Stonegate Capital Partners Updates Coverage on Fold Holdings Inc. Amid Strong Growth and Market Challenges

Stonegate Capital Partners has updated its coverage on Fold Holdings Inc. (NASDAQ: FLD), highlighting the company's exit from fiscal year 2025 with solid momentum despite ongoing profitability challenges. Fold delivered revenue of $31.8 million, representing a 34% year-over-year increase, on transaction volume of $960 million, which grew 46% year-over-year. The company ended the year with more than 84,000 verified accounts, a 20% increase from the previous year, including approximately 13,000 net additions. These figures validate the platform's growing traction in the market.

While the company demonstrated strong growth metrics, profitability remained pressured by ongoing investment initiatives. Fold reported an operating loss of $27.7 million and adjusted EBITDA of negative $17.2 million for the fiscal year. Stonegate Capital Partners noted that the year still reflected continued platform scaling, broader product reach, and improving monetization strategies. The firm emphasized that Fold's credit card, gift cards, and Fold for Business offerings meaningfully expand monetization, engagement, and customer acquisition heading into fiscal year 2026.

The fourth quarter of 2025 presented a more mixed picture, with revenue rising 8% year-over-year to $9.1 million while key operating metrics softened. Transaction volume declined 3% year-over-year to $215 million, and verified account growth moderated to approximately 2,000 net additions. Stonegate attributed this softening to weaker bitcoin market conditions, viewing the challenges as more market-driven than structural issues within Fold's business model. The firm maintains that the company's sizable bitcoin treasury and flexible balance sheet provide added liquidity to support execution as new products scale.

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Their analysis suggests that Fold's platform has achieved real scale momentum, with the 34% revenue growth and 46% transaction processing volume growth validating the company's market position. For more detailed information, the full announcement including downloadable images and additional materials is available at https://www.stonegateinc.com. The firm's affiliate, Stonegate Capital Markets, provides a full spectrum of investment banking, equity research and capital raising services for public and private companies.