Bitcoin financial services firm Fold reported an 8% rise in Q4 revenue to $9 million, adding 2,000 customers amid expansion of its Bitcoin rewards platform.
The company recently launched the Fold Bitcoin Rewards Credit Card, powered by Visa and Stripe, offering cashback in BTC. CEO Will Reeves stated during the earnings call that Bitcoin rewards will surpass airline miles as the top consumer incentive in the U.S.
"These card programs need to scale to millions," Reeves said, citing risk and fraud controls as the main barrier to mass adoption.
Despite growth, Fold saw a 3% drop in transaction volume to $215 million and posted a $6 million operating loss in Q4, contributing to a full-year net loss of $69.6 million.
The firm has reduced its Bitcoin holdings from 1,527 BTC to 827 BTC year-to-date, while paying off $66 million in debt to streamline its capital structure.
Fold also launched Fold for Business, enabling corporate Bitcoin payroll and bonuses, with Steak ‘n Shake as a key partner.
Shares rose 13.4% in after-hours trading following the report but dipped 4.46% the next day to $1.07.