Fold Holdings, Inc. FLD
Founded in 2019, Fold is a bitcoin-focused financial services company dedicated to expanding access to bitcoin through a comprehensive suite of consumer financial products. Fold was formed to build a modern financial services platform that allows consumers to accumulate, save, and use bitcoin in connection with their everyday financial lives and long-term planning.
Fold has built a banking and payments platform that operates across both U.S. dollars ("USD") and bitcoin, and is designed to connect these systems in a seamless manner. By integrating traditional banking services with bitcoin-based rewards and savings functionality, Fold seeks to help customers compound positive financial outcomes over time while maintaining familiar financial workflows.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $31.8M | $23.8M | — | — | — |
| SG&A | — | $2.9M | $3.7M | — | — |
| Total operating expenses | $59.5M | $29.6M | — | — | — |
| Operating income | — | -$2.9M | -$3.7M | -$1.8M | — |
| Interest expense | $5.7M | $234.0K | — | — | — |
| Pre-tax income | -$69.6M | -$65.1M | $6.8M | $1.8M | — |
| Income tax | $1.5K | $7.4K | $2.3M | $726.4K | — |
| Net income | -$69.6M | -$65.1M | $4.4M | $1.1M | — |
| EPS, basic | -1.65 | -11.15 | — | — | — |
| EPS, diluted | -1.65 | -11.15 | — | — | — |
| Shares, diluted (wtd. avg.) | $42.2M | $5.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $7.7M | $18.3M | $1.5M | $72.8K | $1.2M |
| Receivables | $728.0K | $451.5K | — | — | — |
| Inventory | $478.0K | $262.8K | — | — | — |
| Total current assets | $18.1M | $28.3M | $306.1K | $258.0K | $1.6M |
| Total assets | $153.5M | $125.7M | $166.0M | $255.7M | $225.2M |
| Accounts payable | $704.8K | $1.1M | $114.7K | $111.1K | — |
| Total current liabilities | $21.1M | $21.9M | $3.4M | $492.0K | $93.6K |
| Total liabilities | $90.5M | $193.5M | $4.5M | $10.4M | $8.9M |
| Retained earnings | -$170.9M | -$101.3M | -$11.3M | -$8.5M | -$6.0M |
| Total equity | $63.0M | -$67.8M | -$8.4M | -$8.5M | -$6.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$16.1M | -$3.3M | -$5.1M | -$1.7M | — |
| Stock-based compensation | $10.0M | $0 | — | — | — |
| Investing cash flow | -$9.0M | -$2.5M | $99.8M | -$28.4M | — |
| Financing cash flow | $14.4M | $22.7M | -$94.8M | $29.0M | — |
| Buybacks | — | $116.7M | $96.8M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-110808.
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