Fold Holdings, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to FOLD's second 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 would need to press star 11 on your telephone. You would then hear an automated message advising 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 like now to turn the conference over to Samir Jain, Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon, and thank you for joining us for Fold Holdings' second quarter 2026 earnings call. Joining me on the call today are Chairman and CEO Will Reeves and CFO Wolfe Repass. Before we begin, please note that the information reported on this goal speaks only as of today, August 11, 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 from the company's website at https://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 indicate 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 a 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 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 BOLD CEO, Will Reeves.

Good afternoon, everyone, and thank you for joining us. BOLD is entering an important new chapter. Over the past year, we've invested across consumer credit, banking infrastructure, merchant distribution, rewards, and new revenue engines. Today, much of that foundation is in place, and over the next few months, investors will begin to see those investments come together. Our credit card is performing well in early access. We've eliminated our secured debt and increased our financial flexibility. We've established the banking infrastructure to participate in the economics of customer deposits. and we're preparing to bring a much broader fold platform to market. Everything we've built has been in service of one objective, build the most rewarding financial platform in America. That progress is especially important given the environment we've been operating through. The second quarter remained challenging across the broader Bitcoin industry. Lower Bitcoin prices continued to pressure transaction activity, trading volume and consumer engagement and those conditions are reflected in our financial results. But we believe the more important story is how different Fold is becoming as a business. Historically, our economics have been heavily dependent on transaction activity. Going forward, we're building a broader financial platform designed around deeper, longer-term customer relationships and more durable sources of revenue. We believe the next generation of financial platforms won't be defined by the best individual products. They'll be defined by the strength of the customer relationship. That's the platform we're building, one that rewards customers not just for how they spend, but for how they save, build wealth, and manage their financial lives over time. At its core, Fold is expanding from solely a transaction business into a broader financial services company. Historically, FOLD generated most of its revenue from payment transactions. Card products, merchant offers, and exchange volumes have driven nearly all of our historical economics. Going forward, we are expanding beyond payments into additional traditional financial services, primarily those that encourage users to deposit and hold assets on the FOLD platform. This strategy allows us to participate in the economics of those assets and is intended to grow our investable cash, earn yield on that cash, and to use that yield to provide richer rewards to our customers. We believe that focusing on deepening the customer relationship can fundamentally change the economics of Fold. They create more predictable recurring cash flows, stronger customer relationships, greater customer lifetime value, and ultimately a business that's less dependent on transaction activity alone. We believe that's the economic foundation that allows us to sustainably deliver better products, stronger rewards, improved cash flows, and long-term growth. Delivering that strategy required infrastructure we simply didn't have a few years ago. Our recently announced partnership with LeadBank provides the foundation that enables us to bring expanded banking capabilities to more customers, participate in deposit economics, and support the next generation of the Fold platform. Additionally, over the past year, we have been building a proprietary bank-grade core ledger purpose-built for a multi-asset world. We believe this infrastructure is one of the most important long-term competitive advantages we have. The second major update is who Fold will be serving. Historically, Fold primarily served Bitcoin native customers. Going forward, we're building a platform for anyone who wants to be rewarded for managing their financial life. We believe expanding our addressable market to a broader audience will increase the value of the distribution, partnerships and infrastructure we've already built and lead to better growth opportunities for our business. Our conviction in Bitcoin hasn't changed. and we continue to believe it's a strategic long-term asset and will continue to grow in importance within financial services. Our strategy is simple. Build the best financial platform first, provide optionality to customers and create more opportunities for customers to discover the long-term benefits of Bitcoin over time. Of course, strategy only matters if you can execute. Our credit card has been the proving ground for the broader platform. Today, over 2,000 customers are participating in Early Access. The objective was to validate underwriting, fraud systems, servicing, financing, and the customer experience before scaling. And the results have reinforced our confidence. Interchange and lending economics continue to meet or exceed our expectations. and our per-swipe economics are profitable as it currently stands. We've improved underwriting, expanded approvals for qualified customers and built the operational confidence to support our broader rollout. During the quarter, we also de-risked our balance sheet in order to support these launches and our overall business. Specifically, we eliminated all of our secured debt to reduce treasury volatility and increased financial flexibility and kicked off initiatives to lower operational costs. Together, these milestones give us confidence that FOLD is entering its next chapter from a position of strength. With the platform, capital structure and operational foundation needed to pursue the opportunities ahead. The next few months don't consist merely of additional product launches. It's the period where investors will begin to see the foundation we've been building come together. We look forward to sharing more as those products come to market and discussing our progress with you on our next earnings call. With that, I'll turn it over to Wolfe to review our financial results.