Fold Holdings, Inc.

Hello, and thank you for standing by. Welcome to Fold Holdings Inc. Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to Samir Jain. You may begin.

Thank you, operator. Good afternoon and thank you for joining us for Fold Holdings' fourth quarter and full year 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, March 17th, 2026, 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, investor.boldapp.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 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. For example, statements suggesting or implying the company's ability or positioning for growth are forward-looking statements. In some cases, you may identify forward-looking statements by terms such as believe, expect, potential, should, plan, or similar terminology. But any of the statements 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 for discussion of risks and uncertainties that may affect our upcoming results, future plans, and product rollouts, among other things. We will discuss certain non-GAAP financial measures during this call. These measures should not be considered as a substitute for GAAP results. A reconciliation of comparable GAAP measures is included in our earnings release and SEC filings. With that, I'll pass the call to Fold CEO, Will.

Thanks, Sameer, and good afternoon, everyone, and thank you for joining us. This is our fourth earnings call as a public company and rounds out an eventful first year since our February 2025 listing. Over the past year, we've focused on building the foundation required to scale a Bitcoin financial services platform for both consumers and businesses. We've expanded the Fold ecosystem across numerous consumer products, strengthened partnerships and payments infrastructure, and continued to scale the rewards and engagement model that sits at the core of our platform. We introduced entirely new categories, such as the Bitcoin gift card, the Fold Bitcoin credit card, and Bitcoin native solutions for corporate partners. And finally, and just as importantly, we've continued to grow and mature the organization, with strategic hires and key operational partnerships. It's been a very busy and productive first year. Despite these milestones at fold, beginning in early October, the Bitcoin ecosystem experienced a noticeable pullback. Bitcoin's price dropped from $124,000 to $87,000 by the end of the year and dropped to as low as $60,000 by early February 2026, representing a more than 50% decline in less than four months. This volatility, which is a common historical trend for this asset class, historically leads to reduced engagement across the entire industry. When Bitcoin momentum slows, trading activity, spending activity, and overall financial activity across Bitcoin platforms tend to decline. Bold is not immune to those industry-wide dynamics, and we saw that reflected in our own metrics as revenues, transaction volumes, and user growth slowed in Q4. We have experienced a number of historical Bitcoin downturns in our company history, and we have found ways to grow through each of them by focusing on what we can control, improving our products, and focusing on our customers.