Q3 2025 Fold Holdings Inc Earnings Call

Operator: Good day. Thank you for standing by. Welcome to the Fold Holdings Third 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. Please be advised today's conference is being recorded. I will now turn the conference over to your speaker today. Samir Jain, please go ahead.

Speaker #1: After the speakers' presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone.

Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. Please be advised today's conference is being recorded.

Speaker #1: I would now like to turn the conference over to your speaker today, Samir Jain. Please go ahead.

Speaker #2: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings' third quarter 2025 earnings call. Joining me on the call today are Chairman and CEO Will Reeves and CFO Wolf Repass.

Samir Jain: Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings Q3 2025 earnings call. Joining me on the call today are Chairman and CEO, Will Reeves, and CFO, Wolfe Repass. Before we begin, please note that the information reported on this call speaks only as of today, 10 November 2025, and therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listening, or transcript reading. A replay of today's call will be available by webcast on the company's website at www.investor.foldapp.com. 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 #2: Before we begin, please note that the information reported on this call speaks only as of today. November 10th, 2025. And therefore, any time sensitive information may no longer be accurate as of the time of any future replay, listening, or transcript reading.

Speaker #2: A replay of today's call will be available by webcast on the company's website at www.investor.foldapp.com. More information on how to access this replay feature will be included in the company's earnings release.

Speaker #2: Comments on this call may contain forward-looking statements within the meaning of the U.S. 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. In some cases, you may identify forward-looking statements by terms such as believe, expect, potential, should, or similar terminology. Any statement that is not a statement of historical fact may be a forward-looking statement. These statements reflect the current views of Fold's management and are not guarantees of future performance. Please refer to Fold's Form 10-K and other filings within 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.

Speaker #2: In some cases, you may identify forward-looking statements by terms such as "belief," "expect," "potential," "should," or similar terminology. However, any statement that is not a statement of historical fact may be a forward-looking statement.

Speaker #2: These statements reflect the current views of Fold's management and are not guarantees of future performance. Please refer to Fold's Form 10-K and other filings within the SEC, which can be found at sec.gov or on the company's investor relations website.

Speaker #2: 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.

Speaker #2: Our results are prepared in accordance with GAAP, and a reconciliation to any comparable GAAP measures will be provided in our third quarter earnings release and in our SEC filings.

Samir Jain: Our results are prepared in accordance with GAAP, and a reconciliation to any comparable GAAP measures will be provided in our Q3 earnings release and in our SEC filings. With that, I'll pass the call to Fold CEO, Will Reeves.

Speaker #2: With that, I'll pass the call to Fold CEO Will Reeves.

Speaker #3: Thanks, Samir. And good afternoon, everyone. Thank you for joining us. First, a quick thank you to our shareholders, partners, and analysts for your continued support to our users who are building this company alongside us every day.

Will Reeves: Thanks, Samir. Good afternoon, everyone. Thank you for joining us. First, a quick thank you to our shareholders, partners, and analysts for your continued support, to our users who are building this company alongside us every day, and of course, to the Fold team making it all happen. The energy and momentum around Fold is real, and we're just beginning to hit our stride. With the year largely behind us, I can confidently say 2025 has been a seminal year for Bitcoin. We've seen the emergence of boards discussing Bitcoin as a treasury tool, institutional capital flowing into the asset, continued regulatory improvements, and everyday consumers increasingly recognizing Bitcoin's role and utility. Fold was built for this world, and we believe it is well-positioned to service this growing unmet demand. Despite the broader upward march in 2025, recent months have also highlighted Bitcoin's volatility.

Speaker #3: And of course, to the Fold team making it all happen. The energy and momentum around Fold is real, and we're just beginning to hit our stride.

Speaker #3: With the year largely behind us, I can confidently say 2025 has been a seminal year for Bitcoin. We've seen the emergence of boards discussing Bitcoin as a treasury tool, institutional capital flowing into the asset, continued regulatory improvements, and every day consumers increasingly recognizing Bitcoin's role and utility.

Speaker #3: Fold was built for this world, and we believe it is well positioned to service this growing unmet demand. Despite the broader upward march in 2025, recent months have also highlighted Bitcoin's volatility.

Speaker #3: This is to be expected for an emerging asset class, and in my opinion, will be a fixture in the Bitcoin narrative for years to come.

Will Reeves: This is to be expected for an emerging asset class, and in my opinion, will be a fixture in the Bitcoin narrative for years to come. For Fold, this is more an opportunity than a challenge. We've built a true Bitcoin-first operating company that sits at the intersection of Bitcoin adoption and traditional financial services. Through our innovative service offerings and disruptive rewards model, we are turning everyday spending into Bitcoin ownership and clearing the path for Americans to achieve financial freedom. Q3 was another exciting quarter for Fold and for Bitcoin. The fundamentals of our business continue to strengthen as we scale users, platform volumes, profits driven by Bitcoin appreciation, and revenues. We are doing this organically as paid marketing remained minimal in Q3, and users continue to learn of Fold through friends, family, and our thousands of satisfied customers. Q3 delivered the following.

Speaker #3: For Fold, this is more an opportunity than a challenge. We've built a true Bitcoin-first operating company that sits at the intersection of Bitcoin adoption and traditional financial services.

Speaker #3: Through our innovative service offerings and disruptive rewards model, we are turning everyday spending into Bitcoin ownership, and clearing the path for Americans to achieve financial freedom.

Speaker #3: Q3 was another exciting quarter for Fold, and for Bitcoin. The fundamentals of our business continue to strengthen as we scale users, platform volumes, profits driven by Bitcoin appreciation, and revenues.

Speaker #3: We are doing this organically, as paid marketing remained minimal in Q3, and users continue to learn of Fold through friends, family, and our thousands of satisfied customers.

Speaker #3: Q3 delivered the following: more than 7,500 new accounts, transaction volumes of 235 million dollars, up 43% over year for the same quarter. Net revenues of 7.4 million dollars, up 41% year over year for the same quarter.

Will Reeves: More than 7,500 new accounts, transaction volumes of $235 million, up 43% year-over-year for the same quarter. Net revenues of $7.4 million, up 41% year-over-year for the same quarter, and just under $1 million in GAAP net income. Our business continues to be on track for nearly 50% year-on-year revenue growth. That growth is a reflection of Fold's unique product offerings, meeting the strong and growing demand for Bitcoin financial services. This growing demand is something I expect will be a long-term tailwind for our company. As one example, changing demographics in the US are expected to lead to nearly $80 trillion moving into the hands of millennials in the coming years.

Speaker #3: And just under $1 million in GAAP net income. Our business continues to be on track for nearly 50% year-on-year revenue growth. That growth is a reflection of Fold's unique product offerings, meeting the strong and growing demand for Bitcoin financial services.

Speaker #3: This growing demand is something I expect will be a long-term tailwind for our company. As one example, changing demographics in the U.S. are expected to lead to nearly 80 trillion dollars moving into the hands of millennials in the coming years.

Speaker #3: Compared to the generations before them, millennials have come to know Bitcoin as the best-performing asset of their generation. And are expected to be larger buyers of Bitcoin than their predecessors.

Will Reeves: Compared to the generations before them, millennials have come to know Bitcoin as the best performing asset of their generation and are expected to be larger buyers of Bitcoin than their predecessors. As this trend develops, we believe Fold is ideally placed to service this demand and be a leading provider of the financial services these customers are looking for. Okay, now for an update on some of those financial services we are rolling out. In September, we announced that we will be partnering with Visa and Stripe for our upcoming Bitcoin rewards credit card. We believe building with best-in-class partners like Visa and Stripe allows us to combine top-tier reliability with the widest possible distribution. These partnerships align Fold with two of the most trusted names in payments.

Speaker #3: As this trend develops, we believe Fold is ideally placed to service this demand and be a leading provider of the financial services these customers are looking for.

Speaker #3: Okay, now for an update on some of those financial services we are rolling out. In September, we announced that we will be partnering with Visa and Stripe for our upcoming Bitcoin rewards credit card.

Speaker #3: We believe building with best-in-class partners like Visa and Stripe allows us to combine top-tier reliability with the widest possible distribution. These partnerships align Fold with two of the most trusted names in payments: it speaks to the growing credibility of our industry, and in my opinion, puts Fold in pole position in this new emerging space.

Will Reeves: It speaks to the growing credibility of our industry and, in my opinion, puts Fold in pole position in this new emerging space. The Fold Card will return up to 3.5% back on every purchase, with no categories and no deposit requirements. Additionally, cardholders can earn up to 10% back with top brands in the Fold rewards network, including Amazon, Target, The Home Depot, Lowe's, Uber, Starbucks, DoorDash, Best Buy, and hundreds more. Compared to credit card reward points and airline miles, where customers are frustrated with devaluations, blackout dates, restrictions, and breakage, the Fold Bitcoin Credit Card will offer users Bitcoin rewards that are fungible and have the potential to compound in value over time. Similar to the uptake for our Fold Card, we believe consumer adoption will happen quickly.

Speaker #3: The Fold card will return up to 3.5% back on every purchase. With no categories and no deposit requirements. Additionally, cardholders can earn up to 10% back with top brands in the Fold rewards network, including Amazon, Target, Home Depot, Lowe's, Uber, Starbucks, DoorDash, Best Buy, and hundreds more.

Speaker #3: Compared to credit card reward points and airline miles, where customers are frustrated with devaluations, blackout dates, restrictions, and breakage, the Fold credit card will offer users Bitcoin rewards that are fungible, and have the potential to compound in value over time.

Speaker #3: Similar to the uptake for our debit card, we believe consumer adoption will happen quickly. As discussed before, we believe there are significant opportunities to capture a higher share of wallet from existing users via a credit card, compared to our existing debit card.

Will Reeves: As discussed before, we believe there are significant opportunities to capture a higher share of wallet from existing users via a credit card compared to our existing debit card, and this product provides for new revenue opportunities as well. Likewise, the credit card is expected to attract new customers that we will cross-sell into other products. While I don't have an exact launch date to share with you today, I can tell you we are working very hard and have made significant progress on getting this product into customer hands over the past few months. In fact, we believe we are very close. In fact, I've received confirmation that my own Fold credit card is on its way and should get to me later this week. I've seen the proofs and the user experience, and it's beautiful.

Speaker #3: And this product provides for new revenue opportunities as well. Likewise, the credit card is expected to attract new customers that we will cross-sell into other products.

Speaker #3: And while I don't have an exact launch date to share with you today, I can tell you we are working very hard and have made significant progress on getting this product into customer hands over the past few months.

Speaker #3: In fact, we believe we are very close. In fact, I've received confirmation that my own Fold credit card is on its way and should get to me later this week.

Speaker #3: I've seen the proofs and the user experience and it's beautiful. We're targeting an initial distribution through year-end and scaling towards general access in the first quarter of 2026.

Will Reeves: We're targeting an initial distribution through year-end and scaling towards general access in Q1 2026. Excitement for the card continues to build with our waitlist currently standing at over 80,000. Apart from the work we've done on the credit card, we've also made significant progress with the distribution of our Bitcoin Gift Card this quarter. These cards are currently available within the Fold app through major online outlets such as GiftCards.com, and importantly, we now have physical card placements at Kroger, which puts the Fold gift card on the shelves of approximately 2,000 physical locations nationwide. On Halloween, we announced a partnership deal with Steak 'n Shake, where customers can receive Bitcoin with qualifying meal purchases redeemable through Fold at nearly 400 locations across the US.

Speaker #3: Excitement for the card continues to build with our waitlist currently standing at over 80,000. Apart from the work we've done on the credit card, we've also made significant progress with the distribution of our Bitcoin gift card this quarter.

Speaker #3: These cards are currently available within the Fold app, through major online outlets such as giftcards.com, and importantly, we now have physical card placements at Kroger, which puts the Fold gift card on the shelves of approximately 2,000 physical locations nationwide.

Speaker #3: And on Halloween, we announced a partnership deal with Steak and Shake, where customers can receive Bitcoin with qualifying meal purchases, redeemable through Fold at nearly 400 locations across the U.S.

Speaker #3: We are hard at work securing new distribution partners with the goal of having our gift card in the major retailers across the country. Consumer and partner excitement for the Bitcoin gift card is very high.

Will Reeves: We are hard at work securing new distribution partners with the goal of having our gift card in the major retailers across the country. Consumer and partner excitement for the Bitcoin gift card is very high, which supports our view that there is a substantial opportunity to drive demand for Bitcoin. This is particularly the case with physical cards, as we believe seeing the bright orange Bitcoin B can stoke curiosity and drive sales to those who may not otherwise be aware of Fold. It also drives organic social media momentum as people talk and post about how easy it is to get Bitcoin at their local store. We view our Bitcoin gift card as a major on-ramp to Bitcoin, alongside our exchange product and our Bitcoin rewards credit card. Importantly, the Fold gift card is a distribution channel we now control.

Speaker #3: This supports our view that there is a substantial opportunity to drive demand for Bitcoin. This is particularly the case with physical cards, as we believe seeing the bright orange Bitcoin bee can spark curiosity and drive sales to those who may not otherwise be aware of Fold.

Speaker #3: It also drives organic social media momentum, as people talk and post about how easy it is to get Bitcoin at their local store. We view our Bitcoin gift card as a major on-ramp to Bitcoin.

Speaker #3: Alongside our exchange product and our Bitcoin rewards credit card, importantly, the Fold gift card is a distribution channel we now control. This means we have incubated a new no-cost consumer acquisition vehicle that can scale fast.

Will Reeves: This means we have incubated a new no cost consumer acquisition vehicle that can scale fast. Similar to our rewards users, we believe that gift card users new to Fold will be well-positioned for further cross-selling into Fold's product suite. This strategy is intentional, we have created products designed to work together and create a natural, synergistic user experience. Fold's gift cards put Bitcoin where people already shop. Our Bitcoin banking and exchange products provide savings and payment tools people are familiar with, our Bitcoin rewards offerings create a sticky and active user base. Fold is intended to be one connected experience, earn and save in Bitcoin, spend and pay your bills, and graduate into larger goals over time as engagement deepens.

Speaker #3: Similar to our rewards users, we believe that gift card users new to Fold will be well-positioned for further cross-selling into Fold's product suite. This strategy is intentional, and we have created products designed to work together and create a natural, synergistic user experience.

Speaker #3: Fold's gift cards put Bitcoin where people already shop. Our banking and exchange products provide savings and payment tools people are familiar with. And our Bitcoin rewards offerings create a sticky and active user base.

Speaker #3: Fold is intended to be one connected experience. Earn and save in Bitcoin; spend and pay your bills; and graduate into larger goals over time as engagement deepens.

Speaker #3: In addition to our current products, we're closely monitoring regulatory changes and industry opportunities around loan and mortgage products, retirement plans, insurance offerings, and other financial service lines that our customers request.

Will Reeves: In addition to our current products, we're closely monitoring regulatory changes and industry opportunities around loan and mortgage products, retirement plans, insurance offerings, and other financial service lines that our customers request. Finally, let's discuss our Bitcoin treasury strategy. We currently have 1,526 Bitcoin on our balance sheet. That represents a value of $154 million based on Bitcoin's price as of 6 November 2025. That also represents a 53% increase in our holdings since we became a public company in February. Bitcoin is the nucleus Fold is built around. Establishing a significant treasury fits seamlessly with our strategy to be a leading Bitcoin financial services company. Having said that, to view Fold solely as a Bitcoin treasury company is inaccurate and minimizes the scope of our overall business.

Speaker #3: Finally, let's discuss our Bitcoin treasury strategy. We currently have 1,526 Bitcoin on our balance sheet. That represents a value of $154 million based on Bitcoin's price as of November 6, 2025.

Speaker #3: That also represents a 53% increase in our holdings since we became a public company in February. Bitcoin is the nucleus Fold is built around, and establishing a significant treasury fits seamlessly with our strategy to be a leading Bitcoin financial services company.

Will Reeves: Unlike the majority of the more than 200 Bitcoin treasury companies trading in the public markets today, our business model is not one of financial arbitrage underpinned by beating the spread between cost of capital and Bitcoin price appreciation. Our primary focus is financial innovation in our operating company and bringing Bitcoin-centric products to consumers everywhere. We believe our products have incredible utility and service a market need that's not being met. That doesn't mean we don't see value in the capital market strategies that allow us to continue to build our Bitcoin treasury, and we will continue to monitor and review opportunities to do so as they arise.

Will Reeves: As we've noted in the past, we measure the success of our Bitcoin treasury strategy using sats per share as a primary metric. That metric will be the focus for any additional capital strategies related to accumulating additional Bitcoin. Given where our shares are traded relative to our Bitcoin stack, I think I'm correct in saying the market hasn't caught on to this quite yet. That there is a tremendous opportunity available to anyone keen enough to seize it. I'll now turn it over to Wolfe to walk through our financial results in more detail.

Wolfe Repass: Thank you, Will. Thank you to everyone for joining today. Continuing from H1 of the year, total year-to-date revenues through 30 September were $22.7 million, which was an approximately 48% increase over the 9 months of 2024. This increase reflects continued growth of our legacy businesses and does not include meaningful contributions from our Bitcoin Gift Card or Credit Card business. Instead, growth year-to-date has been driven by new customers as well as deeper penetration into our existing customer base. Notably, our total year-to-date transaction volumes through 30 September were 753 million, representing an approximately 74% increase versus the prior year period. We expect this momentum to continue into Q4, which historically represents our highest volume and revenue quarter as customers engage in seasonal spending.

Wolfe Repass: On the cost side, our operating expenses were $13.3 million, up from $9.4 million in Q3 2024. The principal driver of the year-over-year increase relates to higher cost of sales, which correlated directly with increased volumes and revenues. Additionally, we now incur higher operational 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. A good indicator of this is that our operating costs decreased almost 10% in Q3 2025 compared to Q2 2025. Moving down our P&L, we recorded a GAAP net income of $0.6 million in Q3 2025, compared to a net loss of $62.3 million in Q3 2024.

Wolfe Repass: The primary driver behind the net profit this quarter was a $10.2 million increase in the fair value of our Bitcoin investment treasury. Q3 of last year also included a $58.9 million fair value adjustment related to SAFE notes, which no longer exist following our public listing. Because our Bitcoin's denominated assets and liabilities can potentially result in large fluctuations in our GAAP earnings each period, we also track adjusted EBITDA, a non-GAAP measure. In Q3 2025, our adjusted EBITDA was a $4.2 million loss, which was flat compared to Q3 2024. An important reminder that each of our individual business lines currently generate positive gross margins. This provides us with foundational operating leverage as we look to scale our business.

Q3 of last year. Also included a 58.9 million, fair value adjustment related to Safe notes which no longer exists following our public listing.

Because our Bitcoin-denominated assets and liabilities can potentially result in large fluctuations in our GAAP earnings each period, we also track adjusted EBITDA, a non-GAAP measure.

In Q3 of 2025 are adjusted. Evida was a 4.2 million loss which was flat compared to Q3 of 2024.

An important reminder that each of our individual business lines. Currently generate positive gross margins.

Wolfe Repass: As mentioned previously, 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. We also expect the upcoming credit card to drive significant growth in our user base, which we expect to translate to increased transaction volumes and improved margins. We ended the quarter with a healthy balance sheet and ample liquidity. As of 30 September 2025, we had cash and cash equivalents of $6.7 million and +$6.1 million. Unsecured debt balances were 0, and we continued to maintain a net asset position.

As mentioned previously, 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.

We also expect the upcoming credit card to drive significant growth in our user base, which we expect to translate to increased transaction, volumes and improved margins.

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

As of September 30th 2025, we had cash and cash equivalents of 6.7 million and positive working capital of 6.1 million.

Wolfe Repass: As Will mentioned, we also currently hold 1,526 Bitcoin with a value of roughly $154 million as of 6 November. In June, we announced a $250 million equity purchase facility, which is something we will look to deploy when we feel our share price is reflecting sufficient value relative to Bitcoin. To date, we have sold less than $4 million worth of shares pursuant to this facility. The proceeds from those sales were used exclusively for purchasing additional Bitcoin. In early October, we announced a $45 million revolving credit facility with Two Prime at what we considered to be favorable terms. We have full discretion over when and how much we request from this facility. We pay no unused line fees, and we obtain a competitive interest rate.

Unsecured debt, balances for zero. And we continue to maintain a net asset position.

As we'll mention, we also currently hold 1,526 Bitcoin with a value of roughly 154 million as of November 6th.

In June, we announced the 250 million Equity purchase facility, which is something we will look to deploy when we feel our share price is reflecting sufficient. Value relative to bitcoin.

To date, we have sold less than 4 million dollars worth of shares pursuant to this facility.

The proceeds from those sales were used exclusively for purchasing additional Bitcoin.

In early October we announced the 45 million revolving credit facility with 2 Prime at what we considered to be favorable terms.

Wolfe Repass: Any funds we draw from this facility are collateralized by Bitcoin from our treasury. As of today, we have only drawn $5 million from this facility. We plan to use funds from this facility for a variety of purposes, including to support our existing business, to accelerate growth, to be opportunistic with cap table management if or when it makes sense to do so, or for other reasons as necessary. We could also use these funds to expand the credit facility for our upcoming credit card. Our primary goal with both the equity purchase facility and the revolving credit facility is to maintain optionality to support our business in a responsible manner. We may continue to explore additional capital options as and when they become available to preserve this optionality going forward.

We have full discretion over when and how much we request from this facility? We pay no unused line fees and we obtain a competitive interest rate

As of today, we have only drawn 5 million dollars from this facility.

We plan to use funds from this facility for a variety of purposes, including to support our existing business, to accelerate growth, to be opportunistic with cap table management if or when it makes sense to do so or for other reasons as necessary.

We could also use these funds to expand the credit facility for our upcoming credit card.

Wolfe Repass: While we're not in a position to share 2026 guidance today, we expect that our newest product lines and increased investment into marketing will expand our user base and provide meaningful revenue growth as they roll out. I'll now turn the call back to Will for some closing thoughts.

We may continue to explore additional Capital options as and when they become available to preserve. This optionality, going forward.

While we're not in a position to share 2026 guidance. Today, we expect that our newest product lines and increased investment in the marketing. Will expand our user base and provide meaningful Revenue growth as they roll out.

I'll now turn the call back to welfare. Some closing thoughts.

Will Reeves: Thank you, Wolfe. It's been an exciting and productive nine months as a public company. We've made substantial progress on the initiatives we outlined in February and have only just begun scaling our credit card and retail distribution network. I'm very excited for what 2026 will bring for Fold, and we appreciate you being here on our journey. As always, I want to thank our team, partners, and shareholders for your continued trust and belief in Fold. Operator, let's open the floor for questions.

Thank you, wolf.

It's been an exciting and productive 9 months as a public company. We've made substantial progress on the initiative. We outlined in February and have only just begun scaling, our credit card and Retail distribution Network.

I'm very excited for what 2026 will bring for fold and we appreciate you being here on our journey.

As always, I want to thank our team partners and shareholders for your continued trust and belief in fold.

Operator: Thank you. Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone. If your question has been answered or you wish to remove yourself from the queue, please press star one one again. We will pause for a moment while we compile our Q&A roster. Our first question comes from Mike Grondahl with Northland Securities. Your line is open.

Operator. Let's open the floor for questions.

Or comment. At this time, please press *11 on your telephone. If your question has been answered, and you wish to move yourself from the queue, please press *1. We'll pause for a moment while we compile our Q&A roster.

Keaton Shokian: Hi, this is Keaton Shokian for Mike. I was curious, now that the Bitcoin Gift Card is alive in those 2,000 Kroger locations, can you share some early data and interest you're seeing and how customers are engaging with it? Following that, once a customer has redeemed this Bitcoin Gift Card, how often those users continue transacting within the Fold ecosystem compared to users acquired through other channels?

Our first question comes from Mike, grund with Northland Securities, your line is open.

Will Reeves: Excellent. It's good to hear from you. Send my regards to Mike as well. We are very excited about the Bitcoin gift card rollout. It is really just completed its rollout to the 2,000 locations. Mind you, it's early, but the excitement is very high, not only from the feedback from those who are actually using the product as gifting, but those who are receiving it, and potentially even more importantly, from the partners and retailers who are carrying the card. It is one that we are seeing it have a natural organic effect of now that it's being in market, we are seeing more and more people request and come to us to source these cards.

Hi. This is uh Keaton from Mike. Um, I was curious now that the Bitcoin gift card is alive in those 2000 Kroger locations, can you share some early data and interests your season? You're seeing and how customers are engaging with it. And then following that once it comes to tomorrow's redeem, this Bitcoin gift card. Um, how often those users continued transacting within the full ecosystem, compared to users acquired through other channels.

Will Reeves: It's having the exact effect that we wanted to have it be live in market and create that organic momentum, not only amongst cardgivers, but also new marketplaces. Today, again, data's still very early, but we are seeing very healthy volume. Mind you, 80% of all gift card sales happen in the month of November and December. 80% of all gift cards sold in the given year happen in those two months. We are really just at the beginning stages of when this product really hits its prime. We are very grateful that this is really set in those 2,000 locations and now at Steak 'n Shake as well.

so we are very excited about the Bitcoin Gift Card. Roll out. It is really just completed, its roll out to the 2,000 locations. So mind you, it's early but the excitement is very high, not only from the feedback from those who are actually using the product as gifting. Uh, but those who are receiving it and potentially even more importantly, from the partners and retailers who are carrying the card, uh, it is 1 that we are seeing it have a natural organic effect of. Now, it it's being in Market, we are seeing more and more people request and come to us to

Source these cards. So it's having a the exact effect that we wanted to have. It be live in market and create that organic momentum. Not only amongst card givers but also new marketplaces. And um today again data is still very early but we are seeing very healthy uh volume and mind you 80% of all gift card sales happen in the month of November and December. So 80% of all gift cards sold in the giving year happen in those 2 months. So we are really just at the beginning stages of when this product really hits its prime. And uh we are very grateful that this is

Will Reeves: Beyond just the availability of the cards and the interest that we're seeing and volume there, we're also seeing very healthy activation from customers who are redeeming them and sticking to use other products and services in the Fold ecosystem. This is exactly what we wanted to see, people coming in, re-receiving Bitcoin, they're opening up their wallet, and right from there, we have four or five very solid product lines that we are able to cross-sell them into that are all profitable, revenue and margin generating lines that we are seeing customers uptake. The team is hard at work on experimenting on which of those to give to these customers based on what channels they're coming through. We are very optimistic.

Really set in those 2,000 locations and now at stake and Shake as well. So, um,

Beyond just the availability of this cards and the interest that we're seeing and volume, there were also see, very healthy customers who are redeeming them and, and, and this is exactly what we wanted to see.

Coming in, receiving Bitcoin, their company out their wallet. And right from there we have 4 or 5 very small that we are able to cross into that are all profitable generating lines that we are seeing for customers how to take and so.

Will Reeves: I think, this product, where it is stands today, is achieving exactly what we wanted it to at this stage.

Keaton Shokian: Yeah, that's great to hear. Kind of going off that, you mentioned the anticipation of additional locations soon. Can you tell us a little bit what that might look like and what you might be prioritizing for locations as this expansion begins? Just trying to get a sense of what the rollout might look like into the holiday season and into 2026.

The team is hard at work on which customers based on what channels are coming through, and we are very optimistic. I think, uh, this product, where it stands today, is achieving exactly what we wanted it to at this stage.

Will Reeves: Yeah. We're really looking at This is a brand new product. This product has not existed at this scale with these distribution partners ever. It's a lot of learning on our part and for our partners. We're really looking at where are the best opportunities to get scale fast and reach customers that really want this? I think we've spoken quite a bit about the retail options, and we are expecting more and more retailers to be able to announce that they are carrying the card. This gift card can do a lot more, and it's shown by Good example is the Steak 'n Shake promotion. Any customer who buys a qualifying meal at Steak 'n Shake gets a Bitcoin gift card included in their meal.

Yeah, that's great to hear. Um, kind of going off that, you mentioned the anticipation of additional locations soon. Can you tell us a little bit about what that might look like and what you might be prioritizing for locations as this expansion begins? Just trying to get a sense of what the rollout might look like into the holiday season and into 2026.

Will Reeves: It's, it is a, also a great promotional supply. You can think of sports venues, you can think of membership clubs and loyalty organizations using this card. We are seeing employers buy these to give to their employees as holiday gifts or special occasions. We're also looking at tapping into the very large loyalty airline mile cash, you know, loyalty reward network. You can think of as you earn airline miles on a credit card or by flying a given airline, you can swap those airline miles for Bitcoin. We know that our customers have a strong desire to use the loyalty points that they've racked up in other venues towards Bitcoin. We're also working on opening that up.

Cash, you know uh loyalty reward Network so you can think of as you earn uh airline miles on a credit card or by flying a given Airline. You can swap those Airlines uh, airline miles for Bitcoin. And we know that our customers

Have a strong desire to use the loyalty points that they've racked up in other venues.

Will Reeves: I think what you're gonna see is not only a continued distribution into the more traditional retailers like Kroger you see today, but also in these other venues that have a little bit different use cases. In many ways, you know, the volume potential is very high. We are aggressively pursuing all venues here. You know, this card, really, I said 80% of all gift cards are sold in November and December. We are seeing some significant inbound and interest, not just from the retailers or customers, but actually publications who see this as an extremely novel gift.

Will Reeves: I suspect you'll start to see the Fold Gift Card start to show up in some of the largest gift guides and media publications out there that will be starting to catch on and cover this very novel item.

Towards Bitcoin. And so we're also working on opening that up. And so I think what you're going to see is not only a continued, um, uh, distribution into the more traditional retailers like, like Kroger you see today? Uh, but also in these other venues that have a little bit different use cases, but in many ways, uh, as you know, the volume potential is, is, is very high. And so we are aggressively pursuing all, all all all venues here. And, you know, this, this card really I said 80% of all gift cards are sold in. Uh, uh, November and December. We are seeing seeing some significant inbound and interest, not just from the retailers or customers but actually Publications, who see this as an extremely novel gift. And so I I suspect you'll start to see the full gift card, start to show up in some of the largest gift guides and, um, uh, media Publications out there that will be start starting to catch on and cover this very novel item.

Keaton Shokian: Yeah, that's really good to hear. On the credit card side, it's exciting to hear that's starting to ramp. Beyond that initial 75 on the initial wait list, I think you said 80,000 on the call, are you seeing continued demand and inquiries for that credit card outside that? Just kind of getting a sense of how that's been trending over the past couple of months.

Will Reeves: Yeah, that number's gone up. We've, you know, surpassed 80, so the wait list, even though we've closed down the primary wait list where people locked in their initial spots, people are still interested. We're still seeing people come to not only download the Fold app directly in anticipation, but also get on the wait list. More than anything that this is validating and we're seeing is the rate of this growth, the size, the volume of these new interest coming in shows that this category is rapidly expanding. This is not a small pie where a few cards are able to service this market and split it between them. This is an entirely new category switch that's happening right now.

Yeah. That's that's really good to hear. Um and on the credit card side, it's excited to hear that's starting to ramp. Um beyond that initial 75 on the initial weight list, I think you said 80k. Um on the call are you seeing continued demand and inquiries for that credit card outside that and just kind of getting a sense of how that's been trending over the past couple of months? Yeah, that number's gone up. We've we've, you know, surpassed 80 so that the the weight list. Um, even though we've closed down, uh, the primary weight list where people locked in their initial spots, uh, people are still interested. We're still seeing people come to, not only download the app directly and anticipation but also get on the wait list and more than anything that this is validating. And we're seeing is that the, the rate of this growth this size, the, the the volume of these new interests coming in shows that this category is rapidly expanding.

Will Reeves: You know, we really tie this to a much larger demographic shift that, you know, as millennials are coming into their own, they're right now, about 50% of them or so are right now making the choices of their financial institutions that they're gonna be with for the rest of their lives. They want the products and services to reflect their tastes, their interests, and what they believe is important for their long-term financial security, and Bitcoin plays a major role. What we're seeing is not only our card, but this entire category is expanding very rapidly, which is, again, exactly what we wanna see and very encouraging for us.

This is not a small pie where a few cards are able to service this market and split it between them. This is an entirely new category switch. That's happening right now and what, you know, we we really tie this to a much larger demographic shift that, you know, as Millennials are coming into their own. They are right now about 50% of them are. So are right now making the choices of their financial institutions that they're going to be with for the rest of their lives.

Will Reeves: I think, right at the right time, right when I get to go home and get my card, the team is actively to test internally, so we can get this thing out as soon as possible to this large group. I think it's gonna be, it's already surpassing my own expectations.

Keaton Shokian: Awesome. That's awesome. Now with the Bitcoin gift card rolled out and the credit card coming, I was curious how your approach to customer acquisition and maybe marketing spend might change going forward.

And they want the products and services to reflect, um, their, their tastes their interests, and what they believe is important for their long-term Financial Security and Bitcoin plays a major role. So what we're seeing is not only our card but this entire category is expanding very rapidly which is again exactly what we want to see and very encouraging for us. And I think uh right at the right time, right? When I get to go home and and get my card and the team is actively to test internally and so we can get this thing out as soon as possible uh, to this to this large group. I think it's going to be, uh, it's our, it's already surpassing my own expectations.

Awesome, that's awesome. Um,

Will Reeves: You know, you'll see right now the gift card alone. This is already becoming one of our most successful customer acquisition engines. We are Again, it is a negative acquisition cost. We are generating revenue when people redeem that card and we get a new customer. Previously, you know, we have publicly said our acquisition costs are remarkably low. They're under $10 for, you know, our customers today. Competitors would pay several hundred dollars for the same customer. We've now created an entire way, a new product line, a new distribution channel that has dropped that acquisition cost from under 10 to a negative. We're actually making revenue on this.

Yeah. So then now is the Bitcoin gift card ruled out and the credit card come in? Um, I was curious how you approach to customer acquisition and maybe marketing spend, um, might change going forward.

You know, you'll see right now the the gift card alone. I think it's, I returned back to this. This is already becoming 1 of our most successful customer acquisition and uh, uh, engines. We are again, it is a negative acquisition cost. So, we are generating Revenue when when people redeem that card and we get a new customer. So, previously, you know, we have publicly said, our our acquisition costs are

Will Reeves: We are looking at how do we get really smart about getting the maximum distribution possible in a way that is the most efficient spend. With that, you are going to see us doubling down into the product line of our Gift Card, working with the wait list and the people that are on the wait list for the Credit Card. You will start to see us activating those paid marketing channels now that the Gift Card is live and people can actually go to the Kroger and online to get it, but also once the Credit Card is launched. You are going to start to see those growth levers in action, whereas we had kind of pulled back on that with the delay of the original delay of the Credit Card.

Will Reeves: I think really Q4 we'll be able to speak to the success of those new channels that we'll be deploying.

Keaton Shokian: Great. Congrats on the quarter. I'll return to the queue.

Spend, and so with that, you're going to see us doubling down into the product line of our of our gift card, um, working with the wait list and the people that are on the wait list for the credit card, and you'll start to see us activating those paid marketing channels, um, uh, once the, uh, now now that the gift card is live and people can actually go to the Kroger's and online to, to get it. But also once the credit card is launched and so you're going to start to see those uh growth levers in action, whereas we had kind of pulled back on that with the delay of the original delay of the credit card. Um, and so I think really a Q4 will be able to speak to uh, the success of those. Those new channels that will be deploying.

Will Reeves: Thank you much.

Great. Um, congrats on the quarter, and I'll return to the...

Operator: One moment for our next question. Our next question comes from Dave Storms with Stonegate. Your line is open.

gift. Thank you much.

1 moment for our next question.

Dave Storms: Good evening. Thank you for taking my questions. Wanted to start with the capital raise that you mentioned, and you alluded to, you know, some priorities and strategic opportunities that you're keeping in mind. Is there anything specific here that you could highlight for us? Is that more a general comment around maybe, you know, some of those growth levers that you were just mentioning?

Our next question comes from Day Storms. Just don't get your line is open.

Good evening.

Thank you for taking my questions.

Um, wanted to start with the capital raise that you mentioned, and you, you alluded to, you know, some priorities and strategic opportunities that you're keeping in line in mind. Uh, is there anything specific here that, uh, you can highlight for us? Or is that more a general comment around maybe, uh, you know, some of those growth levers that you were just mentioned.

Will Reeves: I believe you're referring to part of Wolf's section, so I can hand it off to him for that.

Wolfe Repass: Hey, Dave. Are you talking about the Two Prime loan or the credit facility?

Uh, I believe you're referring to, uh, what part of wolfs action, so I can hand it off to him for that.

Dave Storms: Excuse me. Yes, the loan. The revolver.

Hey Dave um are you talking about the 2 Prime loan or the credit facility? The the I guess the the loan

Wolfe Repass: Yeah. We have, as we've talked about quite a bit of Bitcoin on the balance sheet, and we at any time have the ability to sell that Bitcoin, which we don't want to do. We're believers long term in the value of that on the balance sheet and the growth drivers that presents us as a business. We also are trying to align with our customers. We're selling them Bitcoin and we encourage them to hold it as a long-term savings tool.

The revolver. Yeah, so we have, um, you know, as we've we've talked about quite a bit of Bitcoin on the balance sheet and we at any time have the ability to sell that Bitcoin, um, which we don't want to do we we're, we're Believers long term, and in the value of that on the balance sheet and the and the growth drivers that that presents us as a business

Wolfe Repass: Instead of selling that Bitcoin or instead of doing a dilutive equity raise at the moment, with our share price at what we consider to be a depressed level, this is a great way for us to access the value of that Bitcoin, to continue our growth efforts that Will has outlined.

Uh, we also, are are trying to align with our customers. We're selling them Bitcoin and, uh, we, we encourage them to hold it as a long-term savings tool. So, um, instead of selling that Bitcoin or instead of doing, uh, a dilutive equity, raise at the moment, um, with our, with our share price at what we consider to be a depressed level.

Um, this is a great way for us to assess the value of that Bitcoin. Um, to continue our growth efforts that, uh, Will has outlined.

Dave Storms: That's very helpful. Thank you. Will, I was also hoping to go back to how you mentioned that acquisition costs have actually become negative. Has that changed how you think about the life cycle of a new account in terms of revenue generation? Is that also changing, or do you just see maybe the J curve being shifted to the left?

That's very helpful. Thank you. Um, and then, well, I was also hoping to go back to how you mentioned that acquisition costs have actually become negative. Has that changed how you think about the life cycle of a new account, in terms of revenue generation? Is that also changing, or do you just see maybe the...

Will Reeves: Yeah, I do want to clarify. When the negative acquisition cost there is specifically on the gift card product that we have. You know, if someone goes buy the gift card, Fold generates revenue, they then give it to someone who redeems in the app. That's a new customer for us that we didn't actually have to go and pay for. You know, for us, this is a new product. For the world, this is a new product. Seeing customers come in and are they ready to buy some Bitcoin? Are they going to purchase at another merchant? Do they want to sign up for the checking account or soon to be released credit card? These are all the things that we're watching. The good news is that we are seeing them cross-sell into these other product lines.

J curve being shifted to the left. Yeah, I I do want to clarify when the negative acquisition costs, there is specifically on the gift card product that we have, you know, you someone goes by the gift card. Full generates Revenue. They then give it to someone who redeems in the app. That's a new customer for us. That we didn't actually have to go and pay for, um, and

Will Reeves: I think it's a little too early to speak definitively about, you know, which products they're kind of attracted to and starting to uptake, especially because these customers are coming from all different parts of the country. They're coming from online. They are all different ages. It's really a very interesting new acquisition channel for us that we're learning not only more about these customers themselves, but specifically what they want next. Organically, the early results are showing that they are very much interested in the rest of the Fold ecosystem.

You know, uh, for us this this is a new product for the world. This is a new product and so seeing customers come in and are they ready to buy some Bitcoin? Are they going to set another merchant? Do they want to sign up for the checking account or, uh, soon to be released credit card? These are all the things that we're watching. The good news is, is that we are seeing them cross, sell into these other, the other product lines. And so I think it's a little too early to speak uh, definitively about, you know, which products they're they're um uh they're uh kind of attracted to and and starting to uptake especially because these customers are coming from all different parts of the country. They're coming from online, they are all different ages. It's it's really a very interesting new acquisition channel for us. That we're learning. Uh not only more about these customers themselves but specifically what they want next but organically in the early results are showing that they are very

Much interested in the rest of the full ecosystem.

Dave Storms: Understood. That's great color there. I appreciate that. Then maybe one more for me. With the credit card, can you help us understand the wait list breakout, maybe between current Fold customers and potential new customers?

Will Reeves: The majority of the wait list is net new customers that are outside of the Fold ecosystem or specifically waiting for this product. You can think of the wait list, and then there's also the Fold user base. When you start to think about these two things together, plus the gift card acquisition channel, plus that we will be doing additional marketing to aggressively get scale this card up based on the demand that we're seeing and the growth we're seeing out there, this will be a completely transformative product for the company, really across all metrics, volumes, revenues, customers, and cross-selling. We think it will be our primary user acquisition tool, probably even more important than even the gift card product that we're seeing today.

So that's a great color there, I appreciate that. Um, and then maybe 1 more for me with the credit card, can you help us understand the weight list? Breakout maybe between current uh full customers and potential new customers.

Will Reeves: Specifically, that wait list is separate for the most part from our existing user base. There is some overlap there, most of those customers are new.

Plus the gift card uh acquisition Channel, plus that we will be doing additional marketing to aggressively get scale. This card up based on the demand that we're seeing and the growth we're seeing out there is that this will be a completely transformative product for the company. Um, really across all metrics volumes revenues, customers cross-selling and we think it will be uh, our primary cost user acquisition tool probably even more important than even the gift card product that we're seeing today. Um, but specifically, that weight list is separate for the most part from our existing user base, there is some overlap there, but most of those customers are new.

Dave Storms: Understood. I appreciate the time, and good luck in Q4.

Will Reeves: Thank you.

Understood. I appreciate the time and good luck with Q4.

Operator: One moment for our next question. Our next question comes from Kevin Dede with ACW. Your line is open.

1 moment for our next question.

Kevin Dede: Hey, Will, Wolfe. How you doing?

Our next question comes from Kevin D with hcw line is open.

Will Reeves: Hey, Kevin. We're doing well.

Kevin Dede: Yeah. Good, good. Good to hear. Maybe a little more color on September sales trends. How should investors look at sales expectations at Fold vis-à-vis other, I guess, other trends within the cryptoverse.

Hey, well, wolf how you doing? Hey Kevin we're doing well.

yeah, good good, good, good, good to hear, uh, maybe a little more color on September sales Trends how

How should investors look at?

Sales expectations that fold Visa V. Other.

Uh, I guess other trends within the cryptoverse.

Will Reeves: You know, overall, if you look at where Bitcoin is today and where it started this year, we're basically right where we began. The year had some, you know, definite volatility of, within Bitcoin's price, which is historically a great driver of volumes. Today, you know, we see Bitcoin is in a depressed moment itself. We're very optimistic that things based on the macro will be changing fairly quickly. Typically, Fold doesn't rely on only speculative trading volume. We are very much a utility product for customers that need to buy things. They need to plan for their financial future. They're getting paid via their direct deposit and their paycheck. They still need to put food on the table and pay their bills.

Will Reeves: For us, you know, September is typically going to be a very, despite the rest of the cryptoverse, we, our volumes, remain steady, if not increase. You'll see, you know, our revenues continue to be year over year, we're up, you know, 48%, nearly 50% on that. Our volumes are up 70% year over year. And I don't think we are as hit by the same trends that might be affecting the rest of the crypto universe. Now that said, we are very much going into Q4, which is our highest volume quarter for seasonality. Obviously, this is peak consumer spending. The 80% of gift cards are sold in the November and December, everything is really backloaded in our universe to Q4.

So, you know, overall, if you look at where Bitcoin is today and where it started this year, we're basically right where we write where we began, um, the year, had some, uh, you know, definite volatility of within bitcoin's price, which is historically a great driver of volumes. Um, but today, you know, we see Bitcoin is in a depressed moment itself. We're very optimistic that things based on the macro will be changing, uh, fairly quickly. But, uh, typically fold doesn't rely on only speculative trading, volume. We are very much a utility product for customers that need to buy things they need to plan for their financial future. They're getting paid via their direct deposit and their paycheck. They still need to put food on the table and pay their bills. So for us, you know, September is typically going to be a very, um, the dis despite the rest of the cryptoverse we are.

Will Reeves: We are, again, we're very early in Q4, but we're seeing the beginnings of exactly what we want in terms of customer activity, volumes moving through the platform, all going according to plan.

Volumes, um, remain steady. If not increase and you'll see, you know, our revenues continue to be uh, year-over-year, we're up. You know, 48% nearly 50% on that. Our volumes are up 70% year-over-year. Um, and uh, I I don't think we are as, uh, as hit by the same, uh, trends that might be affecting the rest of the crypto Universe. Um, now that said we are very much going into, uh, uh, Q4 which is our highest, uh, volume, um, uh, quarter for seasonality. Obviously, this is Peak consumer spending the 80% of gift cards are sold in the November and December. So everything is really back loaded in our universe to Q4. And so, we are again. We're, we're very early in Q4, but we're seeing the, the beginnings of exactly what we want in terms of customer activity.

Volumes moving through the platform. All all going. According to plan.

Kevin Dede: I understand that the primary distributor for the gift card is Blackhawk. Is that the case? That's the relationship to Kroger. I was just wondering if you could add a little bit more color on your distribution channels and how you expect to see them grow.

What? I understand that the primary distributor for the gift card is Blackhawk; is that the case? And what's the relationship to Kroger? I was just wondering if you could add a little bit more color on your distribution channels and how you expect to see them grow.

Will Reeves: There are, you know, two primary gift card distributors in the US. That is Blackhawk and InComm. You know, we have worked with both of them for many, many years. A lot of this product was in the making for many years. We've also worked directly with retailers. A good example is, you know, our partnership with Steak 'n Shake that was just announced, the 400 locations. That was direct between Fold and Steak 'n Shake, not via Blackhawk. These channels will grow both organically through customers of Blackhawk who are turning on the product. It will come from our own retail partners that we've had longstanding relationships with who want to activate the card.

so, uh, uh

Will Reeves: Surprising things like employers using them as employee incentives or gifts. We are seeing these opportunities hit across the spectrum. For right now, we are really putting our efforts into the top volume and highest visibility opportunities. We are seeing really the long tail come forward as well. You're gonna see over the next, over Q4 and into 2026, really many different types of use cases forming around this Bitcoin Gift Card. It's one of those things that because Bitcoin really hasn't existed in this form factor yet, you are seeing a lot of opportunities and interest in it that frankly surprise me that how people are using it. This is again, when the opportunity is bigger than you even initially thought, it's exactly what you wanna see.

And we are seeing these opportunities hit across the spectrum. For right now, we are really putting our efforts into the top volume and highest visibility opportunities.

Will Reeves: Again, still early, but we are working directly, you're going to still see more retailers at it. Now, physical locations, because there's an actual need to distribute physical product of these Bitcoin gift cards, largely that will pick up again in the spring season. In Q2 is when more physical retailers will start to carry the card beyond the ones that we've already secured. The online will continue to go and that is the largest volume driver of gift cards is going to be happening online.

But we are seeing really the long tail come forward as well. So you're going to see over the next over Q4 and into 26. Um, really many different types of use cases forming around this Bitcoin, gift card, it's 1 of those things that because Bitcoin really hasn't existed in this form factor. Yet you are seeing a lot of opportunities and interest in it. That had, that frankly surprised me that how people are using it. This is again, when the opportunity is bigger than you even, initially thought it's exactly what you want to see. And so, again, still early, but we are working directly and so you're going to still see more retailers at it. Now, physical locations.

Because there's a, um, an actual need to distribute physical product, uh, of these Bitcoin gift cards, largely, that will pick up again in the spring season. So, uh, in Q2 is when more physical retailers will start to carry the card, beyond the ones that we've already secured, uh but the online will continue to go and and and that is also just volume uh driver of of gift cards. It's going to be happening online.

Kevin Dede: Okay. Yeah. Thanks for the color. Very descriptive, Will, thanks. I'm wondering about the credit card. You're very confident you're at imminent release. I guess what I was wondering is what are the things that need to happen in order for you to finally pull the trigger?

Okay, yeah, thank thanks. Thanks for the color.

on the, uh,

Very descriptive. Well, thanks. I, I'm wondering about the credit card. You're very confident; you're at, uh,

Imminent release, I guess.

What I was wondering is what are the things that need to happen?

Will Reeves: Yeah. You know, the guidance we've given on the credit card is that, you know, this is, we've been internally testing this product. We expect this product needs to scale very quickly to tens of thousands of people, and we see the desire from our existing customers, and we see the market potential for this once we get our marketing engines behind it as well, that we want to get this to market immediately. The team is going to be testing this. We're going to have, you know, internal customers.

in order for you to finally pull a trigger,

Will Reeves: We'll have a small external customer cohort use the card so that we can go through a billing cycle, make sure everything end-to-end is ready for production. You're gonna see us scale that product as fast as possible through Q1. Ideally, we hit full GA, full doors open in Q1. It's relatively a quick quick release cycle. First things first is to create the best possible card. That's exactly what the team is doing right now.

Yeah, so you know what? We've the guidance we've given on the credit card is that uh you know, this is uh we've been internally testing uh this product. We expect this product needs to scale very quickly to tens of thousands of people, and we see the um the the the desire from our C existing customers and we see the market potential for this. Once we get our marketing engines behind it as well, that we need. We want to get this to Market immediately. So the team is going to be testing this. We're going to have, you know, internal uh, uh, uh, uh, customers will have a small, um, external customer cohort, use the card so that we can go through a billing cycle. Make sure everything end to end is, uh, ready for production, and you're going to see us scale as fat that product as fast as possible through q1. And ideally we hit full, full GA full doors open uh, in in q1 and so it's relatively

Kevin Dede: I think you included billing cycle, that's an important aspect of making sure it works well. Okay. Thanks very much, Will. Appreciate it. Sorry, one last thing for Wolf. Did I mishear you? Did you suggest that revenues could be up 50% year over year, or was that a reference to, I guess the, volumes?

A quick um, uh, quick release cycle. But first thing first is to create the best possible card and that's exactly what the team is doing right now.

Yeah, I think you included billing cycle and that's uh that's an important aspect of making sure it works well. Okay thanks very much. Well appreciate it. Oh uh sorry 1 last thing for Wolf. Did I miss hear you? Did you suggest that revenues could be up 50% year-over-year? Or was that a reference to?

um,

Wolfe Repass: Kevin, through 30 September of this year, our revenues are up 48% year-over-year. And as of 30 June, it was 52%. Assuming we can continue that trend into Q4, which is our big quarter, we'll be very close to that mark for the full year 2025.

I guess the the um volumes.

Kevin Dede: Fair enough. Appreciate it. Thank you, gentlemen.

Uh, Kevin through September 30th of this year, our revenues are up, 48% year-over-year. So uh, and as of June 30th, it was 52% so assuming we can continue uh, that Trend into Q4, um, which is our big quarter. We'll be, we'll be very close to that Mark for the full year of 2025.

Fair enough. Appreciate it. Thank you gentlemen.

Operator: Ladies and gentlemen, we have hit the end time for the Q&A portion of today's program. I'd like to turn the call back over to Will for any further remarks. Will, do you have any further remarks?

the ladies and gentlemen, we have hit the end time for the Q&A portion of today's program, I'd like to turn the call back over to a will for any further remarks

Will Reeves: All right. Hey, everybody. Okay. Thank you all. I wanna make sure that we go through any of the Q&A as well. I guess I'm looking at the queue here. I think there's one extra on in the Q&A right now, if we could let Eddie up.

Will you have any further remarks?

All right. Hey everybody. Okay um so thank you all. Um I want to make sure that we go through any

of the

Q&A as well. Just I'm looking at the queue here.

um,

I think there's one extra on in the Q&A right now. If we could let...

Operator: One moment.

Uh, Eddie up in 1 minute.

Will Reeves: Thank you.

Thank you.

Operator: Our next question comes from Eddie Richard, he's a retail investor. Your line is open.

Our next question comes from Eddie Richard with, he's a retail investor, your line is open.

Eddie Richard: Hi, guys. Thanks for taking my call. Thanks, Will, Wolfe. Appreciate you guys. Fold's total active accounts are about 625,000 versus 82,000 verified accounts. What's the strategy to convert these accounts into verified users and eventual power users of the Fold product?

Will Reeves: Really, the 625,000 account number, those customers are very interested in earning rewards. That is our oldest product. That is what has generated a lot of that top-of-funnel interest for people coming in. They add their own credit card, and they boost their rewards on the Fold platform. If you think about that, if they're already having their own credit card, you know, they don't necessarily have a need to go fully banked by our banking infrastructure, so the debit card, the Bitcoin exchange, the checking account. These customers love to use the credit card.

Think we'll, we'll appreciate you guys. Um, so, uh, folks total, uh, active accounts are about 6. 625 thousand versus 82,000 verified accounts. Um, what's the strategy to convert these accounts into verified users and eventual power users as a full product?

so really, uh, the

The, uh, the 625,000 account number—those customers are very interested in earning rewards. That is our oldest product. That is what, um, has generated a lot of that top-of-funnel interest for people coming in. They add their own credit card and they boost their rewards on the Fold platform.

So if you think about that, if they're already having their old their their their own credit card, um, you know, they don't necessarily have a need to go fully banked by our banking infrastructure. So the debit card the Bitcoin exchange. Um the checking account

Will Reeves: We believe that this credit card that we are launching will be a significant unlock to cross-sell and to convert that 625,000 top-line number into one of our deeper product lines, which is the credit card. We just think that is the right product that is going to bring them in because it really reflects exactly what they're currently using Fold for today. We think the credit card's gonna be very key in converting them into what will be You know, they will still use our merchant offers as they do today, but now we're going to capture 100% of their spend, not just on the offers within Fold, but their entire household needs. We think that's gonna be one of our biggest opportunities this year.

But these customers love to use their credit cards. So, we believe that this credit card we are launching will be a significant unlock to...

Uh, cross sell into convert that 600 those 625,000. Uh, Topline number into 1 of our deeper product lines, which is the, the credit card. We just think that is the right product, that is going to, uh, bring them in because it really reflects exactly what they're currently using fold for today. So, we think the credit cards,

Going to be very key in converting them into what will be, you know, they will still use our merchant offers as they do today. But now we're going to capture.

Will Reeves: You think about that's not a customer we have to go and acquire. They're already here. Again, we talk a lot about the Gift Card, bringing in new customers, our marketing spend, the waitlist. We shouldn't forget Fold has a very large user base already primed to take up the new Credit Card and, frankly, the upgraded Bitcoin buying experience that is launching as well.

100% of their spend, not just on the offers within Fold, but their entire household needs. And so we think that's going to be one of our biggest opportunities this year. And you think about that? That's not a customer we have to go and acquire; they're already here. And so, again, we talked a lot about the gift card bringing in new customers. Our marketing spend, the waitlist...

But we shouldn't forget that Fold has a very large user base already.

Primed to take up the new credit card and, frankly, the upgraded Bitcoin buying experience that is launching as well.

Eddie Richard: Thank you for that. Last question. In regards to legacy products for Fold, is there any plans to expand your banking partnerships, maybe a high-yield business account, Bitcoin lending, anything like that in the near future?

Will Reeves: Yes. I think, you know, the credit card gets most of the limelight when we get to have these types of conversations, but, you know, I am very excited for the launch of Fold's entirely new banking services and infrastructure, and that will both involve new partners, new banks, new capabilities, some of which that you just mentioned. Really what it brings, it kind of creates at the end of the day, is not only just the credit card, but a fully functioning, best-in-class banking infrastructure to allow people to accumulate Bitcoin and live with that Bitcoin.

Thank you for that. And, uh, La last question, um, in regards to the Legacy products were sold? Um, is there any plans to expand your banking partnership? Maybe the higher, your bank account, uh, Bitcoin lending or anything like that in the near future.

Will Reeves: I think you will see not only our growth next year driven not just by this credit card, but more Bitcoin buying by the users we already have, more of their paycheck being deposited, them having access to more ways to earn Bitcoin, all thanks to this upgraded infrastructure that we're going to be shipping in Q1.

Yes, so I think uh, you know, the credit card gets most of the Limelight when we get to have these types of conversations. But, you know, I am very excited for the launch of folds entirely new banking services and infrastructure, and that will both involve new partners new Banks, new capabilities. Some of which that you me, you just mentioned and really what it brings it, it kind of creates. At the end of the day, is not only just the credit card, but a fully fully functioning best-in-class, banking infrastructure to allow people to accumulate Bitcoin and live with that Bitcoin. And, um, I think you will see uh, not only our, our our growth next year. Driven not just by this credit card but more Bitcoin buying by the users. We already have more of their paycheck being deposited. Then they're them having access to more ways to earn Bitcoin. All, thanks to this upgraded infrastructure.

That we're going to be shipping in q1.

Eddie Richard: Great news. Thank you. Thank you for taking the question. Appreciate it.

Great news. Thank you. Thank you for taking a question. Appreciate it.

Will Reeves: Thank you, Eddie.

Thank you, Eddie.

Operator: I'm not showing any further questions at this time.

Will Reeves: All right. Well, I wanna thank everybody who joined and called in today and who will be listening to the recording. I think this is really another example of this, our third earnings call since becoming a public company, and continuing to put results on the board. You know, we are growing fast. Revenue's up 50% year over year. As Wolf mentioned, costs are shrinking. Our distribution lines are really set across thousands of retail locations. They will continue to open up more. We have added 30 plus Bitcoin to our treasury, and the Fold credit card is launching. I think really, the foundation has been set, and the team has never shipped higher quality or faster in the entire history of the company. I think if there's any signal that you can take, it's really that.

I'm not showing any further questions at this time.

Will Reeves: Fold has the strongest team we've ever had, and we're shipping better than we ever have. I think it's gonna be a very fun adventure through 2026. I think it's really there's never been a better time to join us along for the ride. Thank you all for being here, and again, thank you for the Fold team for helping make it all happen.

Operator: Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect and have a wonderful day.

It's really that old as the strongest team we've ever had, and we're shipping better than we ever have. And so, I think it's going to be a very fun, uh, Adventure through 26. And I think it's, uh, really. There's never been a better time to join us on along for the ride. So, thank you all for for being here. And again, thank you for the full team for helping make it all happen.

Thank you, ladies and gentlemen. This concludes today's presentation. You may now disconnect and have a wonderful day.