Fold

What Fold does

Fold Holdings, Inc. (Nasdaq: FLD) is a publicly traded bitcoin financial services platform founded in 2019 (with corporate roots in 2014) that enables retail consumers to earn, buy, spend, and accumulate bitcoin through a single mobile and web application. The product stack centers on the unified Fold App integrating a Visa prepaid debit card (issued by Sutton Bank), the newly launched Visa-powered Bitcoin Rewards Credit Card (issued by Celtic Bank on Stripe Issuing, offering up to 4% bitcoin back), Bitcoin Gift Cards in partnership with TGCM FLDI (Totus), and the Fold Business B2B platform for employer bitcoin bonus programs. Underlying infrastructure includes BitGo Trust Company for cold-storage bitcoin custody with $250M in insurance coverage, Plaid and Astra for ACH funding, Incode for KYC/biometric identity verification, and Very Good Security for tokenization, with Unit21 and SardineAI providing fraud and AML decisioning.

Fold's monetization is multi-layered: (1) recurring subscription fees from Fold+ membership at $10/month or $100/year; (2) transaction fees on bitcoin purchases (1.5% standard, zero for Fold+); (3) interchange revenue from Visa card transactions; and (4) marketplace margin from gift card merchant partnerships. Distribution is product-led and direct-to-consumer through iOS/Android app stores and foldapp.com, layered with a B2B2C motion via Fold Business that integrates with existing payroll systems (Steak 'n Shake covering 10,000+ hourly workers and Simple Mining as flagship employers). Geographic scope is currently United States-only.

The company completed a SPAC business combination with FTAC Emerald Acquisition Corp. in early 2025 at an implied $365M valuation, raising a $20M bitcoin-backed convertible note in the process. FY2025 revenue was $31.8M (+34% YoY) on $960M of transaction volume across 84,000+ verified accounts, though Q1 2026 revenue declined 21.1% YoY amid weaker bitcoin markets. Fold retired $66.3M of convertible debt in February 2026 and secured a $150M senior secured revolving credit facility from Encina Lender Finance in May 2026 to scale credit card origination. The company holds approximately 1,527 BTC as a treasury asset.

Name

Fold

Legal name

Fold Holdings, Inc.

Website

https://foldapp.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Fold (Nasdaq: FLD) is a publicly traded bitcoin financial services platform enabling US consumers and employers to earn, buy, spend, and accumulate bitcoin via a unified mobile app offering a Visa prepaid debit card, Bitcoin Rewards Credit Card, gift cards, and B2B payroll-linked bitcoin bonuses.

Ownership category

akta.pro rank

Product category

Bitcoin Financial Services

NAICS

Credit Card Issuing (522210)

SIC

Finance Services (6199)

akta.pro primary industry

Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA)

akta.pro secondary industry

Token Operations & Wallet Back-Office (Sweeps, Rebalancing, Reconciliation) (FSADACAK)

Keywords

• Bitcoin rewards cards
• Bitcoin financial services
• Crypto debit cards
• Bitcoin payment platform
• Cryptocurrency payments

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Subscription Revenue (Fold+ Membership): Monthly or annual subscription fees from Fold+ premium membership ($10/month or $100/year). Provides zero fees on bitcoin buying/selling, enhanced cashback rates, no ATM or international fees, and priority access to new features.
2. Transaction Fees on Bitcoin Purchases: Standard 1.5% transaction fee on bitcoin purchases for Fold Member tier. Zero fees for Fold+ subscribers. Also includes Push-to-Card fees and network fees for bitcoin withdrawals.
3. Interchange Fees from Card Transactions: Earns interchange fees from Visa prepaid debit card and credit card transactions as card network participants. Cardholders earn bitcoin rewards while Fold earns share of transaction volume.
4. Gift Card Revenue: Revenue from gift card merchant partnerships where Fold earns margin on gift card purchases made through the platform, with additional bitcoin rewards earned by users.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Fold is a bitcoin financial services platform offering a unified mobile app and Visa-branded debit and credit cards that let users earn bitcoin rewards on everyday purchases, buy bitcoin (zero-fee for Fold+ subscribers), pay bills for bitcoin back, and stack bitcoin via Auto-Stack and Round-Ups. The Fold Business B2B platform enables employers to deliver recurring bitcoin bonuses through existing payroll systems.

Product overview

Fold is a bitcoin financial services platform offering a unified product suite centered on earning, buying, and living with bitcoin. The core platform consists of the Fold App, which integrates with the Fold Prepaid Debit Card (issued by Sutton Bank) and the Fold Bitcoin Credit Card (issued by Celtic Bank on Visa, powered by Stripe). Supporting products include Bitcoin Gift Cards (via Totus partnership) and the Fold Business B2B platform for employer bitcoin bonus programs. The Fold+ premium subscription unlocks enhanced features including zero-fee bitcoin transactions, higher reward rates, and early access to new features. The product emphasizes bitcoin accumulation through multiple mechanisms: card spending rewards, bill pay rewards, Auto-Stack! recurring purchases, Round-Ups, and direct deposit conversions. Bitcoin custody is provided by BitGo with $250M insurance coverage.

Differentiator

Problem solved

Functional benefit

Brands

• Fold Business: A B2B bitcoin financial platform that enables employers to deliver recurring bitcoin bonuses to employees, with payroll integration and corporate bitcoin treasury management services.
• Fold Bitcoin Credit Card
• Fold Prepaid Debit Card
• Fold Bitcoin Gift Card
• Fold+ Membership

Products and services

• Fold App Unified mobile and web platform serving as the gateway to earning, buying, and living on bitcoin. Consolidates bitcoin rewards, spending, bill payments, Auto-Stack, Round-Ups, Direct-to-Bitcoin, and account activity into a single financial hub for individual consumers.
• Fold Prepaid Debit Card Visa-branded prepaid debit card issued by Sutton Bank (Member FDIC) that enables users to earn bitcoin rewards on everyday purchases. Features include gift card rewards, bill pay rewards, ATM withdrawals, and pass-through FDIC insurance on USD balances up to $250,000.
• Fold Bitcoin Credit Card Visa credit card issued by Celtic Bank and powered by Stripe Issuing that offers up to 4% bitcoin back on eligible purchases (1.5% base rate plus behavior-based boosts including Direct-to-Bitcoin and statement-paid-in-bitcoin bonuses). No annual fee.
• Bitcoin Gift Cards Bitcoin-denominated gift cards purchasable in dollar amounts up to $500, provided in partnership with Totus. Redeemable for bitcoin through the Fold app, designed to make bitcoin accessible as a gift for friends and family.
• Fold Business (Bitcoin Bonus Program) B2B platform enabling employers to distribute recurring bitcoin bonuses to employees through existing payroll systems. Handles conversion, custody, vesting, and delivery of bitcoin bonuses. Flagship partners include Steak 'n Shake (10,000+ hourly workers) and Simple Mining.

Quantifiable outcome

• 68+ billion sats distributed to users since 2019 (~$45.5M value)
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature6 records

Partnerships

15 partnerships are on record, tiered flagship, core and general.

• Steak 'n ShakeflagshipGTM or Marketing Partner · 23 April 2026Flagship partner for Bitcoin Bonus Program, offering bitcoin bonuses to its 10,000+ hourly workers across the United States. Steak 'n Shake's burger-to-Bitcoin strategy has driven 'dramatically' higher same-store sales (11% Q2 2025, 15% Q3 2025), outpacing McDonald's, Domino's, and Taco Bell. Also offers $5 in bitcoin to customers purchasing certain meals at approximately 400 locations nationwide through a partnership with Fold.
• Simple MiningflagshipGTM or Marketing Partner · 23 April 2026Flagship partner for Bitcoin Bonus Program, allocating 1% of each employee's pay into bitcoin based on employment duration. Uses Fold Business platform to deliver recurring bitcoin bonuses without modifying payroll systems.
• VisacoreStrategic or Co-development Partner · 23 September 2025Visa serves as the global payments network for the Fold Bitcoin Rewards Credit Card, providing the payment infrastructure and card network that enables cardholders to earn bitcoin rewards on purchases worldwide.
• StripecoreTechnology or Integration · 23 September 2025Stripe provides the issuing infrastructure (Stripe Issuing) powering the Fold Bitcoin Rewards Credit Card, enabling card issuance, processing, and servicing on the Visa network.
• BitGo Trust Company, Inc.coreTechnology or IntegrationProvides digital-asset custody and settlement services. Bitcoin deposits stored in cold storage with $250 million insurance coverage through BitGo, protecting against copying and theft of private keys, insider theft or dishonest acts by BitGo employees, and loss of keys.
• Sutton BankcoreTechnology or IntegrationIssues the Fold Visa Prepaid Debit Card, Member FDIC. Provides pass-through FDIC insurance up to $250,000 for USD balances held on Fold cards.
• Celtic BankcoreStrategic or Co-development PartnerIssuing bank for the Fold Bitcoin Credit Card, a Utah-chartered bank. Evaluates applications, underwrites, originates, services, and enforces credit card accounts. Makes all credit decisions for the Fold Bitcoin Credit Card.
• TGCM FLDI, LLC (Totus)coreStrategic or Co-development PartnerPartner for Fold Bitcoin Gift Cards. Provides the gift card platform enabling purchase of bitcoin gift cards up to $500 through fold.cashstar.com and retail locations via bitcoingiftcards.store locator.
• Plaid Inc.coreTechnology or IntegrationOpen-banking provider facilitating bank account linking for instant funding, ACH transfers, and direct deposit connections. Credentials provided directly to Plaid, not to Fold.
• Astra, Inc.coreTechnology or IntegrationProvides instant funding and ACH transfer services for Fold users. Enables fast account funding and ACH credit/debit transactions to and from Fold cards.
• Incode Technology, Inc.generalTechnology or IntegrationIdentity verification service collecting biometric data to verify user identity during account creation and KYC compliance processes.
• Very Good Security, Inc.generalTechnology or IntegrationTokenization service storing sensitive data and returning tokenized values for secure data handling across Fold's platform.
• Marqeta, Inc.generalTechnology or IntegrationCard issuing and processing services provider supporting Fold's card infrastructure.
• Unit21, Inc.generalTechnology or IntegrationFraud and AML analytics plus case management service helping Fold detect and prevent financial crime.
• SardineAI Corp.generalTechnology or IntegrationFraud and risk decisioning tools providing additional risk protection for Fold's financial services.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Block (Cash App): Block's Cash App offers Bitcoin buying/selling and a Cash Card with cashback rewards, directly competing with Fold's core bitcoin rewards debit/credit card and bitcoin-buying products. Both target retail consumers seeking passive bitcoin accumulation through everyday spending.
• Coinbase: Coinbase offers bitcoin trading, a Coinbase Card with crypto rewards, and a US debit card program, competing head-to-head with Fold on bitcoin purchase and card-based accumulation. As a publicly listed US crypto leader, it is a key comparable for product breadth, regulatory positioning, and consumer brand.
• Robinhood: Robinhood offers commission-free crypto trading, crypto wallets, and a Robinhood Gold Card with rewards, directly competing with Fold on consumer crypto accumulation via debit/credit cards. Comparable as a publicly listed US fintech with a similar product-overlap on retail crypto rewards cards.
• Strike: Strike is a Bitcoin payments and savings app offering zero-fee bitcoin purchases, a debit-style card, and merchant payment tools, closely mirroring Fold's bitcoin-buying and everyday-spend thesis. Both target bitcoin-focused consumers seeking low-cost accumulation and integration with daily finances.
• Swan Bitcoin: Swan Bitcoin is a Bitcoin-only financial services platform offering recurring bitcoin purchases, IRA bitcoin investing, and BTC-backed lending, closely aligned with Fold's DCA/accumulation value proposition. Comparable as a bitcoin-native retail platform focused on long-term accumulation.
• Gemini: Gemini operates a US-regulated crypto exchange, custody, and a Gemini Credit Card with crypto rewards, directly competing with Fold's bitcoin rewards credit card. Both emphasize regulatory compliance, US focus, and bitcoin rewards through Visa card products.
• BitPay: BitPay is a Bitcoin payment processor offering a BitPay debit/prepaid card with crypto rewards and merchant gift card services. Directly comparable to Fold on bitcoin rewards cards and gift card distribution, though Fold differentiates with stronger bill-pay rewards and a unified consumer app.

Emerging players

• Abra Financial Services: Abra offers crypto trading, lending, and a Visa-backed Abra Card with crypto rewards, comparable to Fold as a multi-product crypto consumer platform. Less established in bitcoin rewards specifically but overlaps on the consumer-card-plus-crypto thesis.

Broad incumbents

• PayPal / Venmo: PayPal and Venmo offer crypto buying/selling plus crypto cashback rewards on their cards within a much broader payments suite. Comparable to Fold as a network-branded card issuer with bitcoin rewards, but Fold is a specialist whereas PayPal is a broad incumbent.
• Visa (crypto card programs): Visa is the underlying network for Fold's debit and credit cards and operates a broad crypto card partner program with multiple issuers. While not a direct competitor, Visa's partner economics and continued crypto-card network support materially affect Fold's unit economics and product capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/fold_app
• LinkedInlinkedin.com/company/card-for-coin
• Instagraminstagram.com/foldapp
• Facebookfacebook.com/FoldBitcoin

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds11 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fold