Fold reported 3Q26 revenue of $4.2M, down 44% y/y, while adjusted EBITDA improved sequentially to $(4.5)M from $(5.5)M in 2Q as operating expenses declined 21% y/y. The Company continues shifting toward a broader financial-services model, with Fold Reserve and Lead Bank spending accounts introducing recurring revenue tied to customer balances, while custody and trading revenue increased approximately 270% y/y to $1.3M, largely driven by Bitcoin Gift Cards. Credit Card early access reached approximately 2,500 cardholders, with broader rollout dependent on external receivables financing that would support higher limits, additional invitations, and greater marketing activity. Looking ahead, customer balance growth, Credit Card financing, gift-card conversion, and continued cost discipline remain the key drivers of Fold’s path toward improved operating leverage and a more diversified revenue base.