Fold Q4 Revenue Up as CEO Sees Bitcoin Rewards Beating Air Miles

Fold is an institutional adoption story inside consumer finance. The company’s reported revenue reached $7.09 million in the first quarter of 2025, up 44% from $4.93 million a year earlier, then climbed to $8.2 million in the second quarter, up 59% year over year, before landing at $7.4 million in the third quarter, up 41% year over year, according to Fold’s SEC filings and earnings releases dated May 15, August 12, and November 10, 2025.

That sequence does not yet include Fold’s full fourth-quarter 2025 numbers in the source material reviewed here. What is verified is that Fold told investors on March 3, 2026 that it would release fourth-quarter 2025 results on March 17, 2026 at 5:00 p.m. Eastern Time. By March 19, 2026, the company had already scheduled that event, but the specific Q4 revenue figure was not available in the primary sources retrieved for this article, so it is omitted here rather than inferred.

The bigger headline around Fold, though, is not only revenue growth. It is the company’s attempt to reposition rewards economics around bitcoin. In a February 11, 2025 Business Wire release announcing its Visa credit card, Fold CEO Will Reeves said the company aimed to “dethrone miles as the go-to credit card reward.” Fold said the card would offer up to 2% unlimited bitcoin rewards and up to $250 in bonuses, while framing the product as a direct challenge to points, miles, and cashback programs.

That language matters because it turns a niche crypto product into a mainstream payments argument. Air miles work because consumers understand deferred value, status perks, and aspirational redemption. Fold’s pitch is that bitcoin can fill the same behavioral role while also functioning as a savings asset. The company reinforced that argument by saying it had distributed nearly $75 million in bitcoin rewards to debit card users, which it said would have equaled just over $20 million in cash.

59% Q2 growth set the pace before Fold’s March 17, 2026 Q4 report

The cleanest acceleration point in Fold’s 2025 reporting came in the second quarter. On August 12, 2025, Fold reported $8.2 million in revenue for the quarter ended June 30, 2025, up 59% from the prior-year period. It also reported $13.4 million in net income, though that figure sat alongside an adjusted EBITDA loss of $4.7 million, showing the gap between GAAP results and operating profitability.

Q2 also showed the strongest operating expansion in customer activity among the reported quarters. Fold said transaction volume reached $265 million, up 124% year over year, while total active accounts exceeded 615,000 and verified accounts topped 80,000. Those figures matter because they show revenue growth was not isolated to accounting effects or treasury marks. The platform was processing more user activity.

By Q3, revenue moderated to $7.4 million, but still rose 41% year over year. Transaction volume reached $235 million, also up 43% from a year earlier, and active accounts moved above 625,000. In other words, Fold did not keep the Q2 pace, but it preserved a strong double-digit growth rate into the September quarter.

For historical context, Fold’s full-year 2024 net revenue was $23.75 million, up 10% from $21.53 million in 2023. That means the first three quarters of 2025 alone produced about $22.69 million in revenue, nearly matching the company’s entire 2024 total before Q4 is added.

That comparison is one of the strongest verified indicators that Fold’s business scaled materially in 2025. It also helps explain why management has become more aggressive in describing bitcoin rewards as a category challenger rather than a novelty feature.

How Fold moved from $23.75 million in 2024 revenue toward a larger 2025 base

Fold’s 2024 revenue mix shows where the business started before the 2025 expansion. In the company’s filing tied to its public-market transaction, banking and payment revenues were $23.43 million in 2024, up 10% from $21.37 million in 2023. Net revenues from merchant offers increased 13% to $21.7 million, and Fold said the increase was driven primarily by an intentional focus on marketing merchant offers during the Q4 2024 holiday shopping season.

That detail is important because it shows Fold’s core revenue engine has been merchant-linked activity, not only card interchange or speculative crypto trading. The company also said merchant-offer revenue in Q4 2024 rose 47% from $5.3 million to $7.8 million. Seasonality therefore appears to matter. Holiday spending has historically lifted platform volume and revenue, which is one reason the missing Q4 2025 figure is so important for investors following the story.

Fold’s custody and trading business remained small in 2024, with just $170,746 in revenue, but the company described it as a future growth driver after expanding product features such as spot buys, dollar-cost averaging, paycheck conversion, round-ups, and bitcoin selling. That matters because the company is trying to build a broader financial ecosystem around rewards, not a single-card product.

In Q1 2025, Fold reported $7.09 million in net revenue, with banking and payment revenue of $6.92 million and custody and trading revenue of $151,855. The filing also noted that the company had incurred incremental costs tied to implementing its credit card program, suggesting the rewards-card push was already affecting the expense base before launch.

By Q2 and Q3, management’s commentary increasingly linked revenue growth to product expansion and user growth. In the Q3 release, Reeves said Fold continued to scale while expanding the product suite and making bitcoin part of everyday financial experiences. That is a strategic statement, but it is also consistent with the reported rise in accounts, transaction volume, and treasury holdings.

Why Will Reeves says bitcoin rewards can challenge air miles

Fold’s case against air miles rests on three verified claims from its own releases. First, the company says its platform has already processed more than $2.5 billion in transactions. Second, it says it has delivered more than $70 million, and later nearly $75 million, in bitcoin rewards to customers. Third, it argues those bitcoin-denominated rewards have materially outperformed what equivalent cashback would have delivered.

In the February 4, 2025 release about expanding its Visa relationship, Fold said U.S. credit card transaction volume was estimated at nearly $6 trillion in 2024, with debit cards adding about $5 trillion more. It used that market-size framing to argue that bitcoin could become a preferred consumer reward across a much larger payments base.

One week later, in the credit-card launch release, Reeves sharpened the comparison. He said Fold wanted to “dethrone miles as the go-to credit card reward” and noted that some top miles cards process about 1% of U.S. GDP. Fold’s card, according to that release, offers 1.5% unlimited bitcoin rewards for Fold members and 2% for Fold+ members, plus bonus incentives.

The significance is not that Fold has already displaced airline loyalty programs. It has not. The significance is that management is explicitly benchmarking against the largest and most entrenched rewards category in consumer finance. That changes how investors should read the company’s product roadmap. The target market is not only crypto-native users. It is the broader U.S. cardholder base. That is an inference drawn from Fold’s own market-size framing and product positioning.

There is also a measurable behavioral argument behind the pitch. Fold said nearly $75 million in bitcoin rewards distributed to users would have amounted to just over $20 million in cash. The company uses that comparison to argue bitcoin has functioned as a stronger long-term reward asset than flat cashback. That claim depends on bitcoin price appreciation over time, so it is not a fixed guarantee for future users, but it is central to Fold’s marketing logic.

1,526 BTC on the balance sheet added another layer to Fold’s 2025 story

Fold is not only a rewards company. It is also a public company with a sizable bitcoin treasury. As of March 31, 2025, Fold held 1,490 bitcoin in its investment treasury and 89 bitcoin in its rewards treasury, for a total of 1,579 bitcoin. By June 30, 2025, the investment treasury stood at 1,492 bitcoin. By the Q3 earnings release on November 10, 2025, Fold reported 1,526 bitcoin in its investment treasury.

That treasury growth matters for two reasons. First, it gives Fold a balance-sheet identity closer to bitcoin-native public companies than to a conventional fintech. Second, it can materially affect reported earnings because bitcoin valuation changes flow through financial statements. Q2 net income of $13.4 million and Q3 net income of $0.6 million therefore need to be read alongside treasury exposure and adjusted EBITDA losses.

Investors should separate operating revenue from treasury-driven accounting effects. The revenue trend through Q3 2025 is clearly positive. The earnings line is more sensitive to bitcoin price movements and valuation treatment. That distinction is visible in Fold’s own filings and is essential when comparing the company with traditional card issuers or loyalty businesses.

March 17, 2026 was the next hard catalyst for Fold’s rewards thesis

Fold announced on March 3, 2026 that it would report fourth-quarter 2025 results on March 17, 2026. That date was the next formal checkpoint for three questions. First, whether the company sustained the revenue growth seen through Q3. Second, whether holiday seasonality again boosted merchant-offer activity as it did in Q4 2024. Third, whether the bitcoin rewards credit-card strategy began to show up more clearly in reported metrics or guidance.

There is already evidence that Fold expected Q4 to be a stronger seasonal period. In investor materials surfaced in 2025, the company said Q4 is seasonally its highest volume and revenue quarter due to consumer spending and gifting behavior. That aligns with the 47% jump in merchant-offer revenue during Q4 2024.

What remains unverified in the sources reviewed here is the exact Q4 2025 revenue number and any post-report commentary from management after the March 17, 2026 event. Because this article is limited to verified public information retrieved from primary and company-linked sources, it does not state a Q4 figure that was not available in those materials.

Even without that number, the direction of travel is clear. Fold entered the Q4 report with a 2025 run rate that had already nearly equaled its full 2024 revenue by the end of September, a growing user base, rising transaction volumes, an expanding bitcoin treasury, and a CEO publicly arguing that bitcoin rewards can compete with one of the most established loyalty categories in finance.

Frequently Asked Questions

Did Fold already report its Q4 2025 revenue?

Fold announced on March 3, 2026 that it would release fourth-quarter 2025 results on March 17, 2026 at 5:00 p.m. Eastern Time. In the primary sources retrieved for this article, the specific Q4 revenue figure was not available, so it is not stated here.

How fast did Fold’s revenue grow in 2025 before Q4?

Fold reported $7.09 million in Q1 2025 revenue, up 44% year over year; $8.2 million in Q2, up 59%; and $7.4 million in Q3, up 41%. Those figures come from Fold’s SEC filings and earnings releases dated May 15, August 12, and November 10, 2025.

Why is Fold comparing bitcoin rewards with air miles?

Fold CEO Will Reeves said in a February 11, 2025 release that the company aims to “dethrone miles as the go-to credit card reward.” Fold is positioning bitcoin rewards as an alternative to points, miles, and cashback in mainstream card programs.

How large is Fold’s customer and transaction base?

Fold said in February 2025 that its debit card products had more than 600,000 users and over $2.5 billion in transactions on the platform. By Q3 2025, Fold reported more than 625,000 active accounts and $235 million in quarterly transaction volume.

How much bitcoin does Fold hold?

Fold reported 1,490 bitcoin in its investment treasury as of March 31, 2025, 1,492 bitcoin as of June 30, 2025, and 1,526 bitcoin in its investment treasury in its November 10, 2025 Q3 earnings release.

What made Fold’s 2024 revenue base important?

Fold’s full-year 2024 net revenue was $23.75 million, up 10% from 2023. Since the first three quarters of 2025 totaled about $22.69 million, Fold had nearly matched its entire 2024 revenue before Q4 2025 was added.

Conclusion

Fold’s story is no longer only about offering bitcoin back on purchases. The verified data through Q3 2025 shows a company that materially increased revenue, expanded transaction activity, grew its account base, and kept building a bitcoin treasury while preparing a credit-card product explicitly designed to challenge traditional rewards programs. The missing Q4 revenue figure is the next hard datapoint, but the broader setup is already visible: Fold is trying to turn bitcoin from a speculative asset into a consumer rewards standard, and its financial filings show that strategy gaining commercial scale.