Fold, a bitcoin-focused financial services firm, reported a net loss of $69.6 million for 2025, despite a 34% revenue increase to $31.8 million. Operating losses surged nearly fivefold to $27.7 million, driven by a $9.6 million charge to retire convertible bonds. CEO Will Reeves described the bond retirement as strategic, aiming to simplify the balance sheet and focus on growth. The company added 13,000 new customers, reaching 84,000 verified accounts, with transaction volume rising 46% to $960 million. Fold's expansion into credit cards, offering Bitcoin rewards, marks a bold move into a capital-intensive market. The firm aims to capture a share of the $5 trillion U.S. credit card market, despite current financial challenges.