Fold Holdings, Inc.

Good day, and thank you for standing by. Welcome to the FOLD's first quarter 2026 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 will need to press star 11 on your telephone, and you will hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Samir Jain of Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon and thank you for joining us for Fold Holdings' first quarter 2026 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 recorded on this call speaks only as of today, May 12, 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 at 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 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, products, activities, or timeframes to differ materially. For example, statements suggesting or implying the company's ability or positioning for growth, as well as any statements which include future dates or timeframes, are forward-looking statements and inherently uncertain. In some cases, you may identify forward-looking statements by terms such as believe, expect, potential, should, plan, 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 for discussion of risks and uncertainties that may affect our upcoming results feature plans, and product rollouts, among other things. We will discuss certain non-GAAP financial measures during this call. These measures should not be considered a substitute for GAAP results. A reconciliation to comparable GAAP measures is included in our earnings release and SEC filings. With that, I'll pass the call to Bold CEO, Will Reeves.

Thanks, Amir, and good afternoon, everyone, and thanks for joining us. Q1 was a challenging quarter across the broader Bitcoin industry. lower Bitcoin prices, pressured transaction volumes, trading activity, and consumer engagement. And Fold saw that pressure in our results. But as with past drawdown cycles, we believe the fundamental value proposition, technological value, and network effects of Bitcoin remain very strong. We are focused on what we control, and we continue to put our energy and focus into building our products and serving our customers. Over the last several quarters, we have laid the foundation for Fold's next phase. We launched the Fold credit card, expanded Bitcoin access across retail platforms, advanced our infrastructure, simplified our capital structure, and strengthened the acquisition and rewards engine we believe can scale Fold significantly from here. That foundation is now in market. In that vein, let's talk about some of the important developments this quarter. The Fold credit card is a foundational product for us. If Fold is going to become the primary financial platform for Bitcoin-minded consumers, we need to be present across savings, rewards, exchange, and everyday spending. The credit card completes what we believe is already one of the strongest consumer Bitcoin platforms in the market. It materially expands both our growth opportunity and our relationship with customers over time. As of today, the Fold credit card is live with more than 1,000 cardholders, a reminder that this product officially launched into early access in March and that we are intentionally throttling access through a phased rollout. This allows us to validate systems, economics, underwriting, servicing, and risk assumptions as we scale. We remain on target with the rollout expectations and plan to continue expanding access through the quarters ahead as we work through our existing wait list of more than 80,000 potential users and our existing user base. We are extremely pleased with both the early demand and customer response. What is especially encouraging is the cohort behavior. Cardholders are already engaging with the multiple products in our ecosystem, validating our belief that the card can become both a powerful acquisition engine and a major driver of ecosystem engagement over time. Importantly, this cohort includes both entirely new customers and existing Fold users, deepening their engagement with the platform. We are also seeing strong signals that this is becoming a true primary card for users, exactly as we intended. Customers are using the card across everyday purchases, as well as larger spend categories like travel and major transactions. reinforcing our belief that the card can compete as a mainstream financial product, not simply as a niche Bitcoin card. And importantly, this rollout only represents the early foundations of the experience we intend to bring to market. The current release does not yet include the full reward structure, merchant experiences, benefits, and broader platform integrations that we anticipate in the future. Given the timing of the launch, the credit card did not materially contribute to Q1 results, but as access expands, we expect the card to become an increasingly important contributor to the transaction volume, customer acquisition, engagement, and revenue growth. In parallel, we have also been working diligently on securing additional capital facilities to support larger-scale growth of the credit card program. While we cannot discuss specifics today, we expect to share additional updates in the near future. The Bitcoin gift card also remains an important part of our growth strategy and continues to perform strongly. Through this product, we have onboarded thousands of new customers and reengaged existing users through a familiar retail experience. And many of these users are now engaging across the broader Fold ecosystem exactly as we expected. These are high-quality customers that we believe can create significant long-term value for both. And our flagship relationship with Kroger has been a success. We believe this model can scale nationally across additional retailers, and we intend to move aggressively to capture that opportunity. To support that growth, we are restructuring our gift card economics with distribution partners to materially reduce customer friction and improve retail placement opportunities. From a financial perspective, you should increasingly think about the gift card business as cost neutral on the front end, with the value compounding over time as users move into credit, exchange, rewards, debit, and additional Fold products, just as we've seen from the existing program. Another important milestone this quarter was the launch of the Fold Bitcoin Bonus Program with Steak and Shake and others. and we are already seeing meaningful interest from additional businesses exploring similar programs. Through the program, employees earn Bitcoin bonuses alongside their normal wages, turning everyday work into long-term savings and ownership. This is not a payroll replacement or a speculative trading product. It is the retention and savings tool built around long-term alignment. We believe what begins with Steak and Shake has the potential to expand from here, and we believe the Bitcoin bonus program has the ability to become the beachhead into a much larger business platform opportunity for Fold. In many ways, this is Fold extending the value already proven on the consumer side of the platform into businesses and employers at scale. The same infrastructure behind this product can naturally expand into payroll, employee benefits, corporate treasury, corporate rewards, and corporate spending tools over time. The credit card, our retail distribution, the business offerings launched this year are becoming the foundation of Fold's core platform going forward and what we believe can drive meaningful scale over time. We are already well into the next phase of product development and expect to provide additional guidance on upcoming launches soon. As these products come to market, we believe Fold is increasingly positioned to emerge not only as one of the best places to acquire Bitcoins, but also one of the strongest platforms for consumers to be rewarded for their financial activity overall, not just within Bitcoin, but across the broader rewards industry. Because of the timing of the credit card rollout, many of our upcoming launches will now occur in closer succession rather than across a longer staggered timeline, making for what we expect will be a very active and exciting period ahead for Fold with multiple launches, platform expansions, and additional developments still to come. With that, I'll turn it over to Wolf.