addition to the, accretion considerations on the product side, like Will mentioned, the math for us on just a pure, pure, Bitcoin accumulation strategy is, is going to be focused primarily on increasing Bitcoin per share.

Wolf Prepass: So in addition to the, accretion considerations on the product side, like Will mentioned, the math for us on just a pure, pure, Bitcoin accumulation strategy is is going to be focused on really increasing Bitcoin per share, when we execute any of these strategies.

Speaker #5: when we execute any strategies.

Brett Knoblauch: Perfect. Thanks, Wolf. That's helpful. and then maybe just on on the credit card, I guess when this is launched, I feel like with credit cards, you kind of need a lot of capital to go out to, you know, have somebody kind of purchase the receivables on the other end. Are you guys going to be kind of purchasing the receivables, or is the issuing bank going to be doing that? And like how quickly can that scale? Like if you decide December 1st to turn on all credit cards for the 75,000, probably more waitlist users, could they all get on like at that point and then start spending?

Speaker #4: Perfect. Thanks, Wolf. That's helpful.

Brett Knoblauch: Then maybe just on the credit card, I guess when this is launched, I feel like with credit cards, you kind of need a lot of capital to go out to have somebody kind of purchase the receivables on the other end. Are you guys going to be kind of purchasing the receivables, or is the issuing bank going to be doing that? How quickly can that scale? If you decide 1 December to turn on all credit card for the 75,000, probably more waitlist users, could they all get on at that point and then start spending? I think what you're going to see from us over the next couple of months is we're going to be announcing not only our issuing partners but also our credit facility partners. We built this program so that two things.

Speaker #7: and then maybe just on, on the credit card. I guess when this is launched, I feel like with credit cards, you kind of need a lot of capital to go out to, you know, have somebody kind of purchase the receivables on the other end.

Speaker #7: Are you guys going to be kind of purchasing the receivables, or is the issuing bank going to be doing that? And like, how quickly can that scale?

Speaker #7: If you decide on December 1st to turn on the all-credit card for the $75,000, there will probably be more waitlist users. Could they all get on at that point and then start spending?

Will Reeves: Yeah. So I think what you're going to see from us over the next, you know, over the next couple of months is we're going to be announcing not only our issuing partners but also our credit facility partners. We built this program so that, so two things. Number one, we built the weight of of Fold behind this so that we can scale those facilities to accommodate as much of those user bases as possible. And this is when we look at things like our treasury. We have already been able to open up larger facilities, bring better partners to the table because we had it worthy. We bring a Bitcoin treasury here that allows us to scale this program far faster than had we not had it.

Speaker #4: Yeah. So I think what you're going to see from us over the next, you know, over the next couple of months is we're going to be announcing not only our issuing partners but also our credit facility partners.

Speaker #4: We built this program so that, so two things. Number one, we built weight of, of Fold behind this so that we can scale those facilities to accommodate as much of those user bases possible.

Will Reeves: Number one, we built the weight of Fold behind this so that we can scale those facilities to accommodate as much of those user bases as possible. This is when we look at things like our treasury. We have already been able to open up larger facilities, bring better partners to the table because we got it worthy. We bring a Bitcoin treasury here that allows us to scale this program far faster than had we not had it. Also, we're going to be announcing our issuing partner that this arrangement allows us to enjoy in the interest share of our program. It's going to be dynamic. It's something that we can really dial up or down depending on what we think is best use of our capital at any given moment.

Speaker #4: And this is when we look at things like our treasury. We have already been able to open up larger facilities, bring better partners to the table because we had it worthy.

Speaker #4: We bring a Bitcoin treasury here that allows us to scale this program far faster than had we not had it. We are also going to be announcing our issuing partner.

Will Reeves: it also, we're going to be announcing our issuing partner that this arrangement allows us to enjoy in the interest share of our program. And so it's going to be dynamic. It's something that we can really dial up or down depending on, you know, what we think is best use of our capital at any given moment. But we think this is going to be a powerful driver for revenue of the Bitcoin credit card program. And so for us, it was really removing your all to scale. And that means having the best partners on board and credit facilities that can scale up to the size of this program very quickly. And I don't expect that we'll have issues on either fronts there. And I think it will become very clear as we, announce who these partners are and they are scaled.

Speaker #4: That this arrangement allows us to enjoy the interest share of our program. And so it's going to be dynamic. It's something that we can really dial up or down depending on, you know, what we think is the best use of our capital at any given moment.

Will Reeves: We think this is going to be a powerful driver for revenue of the Bitcoin Credit Card program. For us, it was really removing all to scale. That means having the best partners on board and credit facilities that can scale up to the size of this program very quickly. I don't expect that we'll have issues on either fronts there. I think it will become very clear as we announce who these partners are. They are of scale. Awesome. No, really helpful. All right, guys. Looking forward to it. Appreciate it. Thank you, Brett Knoblauch. As a reminder, if you'd like to ask a question at this time, please press star 11 on your touchstone phone. Our next question comes from Kevin Dede with H.C. Wainwright. Hey, Will. Wolf, thanks for having me on. What's up, Dede? Great to have you.

Speaker #4: But we think this is going to be a powerful driver for revenue of the Bitcoin credit card program. And so, for us, it was really about removing all barriers to scale.

Speaker #4: And that means having the best partners on board and credit facilities that can scale up to the size of this program very quickly. I don't expect that we'll have issues on either front there.

Speaker #4: And I think it will become very clear as we announce who these partners are. And they are of scale.

Brett Knoblauch: Awesome. That was really helpful. All right, guys. Looking forward to it. Appreciate it.

Speaker #7: Awesome. No, really helpful. All right guys, looking forward to it. Appreciate it.

Will Reeves: Thank you, Brett.

Speaker #4: Thank you, Brett.

Will Reeves: As a reminder, if you'd like to ask a question at this time, please press star one one on your touchtone phone. Our next question comes from Kevin Dede with HC Wainwright.

Speaker #2: As a reminder, if you'd like to ask a question at this time, please press *11 on your touch-tone phone. Our next question comes from Kevin Deity with HC Wainwright.

Kevin Dede: Hey, Will. And, Wolf, thanks for having me on.

Speaker #5: Hey, Will, and Wolf, thanks. Thanks for having me on.

Will Reeves: What's up, Dede? Great to have you.

Speaker #4: What's up, Deity? Great to have you.

Kevin Dede: Oh, pleasure, pleasure. You know, Will, I was kind of hoping I'm not a buff on the whole gift card scene. I was wondering if you could just help us understand Blackhawk versus Tillo versus, I think you mentioned last year or last quarter, TOTUS. And I guess I'd like to understand how you see crossover, whether or not there'll be cannibalization, and how your balance.Launching

Kevin Dede: Oh, pleasure. Pleasure. Well, I was kind of hoping I am not a buff on the whole gift card scene. I was wondering if you could just help us understand Blackhawk versus Tillo versus I think you mentioned last year or last quarter, Totus. I guess I'd like to understand how you see crossover, whether or not there will be cannibalization, and how you are balancing distribution among them. That's a great question, Kevin. Really, the gift card industry in the US is roughly $300-plus billion in prepaid value. The primary distributors of those cards are Blackhawk and InComm. They are the two major distributors who account for the vast majority of all gift card distribution to the country.

Speaker #5: Oh, pleasure, pleasure.

Speaker #6: You know, Will, I was kind of hoping with I'm not a buff on the whole gift card scene. I was wondering if you could just help us understand, Blackhawk versus Tillow versus, I think you mentioned last year, or last quarter, Totus.

Speaker #6: And I guess I'd like to understand how you see crossover, whether or not there'll be cannibalization, and how your balancing distribution among them.

Speaker 1: distribution among them?

Will Reeves: That's a, that's a great question, Kevin. so really the, the gift card industry in the US is roughly 300 plus billion dollars in prepaid value. The primary distributors of those cards are Blackhawk and AOL. They are the two major distributors who, account for the vast majority of all gift card distribution through the country. And gift card distribution means in-store on the racks and grocery stores, retailers. It can mean distribution as employee incentive programs. It can mean payout options for, gig economy workers. It is gifts at weddings and birthdays. And downstream from Blackhawk and Income are a myriad of other places that are serving some more niche, use cases or niche communities that are looking to add gift cards to their marketplace. And so Tillow, for instance, is a great example of being one who primarily serves fintechs.

Speaker #4: That's a great question, Kevin. So, really, the gift card industry in the U.S. is roughly $300 billion plus in prepaid value.

Speaker #4: The primary distributors of those cards are Blackhawk, and they are the two major distributors who account for the vast majority of all gift card distribution in the country.

Will Reeves: Gift card distribution means in-store on the racks, retailers, it can mean distribution as employee incentive programs, it can mean payout options for gig economy workers, it is gifts at weddings and birthdays. Downstream from Blackhawk and InComm are a myriad of other places that are serving some more niche use cases or niche communities that are looking to add gift cards to their marketplace. Tillo, for instance, is a great example of being one who primarily serves fintechs. If you go on to your preferred fintech and you open up and they have gift cards available, Tillo is one of the primary marketplaces where they're sourcing from.

Speaker #4: Gift card distribution means storing them on racks and entry stores; for retailers, it can refer to distribution as employee incentive programs. It can also represent payout options for gig economy workers.

Will Reeves: So if you go on to, you know, your preferred fintech and you open up and they have gift cards available, Tillow is one of the primary marketplaces where they're sourcing from. And so what you're going to see now is Fold not only partnered with the largest of them, with Blackhawk, but we are now going to go out and create as many distribution lines into the smaller marketplaces that get us into all corners of the gift card use case. And this is really what's important about this product is, you know, most Bitcoin, accumulation channels like an exchange or, the ETF, you can't, a single player can't really own them.

Will Reeves: What you're going to see now is Fold has not only partnered with the largest of them, which is Blackhawk, but we are now going to go out and create as many distribution lines into the smaller marketplaces that get us into all corners of the gift card use case. This is really what's important about this product is most Bitcoin accumulation channels like an exchange or the ETF, a single player can't really own them. This is very different with the Bitcoin gift card as a channel because these retailers are actually open to long-term contracts, building exclusivity because many of them do not want 2 Bitcoin gift cards on their platform. It creates confusion. Also, there's tight real estate.

Will Reeves: But this is very different with the Bitcoin gift card, as a, as a channel, because these retailers are actually open to long-term contracts, building exclusivity, because many of them do not want two Bitcoin gift cards on their platform. It creates confusion. and, and also there's tight real estate. And so for us, we think this is an incredible opportunity that we go very fast and very wide into as many of these online marketplaces as possible. We secure our spot as the number one Bitcoin gift card channels. And from there, we can work our way down into the smaller and smaller places, but we are really looking to own the largest distribution channels up top. And you mentioned TOTUS. And they were our first partner that we went out with and that we are actually issuing the gift card with.

Will Reeves: For us, we think this is an incredible opportunity that we go very fast and very wide into as many of these online marketplaces as possible. We secure our spot as the number one Bitcoin Gift Card channels. From there, we can work our way down into the smaller and smaller places. We are really looking to own the largest distribution channels up top. You mentioned Totus. They were our first partner that we went out with and that we are actually issuing the card with. What is great about them is that they actually operate across all gift card networks. Typically, you will only have one of an issuer work with either a Blackhawk or just an InComm or one of the smaller marketplaces. Totus is very unique in that it works across every single gift card network.

Bitcoin gift card, uh, as a as a channel because these retailers are actually open to long-term contracts building exclusivity, because many of them do not want 2 Bitcoin gift cards on their platform. It creates confusion. Um, and uh, and also there's tight real estate. And so for us, we think this is an incredible opportunity that we go very fast and very wide into as many of these online marketplaces as possible. We secure our spot as the number 1 Bitcoin team, we get the hardest channels and from there, we can work our way down into the smaller and smaller place, but places, but we are really looking to own the largest distribution channels up top and you mentioned totis.

Will Reeves: What is great about them is that they actually operate across all gift card networks. Typically, you will only have one of an issuer work with either a Blackhawk or just an Income or one of the smaller marketplaces. TOTUS is very unique in that it works across every single gift card. So for Fold, this positions us to not only get distributed into the maximum channels possible, but also lock them down into being Fold's owned channels, which I think is an incredible opportunity for the company.

and they were our first partner that we went out with and that we are actually issuing the

What is great about them is that they actually operate across all.

Will Reeves: For Fold, this positions us to not only get distributed into the maximum channels possible but also lock them down into being Fold's owned channels, which I think is an incredible opportunity for the company. Okay. How about overlap, Will? I mean, it's hard to imagine that Totus and Blackhawk don't overlap at certain retailers. How are you sorting through that? How are you ensuring that your retailers are going to take your card exclusively? Yeah. That's a great call. Number 1 about overlap. Totus alone really works, though, that there's very, very little overlap. Overlap is on the rare side if a retailer sources from multiple networks. Typically, they source for one. If you go to Blackhawk, you can go to Blackhawk's website. You will see the retailers that they are. Who they bring the gift card marketplace into their platforms.

Uh, gift card networks. Typically you will only have 1 of an issue or work with either a Blackhawk or just an income or 1 of the smaller marketplaces totis is very unique and that it works across every single gift for full dispositions us to not only get distributed into the maximum channels possible but also lock them down into being folds owned channels, which I think is an incredible opportunity for the company.

Speaker 1: Okay. How about overlap? Well, I mean, it's hard to imagine that, you know, TOTUS and Blackhawk don't overlap at certain retailers. How are you sorting through that? And how, how are you ensuring that your retailers are going to take your card exclusively?

Okay. How how about overlap will? I mean, it's hard to imagine that, you know, totis and Blackhawk don't overlap at certain retailers.

Will Reeves: Yeah, that's a great, great call. So number one about overlap, TOTUS alone really works, though there's very, very little overlap. overlap is, is on the rare side if a retailer sources from multiple networks. Typically, they source for one. And so if you go to Blackhawk, you can go to Blackhawk's website, you will see the retailers that they are, who they bring the gift card marketplace into their platforms. And they're some of the largest retailers in the country. There's very little overlap there. They'll work with Blackhawk or they'll work with Income, or if you are a, you know, a wedding registry company, you may work with Tillow. So there's very little overlap here. What's most important is that we are getting, we are being, we are making the gift card as accessible as possible in all places.

How are you sorting through that? And how are you ensuring that your retailers are going to take your card exclusively?

Yeah, that's a great great call. So number 1 about overlap uh the phone really works. So that there's very very little overlap overlap is is on the rare side. If a retailer sources from multiple networks typically they source for 1 and so if you go to Blackhawk, you can go to Blackhawk's website. You will see the retailers that they

Will Reeves: They're some of the largest retailers in the country. There's very little overlap there. They'll work with Blackhawk or they'll work with InComm. If you are a wedding registry company, you may work with Tillo. There's very little overlap here. What's most important is that we are making the gift card as accessible as possible in all places. I would say the risk of cannibalization is very low. Kevin, you had one other part of the question there. What was that? Yeah. No, I think you tackled it well. I think you tackled it. I'm also curious about how you intend to protect the appearance of the card itself. I mean, you and the team obviously did a great job in securing yellow with a white Bitcoin symbol. How will you protect that? Yeah. It's a great question.

Or who they bring the gift card, Marketplace, into their platforms. And they're the, some of the largest retailers in the country. There's very little overlap there. They'll work with Blackhawk or their work work with income, or if you are a, you know, a wedding registry company. You may work with uh, tillo.

Will Reeves: So I would say the risk of cannibalization is very low. And Kevin, you had one other part of the question there. What was that?

So there's very little um overlap here. What's most important is that we are getting at, we are being we are making the gift card as accessible as possible in all places. So I would say the risk of cannibalization is is very low.

And Kevin, you had one other part of the question there. What was that?

Speaker 1: Yeah, no, I think you tackled it well. I think you tackled it, but I'm also curious about how you intend to protect the appearance of the card itself. I mean, you and the team obviously did a great job in securing Yellow with a white Bitcoin symbol. But how will you protect that?

so, curious about how you

I intend to protect the appearance of the card itself. I mean, you and the team obviously did a great job in securing yellow with a white Bitcoin symbol.

Will Reeves: Yeah, it's a great, it's a great question. So I think, when we, when we are owning such public, channels that that are directly interfacing with millions of customers, it's really important to to protect that, that, you know, that life. While Bitcoin and the logo is, you know, essentially an open source logo, and that's part of the beauty of it, we are, we, and we're going to live with that. What we think is more important is to protect the channel itself. So for us, we are not going to go and, trademark the Bitcoin logo. We have no intention of that. We think that's against the spirit of Bitcoin. And instead, what we are doing is going to, lock down the retailers in the channels themselves. And for them, they do not have interest in carrying multiple Bitcoin gift cards on their racks. There's limited real estate.

But how will you protect that?

Will Reeves: I think when we are owning such public channels that are directly interfacing with millions of customers, it's really important to protect that likeness. While Bitcoin logo is essentially an open-source logo, and that's part of the beauty of it, and we're going to live with that, what we think is more important is to protect the channel itself. For us, we are not going to go and trademark the Bitcoin logo. We have no intention of that. We think that's against the spirit of Bitcoin. Instead, what we are doing is going to lock down the retailers and the channels themselves. For them, they do not have interest in carrying multiple Bitcoin gift cards on their racks. There's limited real estate. They don't want to create confusion for customers.

Will Reeves: They don't want to create confusion for customers. And being, a company that has operated in rewards, that has built this relationship with them over years, you know, these are not our first conversations with them this year. Fold has been working on this relationship with them, either selling their gift cards or supporting their rewards programs for years. And so the moat that we have is not only that years of relationship of showing that we can put numbers on the board for them, but the second is that they don't have interest in carrying multiple other options here. And this is why Fold, the Bitcoin gift card, is the only Bitcoin gift card on giftcards.com. And so we're going to carry that across all of the other retailers as well.

Will Reeves: Being a company that has operated in rewards, that has built this relationship with them over years, these are not our first conversations with them this year. Fold has been working on this relationship with them, either selling their gift cards or supporting their rewards programs for years. What moat that we have is not only that years of relationship of showing that we can put numbers on the board for them, but the second is that they don't have interest in carrying multiple other options here. This is why Fold, the Bitcoin Gift Card, is the only Bitcoin Gift Card on Giftcards.com. We're going to carry that across all of the other retailers as well. Ultimately, this is going to create incredible co-marketing opportunities with these retailers and channels that Fold can uniquely own.

Yeah, it's a great, it's a great question. So I think uh when we, when we are owning such public uh, channels that that are directly interfacing with millions of customers, it's really important to to protect that uh that you know, that that like this while Bitcoin and logo is, you know, essentially an open source logo and that's part of the beauty of it. Um, we are we and we're going to live with that. What we think is more important is to protect the channel itself. So for us we are not going to go and um uh trademark the Bitcoin logo, we have no intention of that. We think that's against the spirit of Bitcoin. And instead what we are doing is going to, um, lock down the retailers in the channels themselves and for them, they do not have interest in carrying multiple Bitcoin gift cards on their racks, there's limited real estate. They don't want to create confusion for customers.

And being, uh, a company that is operated in rewards that has built this relationship with them over the years. You know, these are not our first conversations with them. This year, Fold has been working on this relationship with them, either selling their gift cards or supporting their rewards programs for years. And so,

Will Reeves: And ultimately, this is going to create incredible co-marketing opportunities with these retailers and channels that Fold can uniquely own. And so it's less going to be on the likeness of these cards and more on the actual distribution and ownership of the channels themselves.

Will Reeves: It's less going to be on the likeness of these cards and more on the actual distribution and ownership of the channels themselves. Great insight, Will. Thank you. You also alluded to how your cost to market them could be negative. In other words, you'll make money distributing them, obviously, but at 0 customer acquisition cost or a -1. I was hoping you might just or maybe Wolf will help you run through the math on that. Yeah. Wolf can get into some of the math, but the outlines here are typically Fold's primary customer base comes from organic word-of-mouth marketing. Fold has a very strong belief that the product needs to be great, and we need to have customers share that product. That has always led to our historically very low CAC.

Speaker 1: Great insight. Well, thank you. You also alluded to how your cost to market them could be negative. In other words, you'll make money distributing them, obviously, but at a zero customer acquisition cost or a negative one. And I was hoping you might just, or maybe Wolf will help you run through the math on that.

Remote that we have is not only that years of relationship of showing that we can put numbers on the board for them. But the second is that they don't have interest in carrying multiple other options here. And this is why Fold, the Bitcoin gift card, is the only Bitcoin gift card on giftcards.com. And so we're going to carry across all of the other retailers as well. Ultimately, this is going to create incredible co-marketing opportunities with these retailers and channels that Fold can uniquely own. It's less going to be on the likeness of these cards and more on the actual distribution and ownership of the channels themselves.

Up, great insight. Thank you. You also alluded to how.

your costs to Market them could be negative in other words Euro, you'll make money Distributing them obviously, but at, uh, zero customer acquisition cost or negative 1 and I was hoping you might just

Will Reeves: Yeah, Wolf can get into some of the math, but the, you know, the outlines here are typically, you know, Fold's primary customer base comes from organic word-of-mouth marketing. Fold has a very strong belief that the product needs to be great, and we need to have customers share that product. And that has always led to our historically very low CAC. And so this brings to the question of, well, how is Fold going to even get that CAC even lower? And the reason is when a customer goes into the store to buy a Bitcoin gift card for a friend or family member who is just getting started into Bitcoin, or they're doing it as a wedding gift, or an employer wants to give all of their employees their first bit of Bitcoin, they buy this gift card.

Or maybe both will help you run through the math on that.

Will Reeves: Well, this brings to the question of, how is Fold going to even get that CAC even lower? The reason is when a customer goes into the store to buy a Bitcoin Gift Card for a friend or family member who is just getting started into Bitcoin, or they're doing it as a wedding gift, or an employer wants to give all of their employees their first bit of Bitcoin, they buy this gift card. When that gift card is redeemed, there is a fee. There's essentially a spread on that gift card when it's redeemed. As that new customer is redeeming it, they are not only going through the account creation process, but Fold is making money on that redemption. For us, we are actually being paid to acquire this new customer. That's the overall idea here.

Yeah, Wolfe can get into some of the math, but the, you know, the outlines here are typically, you know, Fold's primary customer base comes from organic word-of-mouth marketing. Fold has a very strong belief that the product, right? And we need to have customers share that product, and that has always led to our historically very low CAC. And so this brings the question of: well, how is Fold going to even get that CAC even lower? And the reason is when a customer goes into the store to buy a Bitcoin gift card for...

Will Reeves: And when that gift card is redeemed, there is a fee. There's essentially a spread on that gift card when it's redeemed. As that new customer is redeeming it, they are not only going through the account creation process, but Fold is making money on that redemption. And so for us, we are actually being paid to acquire this new customer. So that's the overall idea here. Wolf, do you have anything to add?

And or family member who is just getting started into Bitcoin or they're doing it as a wedding gift or an employer wants to give all of their employees. Their first bit of Bitcoin, they buy this gift card and when that gift card is redeemed, there is a fee. There's essentially a spread on that gift card at when it's redeemed.

Wolfe Repass: Wolf, do you have anything to add? Not a thing. Nailed it. Okay. Got it, Kevin. Got it. Yes, yes. Well, I got the sort of overarching theme, so thanks. I might have to review it again, make sure it sinks in. Last question for me. I know that you and the team are working really hard in trying to get this credit card out as fast as you can, as well as you can with all the secured relationships that you need. I understand how complicated it is. I was wondering if maybe you could give us a little color on how you view the last hurdles that you need to clear in order to get it to work and where your confidence rating is on that. Yeah.

Samir Jain: Not a thing. Nailed it.

That's that new customer is redeeming it. They are not only going through the account creation process, but bold is making money on that Redemption. And so, for us, we are actually being paid to acquire this new customer. So, that's the, that's the overall, um, idea here. Well, do you have anything to add?

Will Reeves: Okay. Got it.

Speaker 1: Kevin, got it. Yes, yes. Well, I got the sort of overarching theme. So thanks. I might have to review it again, make sure it sinks in. Last question for me. I know that you and the team have been working really hard on trying to get this credit card out as fast as you can, as well as you can, with all the secured relationships that you need. And I understand how complicated it is. I was wondering if maybe you could give us a little color on how you view the last hurdles that you need to clear in order to get it to work and where your confidence rating is on that.

Not a thing. Nailed it.

Got it. Kevin got it.

The sort of overarching theme so thanks, I might have to review it again. Make sure it sinks in last question for me.

I know that you and the team have worked really hard in trying to get this credit card out as fast as you can, as well as you can, with all the secured relationships that you need. I understand how complicated it is.

Um,

I was wondering if maybe you could give us a little call on how you view the...

Will Reeves: Yeah, so I think one of the, first off, I'll say, you know, the initial delay for this card was perhaps the best thing that could have happened to this program. And that's not just from Fold's perspective. This is going to be from our customers' perspective. What has transpired over the last few months as we have shifted to bring on new partners here is we are going to emerge with a fundamentally better program, a program that can scale, that has better margins, that ultimately can provide better value to customers. And that's all because of the new partners that we have, that we have brought on to support the launch of this card. As you already mentioned, there's a handful of partners that are very critical to launching a credit card program. You have the, you have the, payments network, which you know we have Visa.

Will Reeves: I think one of the first off, I'll say the initial delay for this card was perhaps the best thing that could have happened to this program. That's not just from Fold's perspective. This is going to be from our customer's perspective. What has transpired over the last few months as we have shifted to bring on new partners here is we are going to emerge with a fundamentally better program, a program that can scale, that has better margins, that ultimately can provide better value to customers. That's all because of the new partners that we have brought on to support the launch of this card. As you already mentioned, there's a handful of partners that are very critical to launching a credit card program. You have the payments network, which you know we have Visa.

The last hurdles that you need to clear in order to get it to work, and where your confidence rating is on that.

yeah, so I think, uh,

I, I first off, I'll say, you know,

Will Reeves: We have the issuing partner, which we will be announcing soon. This is, again, the definition of scale, one of the most respected players in the payments space. On the credit facilities, we have partners here that are essentially going to allow scale this as fast as possible to as many people around. Ultimately, this is going to be a win for Fold customers on this card. I believe it was already a best-in-class card, and I believe now we've secured that position purely based on these new partners that we've brought on board. I would say these partners are ones that are known for speed of execution and quality of development. So I think as we announce them, the picture is going to become abundantly clear.

Will Reeves: we, have the issuing partner, which we will be announcing soon. This is, again, the definition of scale, one of the most respected players in the payments space. And on the credit facilities, we have, partners here that are essentially going to allow scale this as fast as possible to as many people around. And ultimately, this is going to be a win for Fold customers on this card. We, I believe it was already a best-in-class card, and I believe now we've secured that position purely based on these new partners that we've brought on board. And I would say, these partners are ones that are known for speed of execution and quality of development. And so I think as we announce them, the picture is going to become abundantly clear.

That's the best thing that could have happened to this program and that's not just from folds perspective, this is going to be from our customers perspective. What is in transpired over the last few months as we have uh shifted to bring on new partners. Here is we are going to emerge with a fundamentally better program. A program that can scale that has better margins that ultimately can provide better value to customers. And that's all because of the new partners that we have. Um, that we have brought on to support the launch of this card. As you already mentioned, there's a handful of partners that are very critical to launching a credit card program. You have the you have the uh, payments Network which, you know, we have Visa. Um, we uh, have the issuing partner which we will be announcing soon. This is again the definition of scale, 1 of the most respected players in the payments space. And on the credit facilities, we have, uh, Partners here that are going to essentially going to allow scale this

Will Reeves: Fold has partnered with some of the best partners in the industry, and we are aligned in getting this out as fast as possible. I would say number one risks to bringing a credit card to market are the strength of your partners. What we've done in the last few months is eliminate that risk. Now it is doing what Fold has done best, which is ship great product alongside partners that are also known to support for payments and financial services products. While initially, it was a difficult thing to have the delay, this product is going to be far better than it was. I'm very excited about it. I know our customers are going to ultimately have a much better experience. This will be the premier Bitcoin reward. Yeah.

Will Reeves: Fold has partnered with some of the best, partners in the industry, and we are aligned in getting this out as fast as possible. And so I would say the number one risk to, bringing a credit card to market is the strength of your partners. And what we've done in the last few months is eliminate that risk. And so now it is doing what Fold has done best, which is ship great product alongside partners that are also known to support groups for payments and financial services products. So, I, it, it, while initially it was a difficult thing to have the delay, this product is going to be far better than it was. And I'm very excited about it. And I know, I know our customers are going to ultimately have a much better experience. And this will be the premier Bitcoin award.

As fast as possible to, as many people around and ultimately, this is going to be a win for fold customers on this card. We, I, I believe it was already a best-in-class card and I believe, now we've secured that position purely based on these new partners that we've brought on board. And I would say, uh, these partners are ones that are known for Speed of execution and quality of development. And so I think as we announced them, it's the picture is going to become abundantly, clear? Bold has partnered with some of the

Um uh Partners in the industry and we are aligned in getting this out as fast as possible. And so,

I would 1 risks to uh bringing a credit card to Market are the strengths of your partners. And what we've done in the last few months is eliminate that risk. And so now it is doing what fold is done best which is ship great product, alongside partners that are also known to support group

Speaker 1: Yeah. Well, I can't thank you enough for adding that extra color. It, you know, puts things in a much different perspective. I appreciate it. And thank you for taking all my questions.

Kevin Dede: Well, I can't thank you enough for adding that extra color. It puts things in a much different perspective. I appreciate it. Thank you for taking all my questions. Of course, Kevin. Great to hear from you. That concludes today's question and answer session. I'd like to turn the call back to Will Reeves for closing remarks. All right. Thank you. Thank you, everyone who's listening in. I hope you can hear it from my voice and Wolf's here. I'm incredibly proud of what the Fold team has done this quarter. This is, I believe, 2 solid quarterly earnings in a row, our first 2. I think we'll be delivering some spectacular results, continuing to do that throughout the H2 of this year and definitely throughout 2026.

For payments and financial services products. So, uh, I its it while initially. It was difficult thing to have the delay. This product is going to be far better than it was, and I'm very excited about it. And I know, I know our customers are going to ultimately have a much better experience and this will be the premiere Bitcoin.

Yeah, uh, well I can't thank you enough for adding that extra color to it.

Will Reeves: Of course, Kevin. Great to hear from you.

You know puts uh, puts things in in a much different perspective. I appreciate it. And thank you for taking all my questions.

Samir Jain: That concludes today's question and answer session. I'd like to turn the call back to Will Reeves for closing remarks.

Of course, Kevin great to hear from you.

Will Reeves: All right. Thank you. And thank you, everyone who's listening in. I hope you can hear it from my voice and Wolf's here. I'm incredibly proud of what the Fold team has done this quarter. this is, I believe, two solid quarterly earnings in a row, our first two. And I think we'll be delivering some spectacular results, continuing to do that throughout the second half of this year and definitely throughout 2026. And of course, couldn't have done it without the Fold customer base that not only continues to trust us to ship new products in which they use, they give us feedback, and then really light the way for where we go next. We are, again, really focused on building value for them. So I think that all this real momentum that we've had, net positive, net income being brought on is fast.

That concludes today's question and answer session. I'd like to turn the call back to Will Reeves for.

Closing remarks.

Will Reeves: Of course, couldn't have done it without the Fold customer base that not only continues to trust us to ship new products in which they use, they give us feedback, and really light the way for where we go next. We are, again, really focused on building value for them. I think all this real momentum that we've had, net income being brought up is fast. We're holding one of the largest public Bitcoin treasuries in the world. We have a $250 million facility to buy more Bitcoin at a time that is already today extraordinarily accretive to our business. Again, this business today, all of this growth just reflects our legacy business. All of our product lines are profitable on a per-product basis.

All right, thank you. And thank you, everyone who's listening in. Uh, I I hope you can hear it from my voice. And, and, and, and wolfs here, I'm incredibly proud of what the full team has done this quarter. Uh, this is, I believe 2, solid quarterly earnings in a row, our first 2 and I think we'll be delivering some spectacular results. Uh, continuing to do that throughout the second half of this year and definitely throughout 2026. And of course, couldn't have done it without the old customer base that not only continues.

They continue to trust us to ship new products in which they use, and they give us feedback, and then really light the way for where we go. Next, we are again really focused on building value for them.

Will Reeves: We're holding one of the largest public Bitcoin treasuries in the world. We have a $250 million facility to buy more Bitcoin. And I think at a time that is already today extraordinarily accretive to our business. And again, this business today, all of this growth just reflects our legacy business. All of our product lines are profitable on a per-product basis. So I couldn't be more excited about the momentum we have to drop some of these really game-changing products with a Bitcoin gift card in storefronts, in the checkout lines. People who do not have Bitcoin today will be able to access it. And of course, the Bitcoin credit card, which I hear loud and clear every day from both customers and the team, let's get this thing to market. And I'm confident that we're going to deliver a best-in-class product. So we're going to keep building.

So, I think all this real momentum that we've had is net positive. Net income being strong, both in terms of our holdings and performance. We're holding one of the largest public Bitcoin treasuries in the world. We have a $250 million facility to buy more Bitcoin, and I think at a time that is already, today, extraordinarily accretive to our business.

Will Reeves: I couldn't be more excited about the momentum we have to drop some of these really game-changing products with Bitcoin Gift Card in storefronts, in the checkout line. People who do not have Bitcoin today will be able to access it. Of course, the Bitcoin Credit Card, which I hear loud and clear every day from both customers and the team, Let's get this thing to market. I'm confident that we're going to deliver a best-in-class product. We're going to keep building. Of course, more than all of these numbers, we are still here about the mission, not the hype. We're building something lasting to help people build and keep wealth in sound money, in the best money created, which is Bitcoin. I'm grateful for everyone who has believed in this on this journey. We've been doing it for a very long time.

And, uh, again this business today, all of this growth just reflects our legacy business. All of our product lines are profitable on a per-product basis, so I couldn't be more excited about the momentum we have to launch some of these really game-changing products with Bitcoin gift cards in storefronts at checkout.

Will Reeves: And of course, more than all of these numbers, we are still here about the mission, not the hype. We're building something lasting to help people build and keep wealth in sound money, in the best money created, which is Bitcoin. And I'm grateful for everyone who has believed in this on this journey. We've been doing it for a very long time. And it feels like we are really at the beginning of a new chapter. So I appreciate everyone who has come along for the ride.

People who do not have Bitcoin today, will be able to access it and of course the Bitcoin credit card which I hear loud and clear every day from both customers and the team, let's get this thing to Market and I'm I'm confident that we're going to deliver best-in-class products. So we're going to keep building

Operator: It feels like we are really at the beginning of a new chapter. Appreciate everyone who has come along for the ride. This concludes today's conference call. Thank you for participating. You may now disconnect.

Believed in this on this journey, we've been doing it for a very long time.

It feels like we are really at the beginning of a new chapter. I really appreciate everyone who has come along for the ride.

Samir Jain: This concludes today's conference call. Thank you for participating. You may now disconnect.

This concludes today's conference call. Thank you for participating. You may now disconnect.