Fold Holdings Inc (FLD) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fold first-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您耐心等候。歡迎參加 Fold 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Samir Jain of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係部的 Samir Jain。請開始。

Thank you, operator. Good afternoon, and thank you for joining us for Fold Holdings first quarter 2026 earnings call. Joining me on the call today are Chairman and CEO, Will Reeves; and CFO, Wolfe Repass. Before we begin, please note that the information reported on this call speaks only as of today, May 12, 2026, and therefore, any time-sensitive information may no longer be accurate as of the time of any future replay, listening, or transcript reading.

謝謝，接線員。各位下午好，感謝各位參加 Fold Holdings 2026 年第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Will Reeves，以及財務長 Wolfe Repass。在開始之前，請注意，本次電話會議所揭露的資訊僅截至今天，也就是 2026 年 5 月 12 日，因此任何具時效性的資訊，在日後重播、收聽或閱讀逐字稿時可能已不再準確。

A replay of today's call will be available by webcast on the company's website at investor.foldapp.com, and more information on how to access this replay feature will be included in the company's earnings release. Comments on this call may contain forward-looking statements within the meaning of the US federal securities laws.

今天會議的重播將以網路直播方式在公司網站 investor.foldapp.com 提供，如何使用此重播功能的更多資訊將載於公司的財報新聞稿中。本次電話會議中的評論可能包含符合美國聯邦證券法定義的前瞻性陳述。

These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results, products, activities, or time frames to differ materially. For example, statements suggesting or implying the company's ability or positioning for growth as well as any statements which include future dates or time frames are forward-looking statements and inherently uncertain.

這些陳述係基於我們目前的預期與信念，並受可能導致實際結果、產品、活動或時間表出現重大差異的風險與不確定性影響。例如，暗示或表示公司具備成長能力或成長定位的陳述，以及任何包含未來日期或時間範圍的陳述，均屬前瞻性陳述，且本質上具有不確定性。

In some cases, you may identify forward-looking statements by terms such as believe, expect, potential, should, plan, or similar terminology, but any statement that is not a statement of historical fact may be a forward-looking statement. These statements reflect the current views of Fold's management and are not guarantees of future performance.

在某些情況下，您可透過 believe、expect、potential、should、plan 或類似用語辨識前瞻性陳述；但凡非歷史事實之陳述，皆可能屬前瞻性陳述。這些陳述反映 Fold 管理層目前的觀點，並非對未來績效的保證。

Please refer to Fold's Form 10-K and other filings within the SEC for discussion of risks and uncertainties that may affect our upcoming results, future plans, and product rollouts, among other things. We will discuss certain non-GAAP financial measures during this call. These measures should not be considered a substitute for GAAP results. A reconciliation to comparable GAAP measures is included in our earnings release and SEC filings.

請參閱 Fold 的 Form 10-K 及向美國證券交易委員會（SEC）提交的其他文件，其中討論了可能影響我們未來業績、未來計畫與產品推出等事項的風險與不確定性。我們將在本次電話會議中討論若干非 GAAP 財務衡量指標。這些指標不應被視為 GAAP 結果的替代。與可比 GAAP 指標的調節表已包含於我們的財報新聞稿與 SEC 申報文件中。

With that, I'll pass the call to Fold's CEO, Will Reeves.

接下來，我把電話交給 Fold 的執行長 Will Reeves。

Thanks, Samir, and good afternoon, everyone, and thanks for joining us. Q1 was a challenging quarter across the broader Bitcoin industry. Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement, and Fold saw that pressure in our results.

謝謝你，Samir。各位下午好，感謝大家加入我們。第一季對整體比特幣產業而言是充滿挑戰的一季。比特幣價格走低壓抑了交易量、交易活動與消費者參與度，Fold 的業績也反映了這股壓力。

But as with past drawdown cycles, we believe the fundamental value proposition, technological value, and network effects of Bitcoin remain very strong. We are focused on what we control, and we continue to put our energy and focus into building our products and serving our customers.

但如同過去的回撤週期，我們相信比特幣的基本價值主張、技術價值與網路效應依然非常強勁。我們專注於可控之事，並持續投入精力與專注力來打造產品、服務客戶。

Over the last several quarters, we have laid the foundation for Fold's next phase. We launched the Fold Credit Card, expanded Bitcoin access across retail platforms, advanced our infrastructure, simplified our capital structure, and strengthened the acquisition and rewards engine, we believe can scale Fold significantly from here. That foundation is now in market.

在過去幾個季度，我們已為 Fold 的下一階段奠定基礎。我們推出 Fold 信用卡、擴大比特幣在零售平台的可及性、推進基礎設施、簡化資本結構，並強化我們認為可大幅擴展 Fold 規模的獲客與獎勵引擎。這些基礎如今已在市場上落地。

In that vein, let's talk about some of the important developments this quarter. The Fold Credit Card is a foundational product for us. If Fold is going to become the primary financial platform for Bitcoin-minded consumers, we need to be present across savings, rewards, exchange, and everyday spending.

基於此，讓我們談談本季的一些重要進展。Fold 信用卡是我們的基礎性產品。若 Fold 要成為以比特幣為核心思維的消費者之主要金融平台，我們必須在儲蓄、獎勵、兌換與日常消費等面向都能提供服務。

The credit card completes what we believe is already one of the strongest consumer Bitcoin platforms in the market. And materially expand both our growth opportunity and our relationship with customers over time. As of today, the Fold Credit Card is live with more than 1,000 cardholders. A reminder that this product officially launched into early access in March and that we are intentionally throttling access through a phased rollout.

我們認為，信用卡補齊了我們已是市場上最強之一的消費者比特幣平台。並將在實質上擴大我們的成長機會，以及我們與客戶之間隨時間深化的關係。截至今日，Fold 信用卡已正式上線，持卡人超過 1,000 名。提醒各位，本產品於 3 月正式進入早期體驗（early access）階段，我們刻意透過分階段推出來控管開放速度。

This allows us to validate systems, economics, underwriting, servicing, and risk assumptions as we scale. We remain on target with the rollout expectations and plan to continue expanding access through the quarters ahead as we work through our existing wait list of more than 8,000 potential users and our existing user base.

這使我們能在擴張過程中驗證系統、經濟模型、授信審核、客戶服務與風險假設。我們的推出進度符合預期，並計畫在接下來的季度持續擴大開放範圍，同時逐步消化目前超過 8,000 名潛在用戶的候補名單以及我們既有的用戶基礎。

We are extremely pleased with both the early demand and customer response. What is especially encouraging is the cohort behavior. Cardholders are already engaging with the multiple products in our ecosystem, validating our belief that the card can become both a powerful acquisition engine and a major driver of ecosystem engagement over time.

我們對早期需求與客戶回饋都感到非常滿意。尤其令人鼓舞的是同批用戶（cohort）的行為表現。持卡人已開始使用我們生態系中的多項產品，驗證了我們的看法：這張卡可隨時間成為強大的獲客引擎，並成為推動生態系參與度的重要動力。

Importantly, this cohort includes both entirely new customers and existing Fold users, deepening their engagement with the platform. We are also seeing strong signals that this is becoming a true primary card for users, exactly as we intended. Customers are using the card across everyday purchases as well as larger spend categories like travel and major transactions, reinforcing our belief that the card can compete as a mainstream financial product, not simply as a niche Bitcoin card.

重要的是，這批用戶同時包含全新客戶與既有 Fold 用戶，進一步加深他們對平台的參與。我們也看到強烈訊號顯示，這張卡正如我們所規劃地，逐步成為用戶真正的主力信用卡。客戶使用此卡進行日常消費，也用於旅遊等較大支出類別與重大交易，進一步強化我們的信念：這張卡能以主流金融產品的姿態競爭，而不僅僅是一張小眾的比特幣信用卡。

And importantly, this rollout only represents the early foundations of the experience we intend to bring to market. The current release does not yet include the full reward structure, merchant experiences, benefits, and broader platform integrations that we anticipate in the future. Given the timing of the launch, the credit card did not materially contribute to Q1 results.

同樣重要的是，目前的推出僅代表我們計畫帶入市場之體驗的早期基礎。現行版本尚未包含我們未來預期的完整獎勵結構、商戶體驗、福利，以及更廣泛的平台整合。由於推出時點的關係，信用卡對第一季業績並未產生重大貢獻。

But as access expands, we expect the card to become an increasingly important contributor to the transaction volume, customer acquisition, engagement, and revenue growth. In parallel, we have also been working diligently on securing additional capital facilities to support larger scale growth of the credit card program. While we cannot discuss specifics today, we expect to share additional updates in the near future.

但隨著開放範圍擴大，我們預期該卡將在交易量、客戶獲取、參與度與營收成長方面，成為愈來愈重要的貢獻來源。同時，我們也一直積極努力，爭取額外的資本融通安排，以支持信用卡計畫更大規模的成長。雖然今天無法討論細節，但我們預期在不久的將來分享更多更新。

The Bitcoin Gift Card also remains an important part of our growth strategy and continues to perform strongly. Through this product, we have onboarded thousands of new customers and reengaged existing users through a familiar retail experience. And many of these users are now engaging across the broader Fold ecosystem exactly as we expected. These are high-quality customers that we believe can create significant long-term value for Fold.

比特幣禮品卡仍是我們成長策略的重要一環，且持續表現強勁。透過此產品，我們已導入數千名新客戶，並透過熟悉的零售體驗重新活化既有用戶。其中許多用戶如今也如我們預期般，開始在更廣泛的 Fold 生態系中互動。我們相信這些是高品質客戶，能為 Fold 創造可觀的長期價值。

And our flagship relationship with Kroger has been a success. We believe this model can scale nationally across additional retailers, and we intend to move aggressively to capture that opportunity. To support that growth, we are restructuring our gift card economics with distribution partners to materially reduce customer friction and improve retail placement opportunities.

我們與 Kroger 的旗艦合作關係也相當成功。我們相信此模式可在全國範圍內擴展至更多零售商，我們也打算積極把握這項機會。為支持成長，我們正與通路合作夥伴重整禮品卡的經濟分配，以大幅降低客戶摩擦並提升零售端的陳列與上架機會。

From a financial perspective, you should increasingly think about the gift card business as cost neutral on the front end, with the value compounding over time as users move into credit, exchange, rewards, debit, and additional Fold products, just as we've seen from the existing program.

從財務角度來看，您應該愈來愈把禮品卡業務視為前端成本中性（cost neutral），其價值會隨時間累積並複利成長，因為用戶會如同我們在既有計畫中所見，逐步轉向信用、兌換、獎勵、簽帳金融卡（debit）以及其他 Fold 產品。

Another important milestone this quarter was the launch of Fold's Bitcoin bonus program with Steak 'n Shake and others. And we are already seeing meaningful interest from additional businesses exploring similar programs. Through the program, employees earn Bitcoin bonuses alongside their normal wages, turning everyday work into long-term savings and ownership.

本季另一個重要里程碑，是 Fold 與 Steak 'n Shake 等合作推出的比特幣獎金計畫。我們也已看到其他企業對探索類似計畫展現出明顯興趣。透過該計畫，員工可在正常薪資之外獲得比特幣獎金，將日常工作轉化為長期儲蓄與所有權。

This is not a payroll replacement or a speculative trading product. It is a retention and savings tool built around long-term alignment. We believe what begins with Steak 'n Shake has the potential to expand from here, and we believe the Bitcoin bonus program has the ability to become the beachhead into a much larger business platform opportunity for Fold.

這不是薪資發放的替代方案，也不是投機性交易產品。它是一項圍繞長期一致性所打造的留才與儲蓄工具。我們相信，從 Steak 'n Shake 開始的合作具有從此擴展的潛力，也相信比特幣獎金計畫有能力成為 Fold 進入更大型商業平台機會的灘頭堡。

In many ways, this is Fold extending the value already proven on the consumer side of the platform into businesses and employers at scale. The same infrastructure behind this product can naturally expand into payroll, employee benefits, corporate treasury, corporate rewards, and corporate spending tools over time.

在許多方面，這是 Fold 將平台在消費者端已被驗證的價值，延伸到企業與雇主端並以規模化方式推進。支撐此產品的同一套基礎設施，隨時間推移可自然擴展至薪資發放、員工福利、企業財資管理、企業獎勵，以及企業支出工具。

The credit card, our retail distribution, the business offerings launched this year are becoming the foundation of Fold's core platform going forward, and what we believe can drive meaningful scale over time. We are already well into the next phase of product development and expect to provide additional guidance on upcoming launches soon.

信用卡、我們的零售通路，以及今年推出的企業服務，正逐步成為 Fold 未來核心平台的基礎，也是我們認為能隨時間推動顯著規模化的動能來源。我們已經深入進入下一階段的產品開發，並預期很快會就即將推出的產品提供更多指引。

As these products come to market, we believe Fold is increasingly positioned to emerge not only as one of the best places to acquire Bitcoin, but also one of the strongest platforms for consumers to be rewarded for their financial activity overall, not just within Bitcoin, but across the broader rewards industry.

隨著這些產品上市，我們相信 Fold 的定位將愈發清晰：不僅是取得比特幣的最佳去處之一，也將成為消費者就其整體金融活動獲得回饋的最強平台之一——不僅限於比特幣，也涵蓋更廣泛的獎勵產業。

Because of the timing of the credit card rollout, many of our upcoming launches will now occur in closer succession rather than across a longer staggered timeline, making for what we expect will be a very active and exciting period ahead for Fold with multiple launches, platform expansions, and additional developments still to come.

由於信用卡推廣時程的影響，我們接下來的多項產品發布將更密集地接續推出，而非拉長並錯開的時間表；因此我們預期 Fold 將迎來一段非常活躍且令人振奮的期間，包含多次發布、平台擴張，以及更多後續進展。

With that, I'll turn it over to Wolfe.

接下來我把時間交給 Wolfe。

Thanks, Will, and thank you to everyone for joining today. As Will mentioned, Q1 was a challenging quarter for the entire industry. In February, the price of Bitcoin was down nearly 50% from its all-time high in October, representing a significant drop in a short period of time. These pullbacks caused many consumers to risk adjust their spending and investment behaviors, and neither Fold nor many of our competitors were immune to that behavioral shift.

謝謝你，Will，也感謝各位今天參與。如 Will 所提到的，第一季對整個產業而言都是充滿挑戰的一季。在 2 月，比特幣價格較 10 月的歷史高點下跌近 50%，代表短時間內出現顯著回落。這些回檔使許多消費者對其支出與投資行為進行風險調整，而 Fold 與我們的許多競爭對手都無法免於這種行為轉變的影響。

We saw that impact both our transactional volumes, which were down 31% year-over-year for the same period, and in our revenues, which were down 21% year-over-year for the same period. February 2026 marked the bottom across most of our core KPIs over the last year, and we are already seeing signs of a rebound as the price of Bitcoin shows signs of recovery.

我們在交易量上看到影響——同期間年減 31%——也在營收上看到影響——同期間年減 21%。2026 年 2 月是過去一年我們多數核心 KPI 的低點，而隨著比特幣價格出現復甦跡象，我們已經看到反彈的訊號。

Overall, our Q1 operating expenses were $13.4 million compared to $16.6 million in the first quarter of 2025, a decrease of approximately 19%. The primary drivers of this decrease were lower direct costs associated with revenue, which were also down 21% year-over-year for the same period, lower share-based compensation expense, and lower professional services fees.

整體而言，我們第一季營業費用為 1,340 萬美元，較 2025 年第一季的 1,660 萬美元下降，降幅約 19%。下降的主要原因包括：與營收相關的直接成本較同期間年減 21%、股份基礎給付費用降低，以及專業服務費用降低。

Net loss in the quarter was $29.2 million compared to a net loss of $48.9 million same period. A reminder that our net loss is impacted by nonoperating items, including the change in fair value of our Bitcoin investment treasury and various entries related to financing structures like SAFE notes and convertible debt.

本季淨損為 2,920 萬美元，較同期間的 4,890 萬美元淨損改善。提醒一下，我們的淨損會受到非營業項目的影響，包括我們比特幣投資財庫的公允價值變動，以及與 SAFE 票據與可轉換債等融資架構相關的各項會計分錄。

Therefore, consistent with prior quarters, we look to adjusted EBITDA as a better barometer of our core business operations. In Q1, adjusted EBITDA was negative $5.8 million compared to negative $4.2 million in the prior year period. The principal drivers of the increased loss relate to increased payroll expenses of $1 million as our headcount expanded year-over-year and increased expenses related to product development and marketing, including net new branding efforts that are currently underway.

因此，與前幾季一致，我們將調整後 EBITDA 視為衡量核心營運表現更好的指標。第一季調整後 EBITDA 為負 580 萬美元，較去年同期的負 420 萬美元為低。虧損擴大的主要原因與薪資費用增加 100 萬美元有關（因員工人數年增），以及與產品開發與行銷相關的費用增加，包括目前正在進行的全新品牌推廣工作。

On the balance sheet, we ended the quarter with $11.5 million in cash and cash equivalents compared to $7.7 million at year-end. Net cash used in operating activities was $6.6 million compared to $5 million in the prior year period. As previously announced, in Q1, we extinguished both of our previously existing convertible notes, eliminating the (inaudible) simplifying our capital structure, and improving optionality with our financing options.

在資產負債表方面，我們於季末持有現金及約當現金 1,150 萬美元，較年末的 770 萬美元增加。營運活動使用之淨現金為 660 萬美元，較去年同期的 500 萬美元增加。如先前公告，第一季我們清償了先前存在的兩筆可轉換票據，消除了（聽不清楚），簡化了資本結構，並提升我們在融資選項上的彈性。

As of March 31, we held 826 Bitcoin in our investment treasury, which today is valued at nearly $67 million, of which 430 Bitcoin is currently held as collateral under our Two Prime credit facility. Despite the challenging quarter, we believe the product foundations we have in place are now well positioned to allow us to scale to larger audiences.

截至 3 月 31 日，我們在投資財庫中持有 826 枚比特幣，以今日市值計接近 6,700 萬美元，其中 430 枚比特幣目前作為 Two Prime 信貸額度的擔保品。儘管本季充滿挑戰，我們相信目前已建立的產品基礎，已具備良好條件讓我們擴展至更大的受眾。

As a reminder, all of our products currently generate positive contribution margins for the company. So our priorities now are to scale the credit card responsibly, continue managing fixed costs carefully, and continue to look for areas to acquire new users and expand margins. With that, I'll turn it back to Will.

提醒一下，我們目前所有產品都能為公司帶來正向的貢獻毛利。因此，我們現在的優先事項是：以負責任的方式擴大信用卡規模、持續謹慎管理固定成本，並持續尋找獲取新用戶與擴大利潤率的機會。接下來我把時間交回給 Will。

Thank you, Wolfe. Despite a challenging market backdrop, we believe Fold made significant progress in the first quarter and more importantly, laid the foundation for what comes next. What is becoming increasingly clear to us is that Fold's opportunity is far larger than simply Bitcoin rewards.

謝謝你，Wolfe。儘管市場環境充滿挑戰，我們相信 Fold 在第一季取得了顯著進展，更重要的是，為下一步奠定了基礎。對我們而言愈來愈清楚的是，Fold 的機會遠不只是比特幣回饋。

We believe Fold has the opportunity to evolve from a niche Bitcoin platform into a leading financial rewards platform for the Bitcoin era, competing directly against entrenched incumbents across rewards, payments, savings, credit, and broader financial services. Many of those incumbents are built on aging systems, poor alignment with customers, high fees, weak experiences, and reward structures that increasingly fail to deliver meaningful value.

我們相信 Fold 有機會從利基的比特幣平台，演進為比特幣時代領先的金融回饋平台，並在回饋、支付、儲蓄、信貸及更廣泛的金融服務領域，直接與根深蒂固的既有業者競爭。其中許多既有業者建立在老舊系統之上，與客戶的利益一致性不足、費用高、體驗弱，且其回饋結構愈來愈難以提供有意義的價值。

We believe Fold can win by offering something fundamentally better, better Bitcoin access, better rewards, better value, better products, better alignment with customers. The integrated platform we are building combines Bitcoin access, rewards, spending, saving, credit, and business services into a single ecosystem where every product strengthens the broader platform.

我們相信 Fold 能以本質上更好的方案勝出：更好的比特幣取得途徑、更好的回饋、更高的價值、更好的產品，以及與客戶更好的利益一致性。我們正在打造的整合式平台，將比特幣取得、回饋、消費、儲蓄、信貸與企業服務整合為單一生態系，讓每一項產品都能強化整體平台。

And importantly, we believe we can compete head-on fees, rewards, and experience while we simultaneously build a powerful margin, revenue, and cash flow engine for Fold over time. We believe the foundation is now in place, and we believe upcoming releases will begin making that vision unmistakably clear. We are incredibly excited for what lies ahead. Thank you to our team, our partners, our customers, and our shareholders for your continued support. Operator, let's open the line for questions.

更重要的是，我們相信我們能在費用、回饋與體驗上正面競爭，同時隨時間為 Fold 建立強大的毛利、營收與現金流引擎。我們相信基礎已經到位，也相信即將推出的版本將開始讓這個願景變得無比清晰。我們對未來非常期待。感謝我們的團隊、合作夥伴、客戶與股東持續的支持。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Dave Storms, Stonegate.

Dave Storms，Stonegate。

Good evening, and appreciate you taking my questions. Just want to start with the rollout. I know you mentioned that things seem to be going well. Just curious as to if you're seeing anything that would make you want to or be able to go faster or cause you to slow down in that rollout.

晚安，感謝你們回答我的問題。我想先從推廣進度開始。我知道你們提到目前看起來進展順利。我只是好奇，你們是否看到任何情況會讓你們想要或能夠加快推廣速度，或是反而需要放慢推廣節奏。

Hello, Dave, thanks for jumping up and asking the question here. We're actually have been very excited about the pace of the rollout. I think last time we spoke, we discussed the rollout happening kind of in the phase of a few hundred, and then we'd eventually get to a few thousand and then tens of thousands.

嗨，Dave，謝謝你加入並提出這個問題。我們其實對推廣的速度感到非常興奮。我想上次我們談到時，我們討論過推廣大概會先在幾百人的階段，接著逐步到幾千人，然後到數萬人。

We're already at 1,000 or well over at 1,000 now. And that's really a reflection of both the team's ability to shift, but also our assumptions kind of proving out correctly, our ability to manage fraud, our ability to underwrite, service properly. So what we're really doing now is taking that cohort and taking them through kind of a whole billing cycle where we will have a 360-degree view of the entire program, so that we can confidently scale into the tens of thousands and hundreds of thousands, which I think this program ultimately leads to.

我們現在已經到 1,000 人，甚至已經遠超過 1,000 人了。這確實反映了團隊的調整能力，也反映我們的假設正在被正確驗證——我們管理詐欺的能力、我們的核保能力，以及妥善服務的能力。所以我們現在真正要做的是，讓這一批用戶完整走過一個帳單週期，讓我們能以 360 度的視角看清整個計畫，進而有信心把規模擴大到數萬、甚至數十萬人，我認為這個計畫最終會走到那個規模。

So I'm very excited about the 1,000 cardholders we're at today. We are accelerating that rollout. And any card program is ultimately throttled by your ability to manage fraud, of which I think the team has an incredible handle on, and we're seeing very encouraging results. But also as we expand into new capital partners.

所以我對我們目前已經有 1,000 位持卡人感到非常興奮。我們正在加速推進這項發放。而任何卡片計畫最終都會受限於你管理詐欺的能力；我認為團隊在這方面掌握得非常出色，我們也看到非常令人鼓舞的結果。同時，隨著我們拓展到新的資本合作夥伴。

And we're, I think, going to be coming to the market with some updates on that front. And ultimately, that's going to help us build on the foundation we have and really start to scale this thing to a much larger cohort. But already right now, the most important thing is do we have a product that people love and are using in ways that are confirming kind of our hypotheses?

而且我想，我們很快會就這方面向市場提供一些更新。最終，這將幫助我們在既有基礎上繼續建構，並真正開始把這件事擴展到更大規模的族群。但就目前而言，最重要的是：我們是否有一個人們喜愛、並且以能驗證我們假設的方式在使用的產品？

Are people using multiple products? Are they using it as their primary card? All of those things are being confirmed in real-time now, not only with existing customers, but new ones. And so for us, the ability to control fraud and continue to do so across the full billing cycle with this level of cardholders and then bringing more credit facilities to the table is a recipe for scaling this thing much faster than we thought of. And I think we are already ahead of schedule.

人們是否在使用多個產品？他們是否把它當作主要用卡？這些事情現在都在即時被驗證，不僅是既有客戶，新客戶也是如此。因此對我們而言，能夠控制詐欺，並在完整帳單週期內、在這樣的持卡人規模下持續做到這點，再加上引入更多信貸額度（credit facilities），就是讓我們能以比原先預期更快速度擴張的配方。而我認為我們已經超前進度。

Understood. That's great clarity. Thank you. I wanted to turn to maybe some of the institutional interest on the Bitcoin bonus program. What are you seeing towards the top of that funnel? And I guess as you start to bring more corporations on board, how are you seeing that sales cycle evolve? Is that shortening? Are there things you're learning? Maybe just any more color here would be great.

了解。這樣說明得很清楚。謝謝。我想把話題轉到比特幣獎金計畫（Bitcoin bonus program）的一些機構端興趣。你們在漏斗頂端看到什麼情況？另外，當你們開始讓更多企業加入時，你們看到銷售週期如何演變？有變短嗎？你們有學到什麼嗎？如果能再多分享一些細節就太好了。

I think we're early. To be very honest, this is a program we just launched about a little less than a month ago, but all feedback from not only employees participating, but the employers and Steak 'n Shake and some of the other businesses are really loving the program.

我認為我們還在早期。坦白說，這個計畫我們大概不到一個月前才剛推出，但不論是參與的員工、雇主端，像 Steak 'n Shake 以及其他一些企業，都非常喜歡這個計畫。

And we have seen an incredible response from businesses who want to add this to their benefits package. And it really runs the gamut from small businesses all the way up into businesses that more look like Steak 'n Shake publicly traded, thousands of employees. And we found something really interesting selling this product that typically selling a business on adding a corporate treasury of Bitcoin or earning rewards in their spending of Bitcoin at some level requires a commitment and belief in Bitcoin at the leadership level.

而且我們看到想把這項福利加入其員工福利方案的企業，反應非常熱烈。範圍涵蓋從小型企業一路到更像 Steak 'n Shake 這種上市公司、擁有數千名員工的企業。我們在銷售這個產品時發現一件很有趣的事：通常要說服企業把比特幣納入公司財庫（corporate treasury），或在某種程度上透過支出賺取比特幣回饋，往往需要領導層對比特幣有承諾與信念。

But when packaged in a bonus as a benefit, these operators really look to one thing. Can this program recruit better employees? And will those employees stay longer than they otherwise would have? And this is what this program is starting to unlock is a whole new set of businesses that Bitcoin is relevant for. And what that ultimately does is it really opens up the top of the funnel pretty tremendously.

但當它被包裝成「獎金」這種福利時，這些經營者其實只看一件事。這個計畫能不能招募到更好的員工？而且這些員工會不會比原本更願意久留？而這個計畫開始解鎖的，就是一整套全新的、比特幣對其具有相關性的企業族群。而這最終的效果，是讓漏斗頂端大幅度地被打開。

And so we are working through all the various business sizes that we've seen come through the sales funnel, and we're excited to be continuing to announce more participants. But for us, we built this program to scale to large businesses.

因此，我們正在針對進入銷售漏斗的各種不同規模企業逐一推進，我們也很期待能持續宣布更多參與者。但對我們而言，我們打造這個計畫就是為了能擴展到大型企業。

And I think that's where a big impact is going to be not only for what shareholders care for about adding more monthly transacting users to our ecosystem, but also larger contracts with these businesses. And so I think over the next few quarters, you'll start to see this program grow. And I think that you'll see quite an interesting mix that shows really the diversity in demand for this program.

而我認為這會帶來很大的影響：不僅是股東所關心的——為我們的生態系帶來更多每月交易用戶（monthly transacting users），也包括與這些企業簽下更大規模的合約。所以我認為在接下來幾個季度，你會開始看到這個計畫成長。而且你會看到一個相當有趣的組合，真正展現出市場對這個計畫需求的多樣性。

That's great. Appreciate all the commentary, and I'll get back to you.

太好了。感謝你分享這些看法，我先回到隊列。

(Operator Instructions)

(接線員指示)

Mike Grondahl, Northland.

Mike Grondahl，Northland。

Hey, thank you, guys. First, on the Bitcoin Gift Card, can you kind of explain the economic change to promote distribution partners? Did the fees go from like A to B? If you could just walk us through that to start.

嗨，謝謝各位。首先關於比特幣禮品卡（Bitcoin Gift Card），你們能否解釋一下為了促進通路合作夥伴的分銷，在經濟條件上做了哪些改變？費用是從像 A 變成 B 嗎？如果可以的話，先帶我們走一遍這部分。

Yes. Mike, it's good to hear from you. So let me take a step back. So right now, Fold is sitting in a reality where all of our product lines are contributing to positive contribution margins, every dollar in, every customer in is accretive to the business. The Fold Credit Card is now live and in market and will begin to rapidly scale over the coming months.

好的。Mike，很高興聽到你的聲音。我先退一步說明。目前 Fold 的現況是：我們所有產品線都在貢獻正向的貢獻毛利（contribution margins），每一塊進來的收入、每一位進來的客戶，對公司都是增益的。Fold 信用卡現在已經上線並投入市場，並將在接下來幾個月開始快速擴張。

All Fold needs is to increase our scale. And what that ends up is a company generating cash flows and consistent growth, especially if we see the market return and Bitcoin start to perform. And so for us, we wanted to gear our business for maximum scale. And what we learned from the Bitcoin Gift Card with its pilot season at Kroger was it is bringing in thousands of customers.

Fold 所需要的就是提升規模。而這最終會讓公司產生現金流並帶來持續成長，特別是如果我們看到市場回溫、比特幣開始表現。因此對我們而言，我們希望把業務調整到能達到最大規模。而我們從比特幣禮品卡在 Kroger 的試點期學到的是：它帶來了數千名客戶。

One of my favorite customer examples of this is I believe it is a top five spender at Fold came off with a gift card now. We are seeing it become an incredible area of growth for referrals. And as we look forward to the future, we want to remove any impediment to growing this program, both for new customers coming in, but also new retailers carrying this.

我最喜歡的一個客戶例子是：我相信 Fold 的前五大消費者之一，就是透過禮品卡進來的。我們也看到它成為推薦（referrals）成長的一個非常驚人的領域。展望未來，我們希望移除任何阻礙這個計畫成長的因素，不論是新客戶進來，或是讓更多零售商上架販售。

And the number one area of friction that we heard was the fee. And that's a function of the costs associated with getting these things physically in the doors, which varies by retailer. And as we ran the numbers, looked at what are these customers doing once they're in? Are they engaging with our other products?

而我們聽到的最大摩擦點就是費用。這是把這些卡實體鋪到門市所產生的成本所致，而成本會因零售商而異。當我們跑過數據、看這些客戶進來之後在做什麼時——他們是否也在使用我們其他產品？

We very quickly came to an obvious outcome where removing the fees is going to generate more customers in the door. It's going to have more retailers interested in carrying this. And ultimately, that's what we want. That's good for Fold. That's going to scale the user base much faster.

我們很快就得到一個很明顯的結論：移除費用會帶來更多客戶進門。也會讓更多零售商有興趣上架販售。而最終，這正是我們想要的。這對 Fold 有利。這會讓用戶基礎擴張得更快。

And so when we talk about where the fees are going, the customer is going to see significantly reduced fees upfront, but that's all been done based on the -- working with our retailers to reduce their fees.

所以當我們談到費用的走向時，客戶會看到前端費用大幅降低；而這一切都是基於——我們與零售商合作來降低他們的費用。

So reducing the built-in cost there and seeing the payback period that we are seeing on some of these customer cohorts coming through there. So it still is very relevant to and dependent on retailer by retailer. But for the customer side, making it maximally available, reducing friction, those fees are going to go to zero.

也就是降低其中內含的成本，並觀察我們在這些客戶群（cohorts）上看到的回收期（payback period）。因此這仍然非常相關，並且會依不同零售商而有所不同。但就客戶端而言，為了讓它最大程度可取得、降低摩擦，這些費用將會降到零。

So you might still have to pay Kroger a small commission. But if I'm buying $50 a Bitcoin off a Bitcoin Gift Card, I'm not paying a commission to you anymore. Is that fair?

所以你可能仍然需要付給 Kroger 一點點佣金。但如果我透過比特幣禮品卡買 50 美元的比特幣，我就不再需要付佣金給你們了。這樣理解對嗎？

Yes, correct. A lot of it was just passed on to the customer. And ultimately, what it made was a great gift, but it wasn't necessarily a great way to continue to buy. And we see just by simply making this change, we see a whole different set of customers come to the product that use it more and more often.

是的，沒錯。其中很大一部分原本只是轉嫁給客戶。而最終的結果是：它是一個很棒的禮物，但不一定是一個持續購買的好方式。而我們看到，只要做出這個改變，就會有一群完全不同的客戶來使用這個產品，而且使用頻率會越來越高。

And so for us, the big question was, well, who are these users coming in? Are they going to make good users? Are they going to mature into users using multiple of our products? And what we've seen is, yes, a lot of them are. Some of them are still holding it, just really holding their gift card.

因此對我們來說，最大的問題是，嗯，這些進來的使用者是誰？他們會成為優質使用者嗎？他們會成熟為會使用我們多項產品的使用者嗎？而我們看到的是，是的，其中很多人確實如此。有些人仍然只是持有它，真的就只是把禮品卡握在手上。

But ultimately, when we look at the profile of them, we believe they're going to grow into a great credit card holder, great debit card holder and ultimately start buying Bitcoin. We just had a customer write in and say, I came into Fold off a gift card. I was earning rewards and now I've become a Bitcoin investor.

但最終，當我們看他們的輪廓時，我們相信他們會成長為很棒的信用卡持卡人、很棒的簽帳金融卡持卡人，並且最終開始購買比特幣。我們剛有一位客戶來信說，我是因為一張禮品卡而開始使用 Fold。我在賺取回饋，現在我已經成為一名比特幣投資人。

And they said that really wouldn't have happened without these types of on-ramp products that we bring. And so we look at the Bitcoin Gift Card as turning a wider segment of the population into future Bitcoin investors, and they're doing it through Fold.

他們說，如果沒有我們帶來的這類導入（on-ramp）產品，這真的不會發生。因此我們把比特幣禮品卡視為把更廣泛族群轉化為未來比特幣投資人的方式，而他們是透過 Fold 來做到的。

Do you have any goals for the credit card business, number of cards, September 30, year-end 2026? How should we think about that going forward?

你們對信用卡業務有任何目標嗎，例如卡片數量、9 月 30 日、或 2026 年底？我們接下來應該如何看待這件事？

Yes. I mean for me, very -- Wolfe is going to probably have a more specific way of talking about this. But for me it is as fast as possible to as many people as possible. We have 1,000 cardholders right now running on credit lines that extend upwards of $20,000. We are seeing very strong spend. And now we need to see the billing cycle go through.

有。我的意思是，對我來說，Wolfe 可能會用更具體的方式來談這件事。但對我而言，就是越快越好、觸及越多人越好。我們目前有 1,000 位持卡人，使用的信用額度最高可達 20,000 美元以上。我們看到非常強勁的刷卡消費。而現在我們需要看到帳單週期跑完。

We need to see how our charge-offs are, what -- how many are revolving, how -- what our average spend rate is. And that's all going to go and inform not only how much we can scale within our existing confines about our facility, our credit facility that we have today, but also what facilities we need to bring to scale into later.

我們需要看看我們的核銷（charge-offs）情況如何、有多少人在循環動用（revolving）、以及我們的平均消費率是多少。而這些都將用來指引：不僅是在現有框架下、在我們目前的融資額度（credit facility）限制內能擴張到什麼程度，也會指引我們之後需要引入哪些融資工具來進一步擴張。

And all this data is going to make a very attractive -- is making a very attractive value proposition for more credit facilities to come in and participate. And so this next month is really critical for really seeing that full life cycle. But it's in my belief that we scale all the way through the wait list and our full customer base within the year, absolutely, if not more.

而所有這些數據都將形成非常有吸引力的價值主張——也正在形成非常有吸引力的價值主張——讓更多信貸融資機構進來參與。因此接下來這一個月對於真正看見完整生命週期非常關鍵。但我相信，我們絕對能在一年內一路擴張到把等候名單以及我們完整客戶群都涵蓋進來，甚至可能更多。

Now I'll leave it to Wolfe to talk maybe a bit some of the constraints and maybe how he's thinking about it from balancing customer behavior that we're seeing really on the ground with the backing of the credit facilities that we need and all of that.

接下來我把時間交給 Wolfe，讓他談談一些限制因素，以及他如何在我們第一線看到的客戶行為，與我們所需的信貸融資支持之間做平衡等。

And Mike, yes, I think like Will mentioned, we do have internal targets. We have not put anything out publicly, but we just got to make sure the systems are working to start. And Will sort of alluded to it, but a biggest piece of scaling a credit card program is securing a facility, a capital facility to go scale. And this is not a dilutive equity style facility. This is like a revolving warehouse that we can pull down on to float customer receivables.

Mike，是的，我想就像 Will 提到的，我們確實有內部目標。我們尚未對外公開任何數字，但首先我們必須確保系統運作正常。Will 也稍微提到，但擴張信用卡計畫最大的部分之一，就是取得一個融資工具、一個資本融資額度來支撐擴張。這不是那種會稀釋股權的融資。這更像是一個可循環動用的倉儲融資（revolving warehouse），我們可以從中提用資金來墊付客戶應收款。

And so we've been working very diligently on that process for quite some time now. And hopefully, we'll be able to give some more updates some more on that in the near future. But as soon as we get that locked in, as soon as our processes are up and running, and we feel good about them, I think we'll scale this as big as we can with obviously the risk lens in mind.

因此我們在這個流程上已經非常努力地推進了一段時間。也希望在不久的將來能就此提供更多更新。但一旦我們把它敲定、一旦我們的流程都上線運作，且我們對其有信心，我想我們會在風險控管的前提下，把規模擴到我們能做到的最大。

Got it. Thank you.

了解。謝謝。

And I would now like to turn the conference back to Will Reeves for closing remarks.

現在我想把電話會議交回給 Will Reeves 作結語。

Thank you all. And I want to thank specifically the team at Fold who's been able to -- through a bear market. These bear markets come and go. We've been building in Bitcoin for a while. This is not new to us. But what Fold's team has demonstrated is that we're shipping some of the most important products that will have the biggest impact, and we're shipping a higher velocity and higher quality than ever before.

謝謝各位。我也特別想感謝 Fold 的團隊，能夠——在熊市期間——做到這些。熊市來來去去。我們在比特幣領域建設已經有一段時間了。這對我們並不新鮮。但 Fold 團隊所展現的是：我們正在交付一些最重要、影響最大的產品，而且交付速度與品質都比以往更高。

So first and foremost, I want to say thank you to the team, of course, investors and partners and analysts for jumping on and asking questions and following the Fold story. I think we've waited a little bit longer than we wanted to, to get the credit card to market.

所以首先，我要對團隊說聲謝謝；當然也要感謝投資人、合作夥伴與分析師加入、提問，並持續關注 Fold 的故事。我想我們讓信用卡上市的時間，比我們原本希望的稍微久了一點。

But now that that's here, there's a lot of products and launches that we haven't discussed that kind of have been placed secondary while we get through this milestone. And now that we're through it, I think this summer is going to really mark the beginning of Fold emerging as a clear leader, not just in Bitcoin, but in financial rewards overall.

但現在它已經推出了，還有很多產品與上線計畫我們尚未討論，因為在我們跨過這個里程碑之前，它們某種程度上被放在次要位置。而現在我們已經跨過了，我認為今年夏天將真正標誌著 Fold 開始崛起，成為不僅在比特幣領域、也在整體金融回饋領域的明確領導者。

And it's going to be due to some of the big product launches and announcements and partnerships we're going to be releasing this summer. So I'm incredibly excited for what's ahead. And again, thank you all for participating in the journey. We truly believe that Fold has been making all the right investments even when Bitcoin is down, which shows our belief and confidence in where we're going.

而這將歸功於我們今年夏天會發布的一些重大產品上線、公告與合作夥伴關係。所以我對接下來的發展感到非常興奮。再次感謝各位參與這段旅程。我們真心相信，即使在比特幣下跌時，Fold 也一直在做出正確的投資，這展現了我們對前進方向的信念與信心。

And I think we're going to see the return show up not only as the Bitcoin market returns, but as Fold moves beyond a company specifically tied to Bitcoin, but just financial rewards overall, I think it will really be a paradigm shift. So thanks, everyone, for following. And I would like to say also finally, a happy birthday to my dad today. So thanks, everyone, and have a great rest of the day.

我想我們將看到回報不僅會隨著比特幣市場回升而顯現，也會隨著 Fold 從一家特別與比特幣綁定的公司，走向更廣義的金融回饋公司而顯現；我認為這將會是一個典範轉移。所以謝謝大家一路關注。最後我也想說，今天是我爸爸生日，祝他生日快樂。謝謝大家，祝各位今天剩下的時間愉快。

This concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以斷線。