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Bitcoin infrastructure company Fold disclosed its annual report on Tuesday, revealing a net loss of $69.6 million for 2025 and an expanded operating loss of $27.7 million, significantly exceeding the $5.8 million loss in the same period last year. Despite a 34% increase in revenue to $31.8 million, the adjusted loss per share was $0.41. The company added 13,000 new users throughout the year, bringing its total verified accounts to 84,000, and transaction volume grew by 46% to $960 million. Fold currently holds 1,527 BTC. To simplify its balance sheet, the company paid $9.6 million to redeem a portion of its convertible notes. CEO Will Reeves stated that the newly launched Bitcoin rewards credit card and enterprise business are expected to expand the market.

[Fold reported a net loss of $69.6 million in 2025, with Bitcoin business expansion dragging down profits.]Bitcoin infrastructure company Fold disclosed its annual report on Tuesday, revealing a net loss of $69.6 million for 2025 and an expanded operating loss of $27.7 million, significantly exceeding the $5.8 million loss in the same period last year. Despite a 34% increase in revenue to $31.8 million, the adjusted loss per share was $0.41. The company added 13,000 new users throughout the year, bringing its total verified accounts to 84,000, and transaction volume grew by 46% to $960 million. Fold currently holds 1,527 BTC. To simplify its balance sheet, the company paid $9.6 million to redeem a portion of its convertible notes. CEO Will Reeves stated that the newly launched Bitcoin rewards credit card and enterprise business are expected to expand the market.

Fold reported a net loss of $69.6 million in 2025, with Bitcoin business expansion dragging down profits.

The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq's plan to advance its security tokenization trading initiative, allowing for the trading and settlement of certain securities in the form of blockchain tokens. This marks the official acceleration of blockchain technology's integration into the U.S. stock market.

Under this framework, eligible Nasdaq participants can opt to settle trades in blockchain tokens. These tokenized stocks will trade on the same order book as traditional stocks, possessing the same price, ticker symbol, and investor rights, and will adhere to existing market rules.

[US SEC Approves Nasdaq's Plan for Security Token Trading, Accelerating Blockchain Integration into US Stock Market]The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq's plan to advance its security tokenization trading initiative, allowing for the trading and settlement of certain securities in the form of blockchain tokens. This marks the official acceleration of blockchain technology's integration into the U.S. stock market.

Under this framework, eligible Nasdaq participants can opt to settle trades in blockchain tokens. These tokenized stocks will trade on the same order book as traditional stocks, possessing the same price, ticker symbol, and investor rights, and will adhere to existing market rules.

US SEC Approves Nasdaq's Plan for Security Token Trading, Accelerating Blockchain Integration into US Stock Market

On March 19th, Brian Coulton of Fitch Ratings stated that if the oil price surge triggered by the Middle East conflict proves to be temporary, "a June rate cut by the Federal Reserve is a realistic possibility." The Federal Reserve, as expected, kept interest rates unchanged today, while signaling that it needs more time to assess the impact of the conflict on inflation. Officials slightly raised their inflation forecasts. Coulton commented, "This likely reflects, in part, the recent jump in oil prices, as well as some stickiness in the latest core PCE data." In his view, the Fed may still hold steady in April. Without signs of persistently stubborn inflation, a weakening labor market "would reawaken concerns about the risks of rising unemployment," thereby pushing for a June rate cut.

[Fitch: If oil price shock is short-lived, Fed may cut rates in June]On March 19th, Brian Coulton of Fitch Ratings stated that if the oil price surge triggered by the Middle East conflict proves to be temporary, "a June rate cut by the Federal Reserve is a realistic possibility." The Federal Reserve, as expected, kept interest rates unchanged today, while signaling that it needs more time to assess the impact of the conflict on inflation. Officials slightly raised their inflation forecasts. Coulton commented, "This likely reflects, in part, the recent jump in oil prices, as well as some stickiness in the latest core PCE data." In his view, the Fed may still hold steady in April. Without signs of persistently stubborn inflation, a weakening labor market "would reawaken concerns about the risks of rising unemployment," thereby pushing for a June rate cut.

Fitch: If oil price shock is short-lived, Fed may cut rates in June

On March 19th, the Federal Reserve's dot plot showed that among the 19 officials, 7 believed interest rates should remain unchanged throughout 2026, 7 believed in a cumulative rate cut of 25 basis points, 2 believed in a cumulative rate cut of 50 basis points, 2 believed in a cumulative rate cut of 75 basis points, and 1 believed in a cumulative rate cut of 100 basis points.

[Federal Reserve Dot Plot Median: Cumulative 25 Basis Point Rate Cut by 2026]On March 19th, the Federal Reserve's dot plot showed that among the 19 officials, 7 believed interest rates should remain unchanged throughout 2026, 7 believed in a cumulative rate cut of 25 basis points, 2 believed in a cumulative rate cut of 50 basis points, 2 believed in a cumulative rate cut of 75 basis points, and 1 believed in a cumulative rate cut of 100 basis points.

Federal Reserve Dot Plot Median: Cumulative 25 Basis Point Rate Cut by 2026

On March 19th, the Federal Reserve maintained its forecast of one interest rate cut each in 2026 and 2027.

[The Federal Reserve maintains its forecast of one rate cut in both 2026 and 2027.]On March 19th, the Federal Reserve maintained its forecast of one interest rate cut each in 2026 and 2027.

The Federal Reserve maintains its forecast of one rate cut in both 2026 and 2027.

Federal Reserve Chairman Powell stated that the possibility of the next move being a rate hike was indeed mentioned; the vast majority do not consider a rate hike to be the baseline scenario for the next move.

[Powell: The possibility of a further interest rate hike next was indeed mentioned.]Federal Reserve Chairman Powell stated that the possibility of the next move being a rate hike was indeed mentioned; the vast majority do not consider a rate hike to be the baseline scenario for the next move.

Powell: The possibility of a further interest rate hike next was indeed mentioned.

On March 19th, the Islamic Revolutionary Guard Corps of Iran announced in a statement on the night of the 18th local time that its missile forces launched missile attacks on the US military's Salam base in Sulaymaniyah Governorate, Iraq, and Kurdish armed bases in Zagoye, Sulaymaniyah Governorate. (CCTV News)

[Iran Strikes US Military Bases and Kurdish Militant Bases within Iraq]On March 19th, the Islamic Revolutionary Guard Corps of Iran announced in a statement on the night of the 18th local time that its missile forces launched missile attacks on the US military's Salam base in Sulaymaniyah Governorate, Iraq, and Kurdish armed bases in Zagoye, Sulaymaniyah Governorate. (CCTV News)

Iran Strikes US Military Bases and Kurdish Militant Bases within Iraq

On March 19, all three major U.S. stock indices closed lower, with the Dow Jones down 1.64%, the Nasdaq down 1.46%, and the S&P 500 down 1.36%.

[The three major U.S. stock indexes all closed lower.]On March 19, all three major U.S. stock indices closed lower, with the Dow Jones down 1.64%, the Nasdaq down 1.46%, and the S&P 500 down 1.36%.

The three major U.S. stock indexes all closed lower.

On March 19th, the Federal Reserve's FOMC economic projections showed median expected US GDP growth rates of 2.4%, 2.3%, and 2.1% at the end of 2026, 2027, and 2028, respectively. These compare to the December projections of 2.3%, 2.0%, and 1.9%. The projections also indicated median expected core PCE inflation rates of 2.7%, 2.2%, and 2.0% at the end of 2026, 2027, and 2028, respectively, compared to December's expectations of 2.5%, 2.1%, and 2.0%.

[The Federal Reserve's FOMC economic projections show a median expectation of 2.4% for US GDP growth by the end of 2026.]On March 19th, the Federal Reserve's FOMC economic projections showed median expected US GDP growth rates of 2.4%, 2.3%, and 2.1% at the end of 2026, 2027, and 2028, respectively. These compare to the December projections of 2.3%, 2.0%, and 1.9%. The projections also indicated median expected core PCE inflation rates of 2.7%, 2.2%, and 2.0% at the end of 2026, 2027, and 2028, respectively, compared to December's expectations of 2.5%, 2.1%, and 2.0%.

The Federal Reserve's FOMC economic projections show a median expectation of 2.4% for US GDP growth by the end of 2026.

According to a report published by Nansen, FTX and Alameda have had close (on-chain) ties since the very beginning.
FTX created FTX Token (FTT), a token for their platform, involving Alameda since day one. The two of them shared the majority of the total FTT supply which did not really enter into circulation.
The initial success of Alameda, FTX, and the meteoric rise of FTT most likely led to a rise in the value of Alameda’s balance sheet. This high balance sheet value of the FTT positions was likely used as collateral by Alameda to borrow against. If the borrowed funds were used to make illiquid investments, FTT would become a central weakness for Alameda.
With the collapse of Terra/UST in May, a liquidity crunch ensued as many creditors started to call back loans following the 3AC and Celsius crashes. Alameda would have needed liquidity from a source that would still be willing to give out a loan against their existing collateral
Alameda deposited around ~$3b worth of FTT on FTX of which most remained there until the end.

Detail

【Blockchain Analysis: The Collapse of Alameda and FTX】According to a report published by Nansen, FTX and Alameda have had close (on-chain) ties since the very beginning.
FTX created FTX Token (FTT), a token for their platform, involving Alameda since day one. The two of them shared the majority of the total FTT supply which did not really enter into circulation.
The initial success of Alameda, FTX, and the meteoric rise of FTT most likely led to a rise in the value of Alameda’s balance sheet. This high balance sheet value of the FTT positions was likely used as collateral by Alameda to borrow against. If the borrowed funds were used to make illiquid investments, FTT would become a central weakness for Alameda.
With the collapse of Terra/UST in May, a liquidity crunch ensued as many creditors started to call back loans following the 3AC and Celsius crashes. Alameda would have needed liquidity from a source that would still be willing to give out a loan against their existing collateral
Alameda deposited around ~$3b worth of FTT on FTX of which most remained there until the end.

Blockchain Analysis: The Collapse of Alameda and FTX

Descargo de responsabilidad：El contenido anterior no representa las posiciones de HTX.，HTX no ofrece ninguna recomendación de trading.。

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