Dallas, Texas--(Newsfile Corp. - November 13, 2025) - Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners initiates their coverage on Fold Holdings Inc. (NASDAQ: FLD). Fold delivered revenue of $7.4M, net income of $0.6M, and adj EBITDA of $(4.2)M as legacy products continued to scale. Operating KPIs moved in tandem as the Company saw $265M in total transaction volume for the quarter, 10K+ net new accounts, and 3K+ new verified accounts. As of 3Q25, new accounts rose 2.1 y/y while transaction volumes climbed ~41% y/y, and management reiterated typical seasonal strength. We note that the Company maintained almost 50% top line growth over last year, and it is our expectation that this strong growth momentum will be carried into a seasonally strong 4Q. Management noted that headcount has roughly doubled y/y while maintaining margin, demonstrating early operating leverage in the model. Overall, the quarter reflected improving operating leverage with focused, disciplined spend on distribution and product.

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Key Takeaways:

• Revenue was $7.4M up 41% y/y with net income of $0.6M and $235M in quarterly transaction volume.
• Strengthened liquidity with a new $45M revolving credit facility alongside an existing $250M equity facility and a 1,526 BTC treasury.
• Product momentum continued as the Visa and Stripe credit card nears launch with a 75,000+ waitlist with the Bitcoin Gift Card expanding to ~2,000 Kroger locations with a Steak 'n Shake promotion.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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