Chime for Bitcoin

Rakuten for Bitcoin rewards

SoFi for the Bitcoin economy

• FDIC Insured Checking Account: An account that allows consumers to manage their money with the security of FDIC insurance.
• Visa Prepaid Debit Card: A debit card linked to the checking account, enabling everyday spending and earning bitcoin rewards.
• Bill Payment Service: A feature allowing customers to pay their bills directly through the Fold platform.
• Bitcoin Merchant Rewards Program: An extensive catalog of offers enabling customers to earn bitcoin rewards for their everyday purchases.
• Bitcoin Exchange and Custody Services: Facilitated access to third-party services for buying, selling, and securely storing bitcoin.

Major Customers of Fold (FLD)

Fold primarily sells its financial products and services directly to individual consumers. Based on the company description, its customer categories can be described as:

• Bitcoin-Curious Consumers: Individuals who are interested in engaging with bitcoin but may be new to the cryptocurrency space. Fold aims to serve as a user-friendly entry point, providing traditional financial tools (checking accounts, debit cards) integrated with bitcoin accumulation and usage.
• Everyday Bitcoin Users: Consumers who already hold or are actively looking to accumulate bitcoin and wish to integrate it more seamlessly into their daily financial activities, such as spending, saving, and earning rewards. They utilize Fold's platform to manage their finances while leveraging bitcoin.
• Reward-Seeking Spenders: Individuals motivated by earning rewards on their everyday purchases. Fold attracts these customers through its extensive catalog of merchant reward offers, allowing them to accumulate bitcoin instead of traditional points or cashback.

Will Reeves, Founder, Chief Executive Officer and Chairman of the Board

Mr. Reeves co-founded Fold in 2019 and has served as Chief Executive Officer and a Director since its inception. Over the past eight years, he held product leadership positions at Thesis, Inc., A3Ventures, LLC, and BYND, leading digital transformation and innovation projects for Google and other Fortune 500 technology companies. Prior to founding Fold, Mr. Reeves was the Head of Payments at Thesis, Inc. from May 2018 to September 2019, where he led the development and strategic direction of the Bitcoin venture studio's payment and financial technologies. He also played a key role at A3 Ventures, advancing mobility and commerce through the corporate innovation and investment arm of American Automobile Association.

Wolfe Repass, Chief Financial Officer

Mr. Repass has served as Fold's Chief Financial Officer since October 2024. Prior to this role, he held various positions within Fold's Finance and Operations department since joining the company in May 2021. While at Fold, Mr. Repass played a key role in establishing the financial, accounting, and operational foundations of the company and was a key member of Fold's public readiness journey. Before joining Fold, Mr. Repass worked in various financial reporting and accounting roles within the fintech and manufacturing industries, including Robinhood and PopSockets.

Matt McManus, Chief Operating Officer

Mr. McManus joined Fold in April 2025 and serves as the Chief Operating Officer. In this role, he works with senior management to oversee Fold's day-to-day operations and ensure the execution of the company's strategic plans. Prior to joining Fold, Mr. McManus was the Chief Product Officer for Unchained Capital, Inc., where he was responsible for leading the company's product strategy, development, and execution. Before Unchained, Matt worked with brands such as Twitter, Capital One, PBS & PBS KIDS, National Geographic, and Marriott.

Thomas Dickman, Chief Technology Officer

Mr. Dickman serves as Fold's Chief Technology Officer.

The public company Fold (FLD) faces several key risks inherent in its business model focused on bitcoin financial services and its strategic investment in bitcoin for its treasury.

1. Bitcoin Price Volatility: Fold's business is fundamentally tied to the price of bitcoin. The company enables customers to accumulate bitcoin through its rewards program and actively invests in and accumulates bitcoin for its own treasury, believing it to be a superior asset. Significant fluctuations or a sustained downturn in bitcoin's value could severely impact the value of Fold's treasury holdings, reduce the attractiveness of its bitcoin-reward programs, and negatively affect customer engagement and the company's financial performance. Fold itself has taken steps to de-risk its balance sheet by selling bitcoin and extinguishing bitcoin-collateralized debt to reduce exposure to price volatility.
2. Regulatory Uncertainty in the Cryptocurrency and Financial Services Sectors: Operating at the intersection of traditional financial services (FDIC insured checking accounts, Visa debit cards, bill payments) and the nascent cryptocurrency industry exposes Fold to a complex and evolving regulatory landscape. New or changing policies, laws, and regulations related to virtual currency, bitcoin assets, and crypto asset platforms at both federal and state levels could impose significant compliance costs, restrict Fold's operations, or limit its ability to offer certain products and services. The company's dependence on third-party partners for services like bitcoin exchange and custody also carries regulatory risk.
3. Need for Additional Financing and Nasdaq Listing Compliance: Fold has incurred operating losses and used substantial net cash in operating activities, leading to an accumulated deficit. The company may require additional financing to sustain its operations and continue its growth initiatives. Furthermore, Fold has faced risks related to meeting Nasdaq listing requirements, including maintaining a minimum bid price, and has received deficiency notices in the past. Failure to comply with these requirements could result in the delisting of its common stock, impacting its ability to raise capital and its public profile.

The emergence of major, established fintech platforms (such as Block's Cash App, PayPal's Venmo, or Robinhood) and traditional financial institutions that are increasingly integrating comprehensive bitcoin financial services directly into their existing, widely adopted consumer products. These entities possess vast user bases, significant capital, and established trust, allowing them to potentially offer similar or superior FDIC-insured checking accounts, Visa debit cards with bitcoin rewards, and seamless bitcoin exchange and custody services at scale, thereby eroding Fold's pioneering advantage and position as a key entry point for bitcoin integration into everyday financial lives.

• FDIC Insured Checking Accounts: The U.S. retail banking market, which includes transactional accounts like checking accounts, is projected to be approximately USD 0.87 trillion in 2025 and is expected to grow to USD 0.91 trillion in 2026.
• Visa Prepaid Debit Cards: The U.S. prepaid card market was valued at USD 1.76 trillion in 2024.
• Bill Payments: The United States electronic bill presentment payment market size was valued at USD 54.45 billion in 2025 and is projected to reach USD 117.09 billion by 2034.
• Merchant Reward Offers (Loyalty Programs): The U.S. loyalty management market is estimated to reach USD 3.62 billion by 2026.
• Bitcoin Exchange Services: The U.S. cryptocurrency exchange market was valued at approximately USD 12.79 billion in 2026 and is expected to reach around USD 94.53 billion by 2035.
• Bitcoin Custody Services: The U.S. digital asset custody market, representing North America's share, was approximately USD 279.7 billion in 2025.

Fold (FLD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Expanded Distribution and Adoption of the Fold Bitcoin Rewards Credit Card: The company has been actively rolling out the Fold Bitcoin Rewards Credit Card and anticipates expanding its distribution in the coming months to meet high market demand. Initial user feedback and cohort data for this product have been positive.
2. Growth in Customer Base (Total Verified Accounts): Fold continues to focus on acquiring new users, as evidenced by the addition of nearly 2,000 new verified accounts in the first quarter of 2026, contributing to a total of nearly 85,000 verified accounts. An increasing user base directly contributes to higher transaction volumes and potential revenue generation.
3. Increased Transaction Volumes and Consumer Engagement Driven by Bitcoin Price Recovery: Fold's Q1 2026 results indicated that lower Bitcoin prices pressured transaction volumes, trading activity, and overall consumer engagement. A recovery in Bitcoin prices and improved broader market conditions are anticipated to stimulate transaction volumes and consumer activity on the Fold platform, positively impacting revenue.
4. Expansion of the Fold Bitcoin Gift Card Program: Fold is strategically restructuring fees related to its Bitcoin Gift Card program to drive wider distribution. A significant milestone in this area includes the nationwide rollout of the Fold Bitcoin Gift Card™ Program by Kroger, one of the largest retail and supermarket chains in the United States.

Share Repurchases

• Fold engaged in massive repurchases of common stock, spending approximately $96.79 million in fiscal year 2023 and $116.72 million in fiscal year 2024.
• These repurchases sharply reduced the outstanding share count by 53.3%, bringing the total outstanding shares to roughly 15 million by the end of fiscal year 2024.

Share Issuance

• On September 18, 2026, Fold Holdings filed to register for resale up to 51,229,508 shares of common stock for Roth Principal Investments, LLC, under a committed equity facility, with the potential to raise up to $25 million in gross proceeds over up to 36 months.
• In fiscal year 2023, the total shares outstanding experienced a 351.31% dilution.
• Fold established a $250 million equity purchase facility in June 2025, primarily intended to acquire additional bitcoin for its treasury, which was later terminated.

Inbound Investments

• Fold has a committed equity facility with Roth Principal Investments, LLC, allowing it to sell up to $25,000,000 of common stock over 36 months, although no securities have been sold under this facility as of September 17, 2026.

Outbound Investments

• In June 2026, Fold monetized approximately $45 million of bitcoin at an average price of about $71,000 per bitcoin.
• The company actively invests in and accumulates bitcoin for its corporate treasury.
• As of year-end 2025, Fold held 1,606 bitcoin (approximately $140.5 million), with 1,000 bitcoin held as collateral.

Capital Expenditures

• Fold's Capital Expenditure (TTM) was -$1.26 million.
• The company allocated $25 million of unrestricted cash towards growth initiatives in June 2026, focusing on its Bitcoin Credit Card, Bitcoin Gift Card, and Fold Business products.
• Capital is primarily focused on scaling credit card and SaaS products.