<p>Fold Holdings, Inc. ((FLD)) 已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Fold Holdings 最近的财报电话会议描绘了一个复杂的局面，结合了对新产品的信心和更强的资产负债表，同时也清晰地警示了比特币大幅下跌带来的明显警告信号。管理层强调了有序扩张、积极的单位经济和可观的比特币储备，但也面对了短期内交易量和收入的急剧下降以及更深的调整后 EBITDA 亏损。</p>
<h2>信用卡推出及早期反响</h2>
<p>Fold 的新信用卡于 3 月进入早期访问阶段，目前已有超过 1,000 名用户，等待名单超过 8,000 名潜在持卡人。早期用户似乎将其视为日常和大额消费的主要卡片，而管理层故意限制推出，以验证承保、欺诈控制和整体单位经济。</p>
<h2>比特币礼品卡推动用户获取</h2>
<p>比特币礼品卡仍然是一个关键的用户获取引擎，吸引了数千名新客户并重新激活了沉睡用户，特别是通过大型超市等零售分销合作伙伴。管理层正在重新设计礼品卡的经济模式，以大幅削减或甚至取消面向客户的费用，旨在加速采用并扩大分销，而不牺牲长期价值。</p>
<h2>新的比特币奖金计划针对雇主</h2>
<p>Fold 为企业推出了比特币奖金计划，早期合作伙伴包括知名餐饮连锁和其他雇主，使员工能够以比特币形式获得奖金。来自公司和员工的早期反馈积极，管理层看到一个覆盖小型企业到大型企业的广阔市场，未来可能扩展到薪资、福利和企业支出。</p>
<h2>公司层面的成本削减</h2>
<p>本季度运营费用从去年同期的 1,660 万美元降至 1,340 万美元，减少了约 19%，显示出更严格的成本控制。下降的原因是直接成本降低、股权激励减少和专业服务费用降低，为抵御较弱的收入趋势提供了一定的缓冲。</p>
<h2>净亏损同比改善</h2>
<p>净亏损在 2026 年第一季度显著缩小至 2,920 万美元，较 2025 年第一季度的 4,890 万美元有所改善，反映出多个非运营和成本类别的改善。尽管业务仍未盈利，但这一年同比的进展表明，之前的重组和成本措施开始在损益表中显现效果。</p>
<h2>更强的现金状况和更简单的资本结构</h2>
<p>现金及现金等价物从年末的 770 万美元增加至 1,150 万美元，使 Fold 在资金扩展产品方面更具灵活性。公司还偿还了现有的可转换债券，简化了资本结构，并改善了未来融资选项，以追求新的信贷设施。</p>
<h2>资产负债表上的可观比特币储备</h2>
<p>Fold 在季度末持有 826 个比特币，投资储备的价值接近 6,700 万美元，提供了可观的战略资产基础。如果比特币价格回升，这一头寸提供了潜在的上行空间，但也将公司的一部分财务状况与加密市场的波动性联系在一起。</p>
<h2>所有产品均实现正贡献利润率</h2>
<p>管理层强调，当前的每个产品线均产生正的贡献利润率，这意味着即使在今天的规模下，增量使用也能增加价值。这一结构使 Fold 在交易量和客户数量增长时能够获得不成比例的收益，尤其是随着新产品的成熟。</p>
<h2>交易量大幅下降</h2>
<p>第一季度交易量同比下降 31%，反映出比特币价格从近期高点急剧回落，导致行业整体回调。这一下降突显了 Fold 对加密周期的敏感性，消费者交易和支出活动的减少对短期增长造成了压力。</p>
<h2>收入下降与活动减弱相符</h2>
<p>总收入同比下降 21%，与交易活动减少和比特币下跌期间消费者参与度减弱相呼应。新产品（包括信用卡）的货币化时机也限制了本季度的收入抵消。</p>
<h2>调整后 EBITDA 恶化</h2>
<p>调整后 EBITDA 为负 580 万美元，较去年同期的负 420 万美元恶化，显示出经营亏损扩大。恶化的原因是工资成本上升和产品开发及市场营销投资增加，即使交易量下滑。</p>
<h2>运营中使用的现金增加</h2>
<p>净现金用于经营活动从去年同期的 500 万美元上升至 660 万美元，尽管削减成本，但短期现金消耗增加。这一趋势突显了扩大收入生成产品和确保融资以支持信用卡增长的重要性。</p>
<h2>比特币市场压力影响关键绩效指标</h2>
<p>管理层将较弱的绩效指标直接与比特币价格从 10 月高点到 2 月的近 50% 下滑联系在一起，这抑制了消费者支出和投资行为。他们指出，2 月标志着核心关键绩效指标的年初至今的底部，表明条件可能正在从这些低点稳定下来。</p>
<h2>部分比特币储备作为抵押品质押</h2>
<p>在持有的 826 个比特币中，430 个 BTC 被质押作为信贷设施的抵押品，减少了可立即用于其他用途的数量。这一安排支撑了当前融资，但也限制了流动性，为资产负债表增加了另一层风险管理。</p>
<h2>信用卡尚未对收入产生实质影响</h2>
<p>由于新信用卡于三月开始早期访问并采取分阶段推出策略，因此尚未对季度收入产生实质性贡献。管理层强调，该卡的实际财务影响取决于成功扩展和获得额外融资设施，以支持更高的信用额度和用户增长。</p>
<h2>前瞻性指导和战略重点</h2>
<p>展望未来，Fold 计划将其信用卡用户从目前的 1000 多名和 8000 多名候补名单扩展到数万甚至数十万持卡人，这取决于经过验证的风险模型和获得仓储式融资。公司旨在使该卡成为交易量和收入的关键驱动因素，改革比特币礼品卡费用以实现成本中立以促进渠道增长，并扩大其比特币奖励计划，同时控制固定成本并在充满挑战的加密环境中改善利润率。</p>
<p>Fold 的财报电话会议展示了一家在产品创新和单位经济学方面不断努力的公司，同时应对比特币大幅回调的拖累。对于投资者而言，故事的关键在于新兴产品如信用卡和商业奖励计划是否能够快速扩展，并获得足够的融资，将今天的正贡献利润转变为可持续的盈利路径。</p>

GBTC

COIN

<p>Fold Holdings, Inc. (FLD) 发布了第一季度财报，显示在比特币下跌的背景下前景复杂。该公司推出了一款信用卡，用户超过 1,000 人，等待名单有 8,000 人，同时比特币礼品卡正在推动用户获取。运营费用下降了 19%，净亏损缩小至 2,920 万美元。然而，交易量同比下降了 31%，导致收入下降 21%。该公司持有 826 个比特币，价值近 6,700 万美元，这使其财务状况与加密市场的波动性紧密相关。管理层仍然专注于扩大收入生成产品，尽管面临当前挑战</p>

<p>Fold Holdings, Inc. ((FLD)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Fold Holdings, Inc. ((FLD)) 已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Fold Holdings’ latest earnings call painted a nuanced picture, blending confidence in new products and a stronger balance sheet with clear warning signs from a harsh Bitcoin downturn. Management stressed disciplined scaling, positive unit economics and a sizable Bitcoin treasury, but also confronted sharp volume and revenue declines and a deeper adjusted EBITDA loss in the near term.</p>
<div class="lb-trans"><p>Fold Holdings 最近的财报电话会议描绘了一个复杂的局面，结合了对新产品的信心和更强的资产负债表，同时也清晰地警示了比特币大幅下跌带来的明显警告信号。管理层强调了有序扩张、积极的单位经济和可观的比特币储备，但也面对了短期内交易量和收入的急剧下降以及更深的调整后 EBITDA 亏损。</p>
</div><h2>Credit Card Launch and Early Traction</h2>
<div class="lb-trans"><h2>信用卡推出及早期反响</h2>
</div><p>Fold’s new credit card moved into early access in March and is already live with more than 1,000 users, backed by a waitlist exceeding 8,000 potential cardholders. Early cohorts appear to treat it as a primary card for both everyday and larger purchases, while management deliberately throttles rollout to validate underwriting, fraud controls and overall unit economics.</p>
<div class="lb-trans"><p>Fold 的新信用卡于 3 月进入早期访问阶段，目前已有超过 1,000 名用户，等待名单超过 8,000 名潜在持卡人。早期用户似乎将其视为日常和大额消费的主要卡片，而管理层故意限制推出，以验证承保、欺诈控制和整体单位经济。</p>
</div><h2>Bitcoin Gift Card Drives User Acquisition</h2>
<div class="lb-trans"><h2>比特币礼品卡推动用户获取</h2>
</div><p>The Bitcoin Gift Card remains a key acquisition engine, onboarding thousands of new customers and reactivating dormant users, particularly through retail distribution partners like major grocers. Management is redesigning gift card economics to sharply cut or even remove customer-facing fees, aiming to speed adoption and widen distribution without sacrificing long-term value.</p>
<div class="lb-trans"><p>比特币礼品卡仍然是一个关键的用户获取引擎，吸引了数千名新客户并重新激活了沉睡用户，特别是通过大型超市等零售分销合作伙伴。管理层正在重新设计礼品卡的经济模式，以大幅削减或甚至取消面向客户的费用，旨在加速采用并扩大分销，而不牺牲长期价值。</p>
</div><h2>New Bitcoin Bonus Program Targets Employers</h2>
<div class="lb-trans"><h2>新的比特币奖金计划针对雇主</h2>
</div><p>Fold introduced a Bitcoin bonus program for businesses, with early partners including well-known restaurant chains and other employers, enabling staff to earn bonuses in Bitcoin. Early feedback from companies and employees is positive, and management sees a large market spanning small businesses to enterprises, with potential extensions into payroll, benefits and corporate spend.</p>
<div class="lb-trans"><p>Fold 为企业推出了比特币奖金计划，早期合作伙伴包括知名餐饮连锁和其他雇主，使员工能够以比特币形式获得奖金。来自公司和员工的早期反馈积极，管理层看到一个覆盖小型企业到大型企业的广阔市场，未来可能扩展到薪资、福利和企业支出。</p>
</div><h2>Company-Level Cost Reductions</h2>
<div class="lb-trans"><h2>公司层面的成本削减</h2>
</div><p>Operating expenses fell to $13.4 million in the quarter from $16.6 million a year earlier, a reduction of roughly 19% that signals tighter cost discipline. The decline was driven by lower direct costs, reduced share-based compensation and lower professional services fees, providing some cushion against weaker top-line trends.</p>
<div class="lb-trans"><p>本季度运营费用从去年同期的 1,660 万美元降至 1,340 万美元，减少了约 19%，显示出更严格的成本控制。下降的原因是直接成本降低、股权激励减少和专业服务费用降低，为抵御较弱的收入趋势提供了一定的缓冲。</p>
</div><h2>Improved Net Loss Year-over-Year</h2>
<div class="lb-trans"><h2>净亏损同比改善</h2>
</div><p>Net loss narrowed meaningfully to $29.2 million in Q1 2026 from $48.9 million in Q1 2025, reflecting improvements across several non-operating and cost categories. While the business remains unprofitable, this year-over-year progress shows that prior restructuring and cost actions are starting to flow through the income statement.</p>
<div class="lb-trans"><p>净亏损在 2026 年第一季度显著缩小至 2,920 万美元，较 2025 年第一季度的 4,890 万美元有所改善，反映出多个非运营和成本类别的改善。尽管业务仍未盈利，但这一年同比的进展表明，之前的重组和成本措施开始在损益表中显现效果。</p>
</div><h2>Stronger Cash Position and Simpler Capital Structure</h2>
<div class="lb-trans"><h2>更强的现金状况和更简单的资本结构</h2>
</div><p>Cash and cash equivalents increased to $11.5 million from $7.7 million at year-end, giving Fold more flexibility to fund product expansion. The company also extinguished its existing convertible notes, simplifying its capital structure and improving future financing options as it pursues new credit facilities.</p>
<div class="lb-trans"><p>现金及现金等价物从年末的 770 万美元增加至 1,150 万美元，使 Fold 在资金扩展产品方面更具灵活性。公司还偿还了现有的可转换债券，简化了资本结构，并改善了未来融资选项，以追求新的信贷设施。</p>
</div><h2>Significant Bitcoin Treasury on the Balance Sheet</h2>
<div class="lb-trans"><h2>资产负债表上的可观比特币储备</h2>
</div><p>Fold ended the quarter holding 826 Bitcoin in its investment treasury, valued at nearly $67 million as of March 31, providing a sizable strategic asset base. This position offers potential upside if Bitcoin prices recover, though it also ties part of the company’s financial profile to crypto market volatility.</p>
<div class="lb-trans"><p>Fold 在季度末持有 826 个比特币，投资储备的价值接近 6,700 万美元，提供了可观的战略资产基础。如果比特币价格回升，这一头寸提供了潜在的上行空间，但也将公司的一部分财务状况与加密市场的波动性联系在一起。</p>
</div><h2>All Products Deliver Positive Contribution Margins</h2>
<div class="lb-trans"><h2>所有产品均实现正贡献利润率</h2>
</div><p>Management highlighted that every current product line generates positive contribution margins, meaning incremental usage adds value even at today’s scale. This structure positions Fold to benefit disproportionately when transaction volumes and customer numbers grow, especially as new offerings mature.</p>
<div class="lb-trans"><p>管理层强调，当前的每个产品线均产生正的贡献利润率，这意味着即使在今天的规模下，增量使用也能增加价值。这一结构使 Fold 在交易量和客户数量增长时能够获得不成比例的收益，尤其是随着新产品的成熟。</p>
</div><h2>Material Declines in Transaction Volumes</h2>
<div class="lb-trans"><h2>交易量大幅下降</h2>
</div><p>Transactional volumes fell 31% year-over-year in Q1, reflecting an industry-wide pullback as Bitcoin prices retreated sharply from recent highs. The drop underscores Fold’s sensitivity to crypto cycles, with lower consumer trading and spending activity pressuring near-term growth.</p>
<div class="lb-trans"><p>第一季度交易量同比下降 31%，反映出比特币价格从近期高点急剧回落，导致行业整体回调。这一下降突显了 Fold 对加密周期的敏感性，消费者交易和支出活动的减少对短期增长造成了压力。</p>
</div><h2>Revenue Decline Tracks Weaker Activity</h2>
<div class="lb-trans"><h2>收入下降与活动减弱相符</h2>
</div><p>Total revenues decreased 21% year-over-year, mirroring reduced trading activity and softer consumer engagement during the Bitcoin slump. The timing of monetization from newer products, including the credit card, also limited revenue offsets in the quarter.</p>
<div class="lb-trans"><p>总收入同比下降 21%，与交易活动减少和比特币下跌期间消费者参与度减弱相呼应。新产品（包括信用卡）的货币化时机也限制了本季度的收入抵消。</p>
</div><h2>Adjusted EBITDA Deterioration</h2>
<div class="lb-trans"><h2>调整后 EBITDA 恶化</h2>
</div><p>Adjusted EBITDA came in at negative $5.8 million, worse than the negative $4.2 million recorded a year ago, signaling an expanded operating loss. The deterioration was driven by higher payroll costs and stepped-up investment in product development and marketing, even as volumes sagged.</p>
<div class="lb-trans"><p>调整后 EBITDA 为负 580 万美元，较去年同期的负 420 万美元恶化，显示出经营亏损扩大。恶化的原因是工资成本上升和产品开发及市场营销投资增加，即使交易量下滑。</p>
</div><h2>Increased Cash Used in Operations</h2>
<div class="lb-trans"><h2>运营中使用的现金增加</h2>
</div><p>Net cash used in operating activities rose to $6.6 million from $5.0 million in the prior-year period, indicating higher near-term cash burn despite cost cuts. This trend highlights the importance of scaling revenue-generating products and securing financing to support card growth.</p>
<div class="lb-trans"><p>净现金用于经营活动从去年同期的 500 万美元上升至 660 万美元，尽管削减成本，但短期现金消耗增加。这一趋势突显了扩大收入生成产品和确保融资以支持信用卡增长的重要性。</p>
</div><h2>Bitcoin Market Pressure Weighs on KPIs</h2>
<div class="lb-trans"><h2>比特币市场压力影响关键绩效指标</h2>
</div><p>Management linked weaker performance metrics directly to a nearly 50% slide in Bitcoin prices from the October peak to February, which dampened consumer spending and investment behavior. They noted that February marked a year-to-date bottom across core KPIs, suggesting conditions may be stabilizing from those lows.</p>
<div class="lb-trans"><p>管理层将较弱的绩效指标直接与比特币价格从 10 月高点到 2 月的近 50% 下滑联系在一起，这抑制了消费者支出和投资行为。他们指出，2 月标志着核心关键绩效指标的年初至今的底部，表明条件可能正在从这些低点稳定下来。</p>
</div><h2>Portion of Bitcoin Treasury Pledged as Collateral</h2>
<div class="lb-trans"><h2>部分比特币储备作为抵押品质押</h2>
</div><p>Of the 826 Bitcoin held in treasury, 430 BTC is pledged as collateral under a credit facility, reducing the amount immediately available for alternative uses. This arrangement underpins current financing but also constrains liquidity, adding another layer of risk management to the balance sheet.</p>
<div class="lb-trans"><p>在持有的 826 个比特币中，430 个 BTC 被质押作为信贷设施的抵押品，减少了可立即用于其他用途的数量。这一安排支撑了当前融资，但也限制了流动性，为资产负债表增加了另一层风险管理。</p>
</div><h2>Credit Card Not Yet Material to Revenue</h2>
<div class="lb-trans"><h2>信用卡尚未对收入产生实质影响</h2>
</div><p>The new credit card has not yet made a meaningful contribution to quarterly revenue, given its March early-access start and phased rollout strategy. Management emphasized that the card’s real financial impact depends on successful scaling and securing additional funding facilities to support higher credit limits and user growth.</p>
<div class="lb-trans"><p>由于新信用卡于三月开始早期访问并采取分阶段推出策略，因此尚未对季度收入产生实质性贡献。管理层强调，该卡的实际财务影响取决于成功扩展和获得额外融资设施，以支持更高的信用额度和用户增长。</p>
</div><h2>Forward-Looking Guidance and Strategic Focus</h2>
<div class="lb-trans"><h2>前瞻性指导和战略重点</h2>
</div><p>Looking ahead, Fold plans to expand its credit card from the current 1,000-plus users and 8,000-plus waitlist toward tens or even hundreds of thousands of cardholders, contingent on validated risk models and securing warehouse-style financing. The company aims to make the card a key driver of volume and revenue, overhaul Bitcoin Gift Card fees toward cost-neutrality to fuel funnel growth, and scale its Bitcoin bonus program, all while keeping fixed costs in check and improving margins in a challenging crypto backdrop.</p>
<div class="lb-trans"><p>展望未来，Fold 计划将其信用卡用户从目前的 1000 多名和 8000 多名候补名单扩展到数万甚至数十万持卡人，这取决于经过验证的风险模型和获得仓储式融资。公司旨在使该卡成为交易量和收入的关键驱动因素，改革比特币礼品卡费用以实现成本中立以促进渠道增长，并扩大其比特币奖励计划，同时控制固定成本并在充满挑战的加密环境中改善利润率。</p>
</div><p>Fold’s earnings call showcased a company leaning into product innovation and unit economics while navigating the drag of a severe Bitcoin pullback. For investors, the story hinges on whether emerging products like the credit card and business bonus program can scale fast enough, and with sufficient financing, to turn today’s positive contribution margins into a sustainable path toward profitability.</p>
<div class="lb-trans"><p>Fold 的财报电话会议展示了一家在产品创新和单位经济学方面不断努力的公司，同时应对比特币大幅回调的拖累。对于投资者而言，故事的关键在于新兴产品如信用卡和商业奖励计划是否能够快速扩展，并获得足够的融资，将今天的正贡献利润转变为可持续的盈利路径。</p>
</div>

Fold Holdings Balances Crypto Headwinds With Card Push

- Fold Holdings 在 Q1 财报会议中强调了新产品的信心与比特币下跌的警示。  
- 公司通过推出信用卡和比特币奖励计划来吸引用户，尽管交易量下降。  
- Q1 净损失显著缩小至 2920 万美元，现金及现金等价物增至 1150 万美元。

Fold Holdings 通过推动卡片业务来应对加密货币市场的逆风