In a bold move to challenge the traditional airline miles loyalty programs, Bitcoin financial services firm Fold is betting big on Bitcoin rewards.
During the company’s Q4 and 2025 full-year earnings call, CEO Will Reeves confidently stated that Bitcoin rewards will overtake airline miles as the preferred consumer reward in the U.S. This ambitious goal is underpinned by Fold’s recent launch of a Bitcoin Rewards Credit Card, a Visa and Stripe-powered product designed to offer users cashback and rewards in Bitcoin.
Q4 Performance and Strategic Expansion
Fold reported an 8% surge in revenue to $9 million in the fourth quarter, despite a 3% year-over-year decline in transaction volume to $215 million. The company also recorded an operating loss of $6 million, contributing to a full-year net loss of $69.6 million. Despite these financial challenges, Reeves emphasized that Fold is on track to achieve its strategic goals. The company has added 2,000 new customers and rolled out several new products, including Fold for Business, which allows companies to integrate Bitcoin into payroll, bonuses, and corporate financial programs.
Building a Bitcoin-Native Financial Ecosystem
One of Fold’s most notable partnerships is with Steak ‘n Shake, which now accepts Bitcoin and offers employees bonuses in the cryptocurrency. Reeves noted that Fold has strengthened its balance sheet by extinguishing two outstanding convertible debt instruments, a move that removes structural overhang and directs financing solely to the growth of its operating businesses.
Challenges and Opportunities
Reeves acknowledged that to scale the card program to millions of cardholders, Fold must implement better risk and fraud controls. The company is also navigating the challenges of a volatile market, as evidenced by the nearly 50% reduction in its Bitcoin treasury from 1,527 BTC to 827 BTC. Despite these challenges, Reeves remains optimistic about the future, stating, “With the credit card now live, the launch of an enterprise product, and a cleaner capital structure in place, 2026 is about scaling what we’ve built across customer acquisition, engagement, cross-sell, and retention.”
Market Reaction and Forward-Looking Insights
Fold’s shares (FLD) have faced significant pressure, falling 59% so far in 2026 and 83.8% over the last 12 months. However, the company’s stock saw a brief 13.4% increase in after-hours trading following the earnings release, before falling 4.46% the next day. Reeves remains confident that Bitcoin rewards will revolutionize consumer loyalty programs, and Fold is positioning itself at the forefront of this trend.
As the cryptocurrency market continues to evolve, Fold’s focus on Bitcoin rewards and its strategic expansion into business and enterprise solutions could position it as a key player in the future of financial services. The company’s ability to navigate regulatory challenges and market volatility will be crucial in achieving its ambitious goals.
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