Fold Q4 revenue up, CEO sees Bitcoin rewards overtaking air miles

Fold CEO Will Reeves said it is focused on scaling its 2026 product line after paying off two convertible debts, removing overhang and enabling it to focus on growth.

Bitcoin financial services firm Fold reported an 8% surge in revenue in Q4 to $9 million as it gained another 2,000 customers and rolled out more products aimed at integrating Bitcoin reward schemes into consumer spending.

The results come just weeks after it released a Fold Bitcoin Rewards Credit Card, a Visa and Stripe-powered product, offering users cashback and rewards.

During Fold’s Q4 and 2025 full-year earnings call on Tuesday, CEO Will Reeves said they believe that “Bitcoin rewards will overtake the airline miles as the preferred consumer reward in the US.”

“That means that these card programs and our card program needs to scale to millions of cardholders,” Reeves said, adding that better risk and fraud controls must be implemented before it can “really open the floodgates” for mass adoption.

Coinbase, Gemini, Swan Bitcoin and River Financial are among the other crypto platforms offering Bitcoin (BTC) credit card rewards in the US.

Despite the optimism, Fold recorded a 3% year-on-year fall in transaction volume to $215 million and an operating loss of $6 million, contributing to a full-year net loss of $69.6 million for 2025, the company reported in its latest financial statement.

However, Reeves said Fold still hit its goals in its first full year as a public company, stating:

Fold’s more recent products include Fold for Business, enabling companies to include Bitcoin in payroll, bonuses, and corporate financial programs. 

One of its most notable partners is Steak ‘n Shake, which accepts Bitcoin and pays employees bonuses in Bitcoin.

Reeves noted that Fold has strengthened its balance sheet by “extinguishing our two outstanding convertible debt instruments.” 

This “removes structural overhang and directs financing solely to the growth of our operating businesses,” he said.

Despite Reeves’ confidence for the remainder of 2026, Fold has nearly sliced its Bitcoin treasury in half. 

Its holdings, which stood at 1,527 BTC at the end of last year, have dropped to 827 BTC as of March 17.

The Bitcoin selloff comes as Fold (FLD) shares have now fallen 59% so far in 2026 and 83.8% over the last 12 months, Google Finance data shows.

Related: Bitcoiner Jack Mallers vows not to let Twenty One distract from Strike

FLD rose in after-hours on Tuesday after its results came out, increasing 13.4% to $1.27. 

However, the company's shares then fell 4.46% on Wednesday, sending its share price back to $1.07.

Magazine: Big Questions: Can Bitcoin save you from the dreaded Cantillon Effect?

Source: CoinTelegraph