Fold Holdings Q1 Revenue Drops 21%, $29.2M Net Loss, 1,000 Cards Issued
Fold Holdings reported Q1 2026 revenue of $5.6 million, down 21.1% year-on-year, and net loss of $29.2 million with adjusted EBITDA loss of $5.8 million. Transaction volume fell 32% to $172 million, while the company added nearly 2,000 verified accounts and issued over 1,000 Bitcoin Rewards Credit Cards.
1. Q1 Financial Highlights
Fold Holdings generated $5.6 million in revenue for Q1 2026, marking a 21.1% decline year-on-year, and recorded a net loss of $29.2 million with an adjusted EBITDA loss of $5.8 million and a loss per share of $0.59.
2. Operating Performance Metrics
Transaction volume fell 32% year-on-year to $172 million as lower Bitcoin prices weighed on customer activity, while total verified accounts increased to nearly 85,000 with around 2,000 additions during the quarter; the company’s treasury held 826 BTC at quarter end.
3. Bitcoin Rewards Credit Card Expansion
The Fold Bitcoin Rewards Credit Card reached over 1,000 active cards, drawing from an 80,000-strong waiting list, and early cohort data show strong cross-product usage, positioning the card as a key acquisition tool within the Fold ecosystem.
4. Gift Card Restructuring Strategy
Fold is restructuring fees on its Bitcoin Gift Card to reduce customer friction and expand retail placement, leveraging its Kroger relationship across 2,000 store locations to onboard new users and drive wider ecosystem engagement.