Fold’s Bitcoin Gift Cards Gain Traction as Q3 Revenue Reaches $4.2M
Fold reported third-quarter revenue of $4.2 million and a net loss of $2.6 million. It said TikTok Shop became its largest gift-card and customer-acquisition channel, helping increase custody and trading revenue by about 270%. Fold also reported more than 88,500 verified accounts and roughly 2,500 early-access credit-card holders as it promotes Reserve and partner-bank spending accounts. Adjusted EBITDA loss narrowed to $4.5 million from $5.5 million in the prior quarter, but remained negative. The results highlight Fold’s efforts to turn Bitcoin rewards and easier access into lasting customer engagement; profitability will depend on retention, activity and whether acquisition and reward costs are sustainable. Reserve is stored value, not an FDIC-insured deposit, and Bitcoin holdings lack FDIC or SIPC protection.
