Fold Holdings Reports 44% Revenue Decline Amid Shift to TikTok Shop Customer Acquisition
Fold Holdings (FLD) reported a significant decline in third-quarter revenue, falling 44% year-over-year to $4.16 million. The Phoenix-based bitcoin financial services firm transitioned from a net income of $554,242 last year to a net loss of $2.65 million for the quarter ended September 30. Despite the revenue drop, the company highlighted TikTok Shop as its largest new customer acquisition channel following the July launch of its bitcoin gift card. CEO Will Reeves characterized the period as an inflection point, signaling a strategic pivot from transaction-based revenue to earning from customer balances via products like Fold Reserve. While total transaction volume reached $159 million, the company is focused on scaling through new spending accounts and an upcoming financing partner for its credit card program. To maintain Nasdaq compliance, stockholders have also approved a reverse stock split authorization.
Tickers: $KR
Topics: Bitcoin gift cards Business model shift Net loss Revenue decline TikTok Shop partnership
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