Fold Holdings, Inc.

Good day and 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. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I will now turn the conference over to your speaker today. Samira Jain, please go ahead.

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. Before we begin, please note that the information reported on this call speaks only as of today, November 10, 2025, and therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listing, or transcript reading. A replay of today's call will be available by webcast on the company's website at www.investor.foldapp.com. And more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the US federal securities laws. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. In some cases, You may identify forward-looking statements by terms such as believe, expect, potential, should, or similar terminology. But any statement that is not a statement of historical fact may be a forward-looking statement. These statements reflect the current views of FOLDS management and are not guarantees of future performance. Please refer to FOLDS 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. 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. With that, I'll pass the call to FOLD CEO, Will Reeves.

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, 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 Bitcoins. 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 in 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. 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. Fourfold, 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. More than 7,500 new accounts, transaction volumes of $235 million up 43% over a 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 U.S. are expected to lead to nearly $80 trillion moving into the hands of millennials in the coming years. 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. 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, 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 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 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. 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. 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. In fact, we believe we are very close. In fact, I've received confirmation that my own Bold 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. We're targeting an initial distribution through year-end and scaling towards general access in the first quarter of 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. 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. 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 full 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. 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. 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. 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. 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 November 6, 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, and 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. 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 the market need that's not being met. Now, 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. As we've noted in the past, we measure the success of our Bitcoin treasury strategy using stats per share as a primary metric. And 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 and that there is a tremendous opportunity available to anyone keen enough to seize it. I'll now turn it over to Wolf to walk through our financial results in more detail.