Fold
Overview
Fold is a notable Bitcoin financial services company based in Atlanta, United States, and was founded in 2014 by Corbin Pon and Will Reeves. The company is recognized for its innovative approach to integrating Bitcoin with traditional financial services, offering services such as NFC-enabled prepaid cards with Bitcoin rewards. Over the years, Fold has raised approximately $60.1 million through various funding rounds, with key investors including Craft Ventures and Slow Ventures. The company's services are accessible via their website, foldapp.com, and it is publicly traded on the NASDAQ under the ticker symbol FLD.
Recent Developments
In the past two years, Fold has seen significant growth and developments, particularly in 2025:
- August 2025: Fold Holdings reported $8.2 million in revenue for the second quarter, marking a 59% year-over-year increase. The company secured a $250 million equity purchase facility to support further expansion of its Bitcoin treasury, which now holds 1,492 BTC, valued at $160 million. This move strengthens its position as a leader in Bitcoin-centric financial services.
- May 2025: The company announced the launch of new products, including a Bitcoin Gift Card, and a forthcoming Bitcoin Rewards Credit Card, which has generated significant consumer interest with a waitlist exceeding 75,000 people.
- February 2025: Fold became the first Bitcoin financial services company to go public on the NASDAQ. This public offering underlines Fold's commitment to expanding its market presence and the utility of Bitcoin in everyday financial transactions.
- 2025 Initiatives: Fold is prioritizing the expansion of its Custody and Trading business by enhancing functionality and accessibility. The platform is set to expand geographically and introduce new features to handle larger Bitcoin orders, thereby broadening its customer base.
- 2024 Achievements: Fold completed a successful merger with FTAC Emerald Acquisition Corp., solidifying its Nasdaq listing and capital structure which supports its strategic growth initiatives.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2014 |
| Headquarters | Atlanta, United States |
| Founders | Corbin Pon, Will Reeves |
| Revenue | $7.1 million (Q1 2025) |
| Profits | -$48.9 million (Q1 2025) |
| Key Investors | Craft Ventures, Slow Ventures |
| Industry | Financial Services |
| Number of Employees | 37 |
Early History
Fold was conceptualized in 2014, with a vision to incorporate Bitcoin usage seamlessly into traditional financial frameworks. Founded by Corbin Pon and Will Reeves, the company aimed to offer Bitcoin-based incentives through prepaid cards initially. Early on, Fold captured the interest of Bitcoin enthusiasts by enabling users to earn Bitcoin through purchases. Simplifying the process of using Bitcoin in everyday transactions, Fold strategically positioned itself as a pioneer in the Bitcoin rewards landscape. Incremental funding and strategic partnerships enabled Fold to refine its product offerings and expand its user base, setting the stage for its current trajectory towards widespread Bitcoin integration.
Company Profile and Achievements
Fold's business model revolves around empowering users to earn, save, and spend Bitcoin as part of their daily financial activities. The Fold App and Bitcoin rewards card are central to its offerings, providing a user-friendly interface for consumers interested in Bitcoin.
- 2019: Significant growth in customer base and transaction volume due to strategic marketing initiatives and product enhancements.
- 2020-2021: Secured $39.9 million in a Series B funding round, instrumental for scaling operations and enhancing technology infrastructure.
- 2024: Achieved key milestones with the successful Nasdaq listing, following the merger with FTAC Emerald Acquisition Corp.
- 2025 Plans: Fold is set to launch new products that include the Fold Credit Card and expand its gift card offerings. These initiatives are aimed at further consolidating its presence in the Bitcoin financial services market.
Current Operations and Market Position
Fold maintains a robust presence in the burgeoning field of Bitcoin financial services. The company capitalizes on the growing adoption of cryptocurrency through expanding its financial product suite, focusing on consumer-friendly solutions such as Bitcoin rewards and payment cards. Recent financial reports indicate a 67% increase in transaction volumes and a 300% rise in new account openings year-over-year, showcasing Fold's compelling market traction and consumer interest. With a strategic emphasis on expanding its custody, trading, and Bitcoin gift card business lines, Fold looks to sustain its competitive edge in the Bitcoin ecosystem.
Conclusion
Fold has emerged as a frontrunner in integrating Bitcoin with conventional financial systems, notably becoming the first financial services company centered entirely on Bitcoin to go public on Nasdaq. Despite financial challenges, with reported net losses, its strategic expansions, innovative offerings, and investor confidence position Fold as a key player in the evolving Bitcoin landscape. As it continues to navigate the intricacies of digital and decentralized finance, Fold sets a precedent in leveraging Bitcoin for mainstream financial applications, with potential future impacts poised to make it a cornerstone of the financial services transition towards cryptocurrency adoption.