Digital Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

5. DIGITAL ASSETS

The Company holds digital assets, comprised solely of bitcoin, for two purposes: (1) to fulfill bitcoin rewards to customers in accordance with the terms and conditions of the Fold Rewards Program (“Rewards Treasury”); and (2) as a treasury asset with the intention to hold as a long-term investment (“Investment Treasury”). The Company purchases bitcoin for its Rewards Treasury to maintain a balance that is equal to or greater than its customer rewards liability and disburses bitcoin from its Rewards Treasury when customers redeem their rewards and the liability is satisfied.

The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:


	September 30, 2025		December 31, 2024
Rewards treasury (USD)	$	9,295,587	$	8,569,651
Investment treasury (USD)		170,392,495		93,568,700
Total bitcoin treasury (USD)	$	179,688,082	$	102,138,351


	September 30, 2025		December 31, 2024
Rewards treasury (BTC)		81		92
Investment treasury (BTC)		1,494		1,002
Total bitcoin treasury (BTC)		1,575		1,094

As of September 30, 2025 and December 31, 2024, the Company held 1,575 and 1,094 bitcoin, respectively, with an aggregate cost of $114.3 million and $67.9 million, respectively. As of September 30, 2025, 800 bitcoin are restricted from use in operations under collateral agreements related to our convertible notes. Refer to Note 10 for further details.

A reconciliation, in the aggregate, of beginning and ending balances of the Company’s digital assets as of the dates shown is as follows:


	Rewards Treasury			Investment Treasury			Digital Assets
Bitcoin held at January 1, 2024	$	5,333,384		$	82,631		$	5,416,015
Purchases of bitcoin		1,187,899			118,165			1,306,064
Disbursements of bitcoin (1)		(2,684,324	)		-			(2,684,324	)
Proceeds from SAFE financings received in bitcoin		-			64,106,134			64,106,134
Proceeds from sale of bitcoin		(104,868	)		-			(104,868	)
Remeasurement gain (loss) on bitcoin		2,639,860			(377,039	)		2,262,821
Bitcoin held at September 30, 2024	$	6,371,951		$	63,929,891		$	70,301,842
Purchases of bitcoin		560,305			14,194			574,499
Disbursements of bitcoin (1)		(1,355,787	)		-			(1,355,787	)
Remeasurement gain (loss) on bitcoin		2,993,182			29,624,615			32,617,797
Bitcoin held at December 31, 2024	$	8,569,651		$	93,568,700		$	102,138,351
Purchases of bitcoin		1,484,291			1,654,332			3,138,623
Bitcoin received from March 2025 Investor Note (2)		-			43,965,525			43,965,525
Disbursements of bitcoin (1)		(2,762,889	)		-			(2,762,889	)
Other bitcoin		42,731			-			42,731
Remeasurement gain (loss) on bitcoin		1,961,803			31,203,938			33,165,741
Bitcoin held at September 30, 2025	$	9,295,587		$	170,392,495		$	179,688,082

(1) Disbursements of bitcoin represent amounts that were distributed to customers to fulfill customer rewards obligations or to satisfy other current obligations.

(2) The bitcoin received from the March 2025 Investor Note is net of prepaid interest. Refer to Note 10 for additional details.

The remeasurement gain of $10.9 million recognized on the digital assets balances for the three months ended September 30, 2025 consisted of a realized gain of $0.9 million and an unrealized gain of $10.0 million. The remeasurement gain of $0.8 million recognized on the digital assets balance for the three months ended September 30, 2024 consisted of a realized gain of $0.4 million and an unrealized gain of $0.4 million.

The remeasurement gain of $33.2 million recognized on the digital assets balances for the nine months ended September 30, 2025 consisted of a realized gain of $2.0 million and an unrealized gain of $31.2 million. The remeasurement gain of $2.3 million recognized on the digital assets balance for the nine months ended September 30, 2024 consisted of a realized gain of $1.9 million and an unrealized gain of $0.4 million.