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78 sats \ 3 replies \ @byzantine 13 Aug \ on: Fold (FLD) had a tremendous Q2 earnings call adds 10k new customer accounts Stacker_Stocks
i'm surprised they don't make any money. businesses like strike are cash flow positive with just bitcoin buys and sells alone.
They make money but they have a ton of overhead for being a newly public company thus higher expenses. And they increase their employee count
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yeah i am not really sure what their expenses are. the app is pretty stale, listing gift cards doesn't cost anything, they make a spread on bitcoin sales... yet have negative earnings per share.
biggest expense is compliance for their debit card and that just uses visa rails. strike has 75 employees and a massive amount of money transmitter licenses and is cash flow positive.
fold can't even get a credit card off the ground that blockfi and gemini had for a long time.
something seems off about their expenses and their execution speed.
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To get a feel for their expenses I would need to read the 10-Q.
Comparing strike to fold doesn’t make sense at this moment. Strike is a private company besides the peek Jack gave us we don’t know the true financial position of the company.
But I agree the app is stale and not as clean as Strike but they offer a different product suite than strike plus they are going after a different market.
Strike was going to bring a debit card to strike but then decided against its. Jack thought the spend wasn’t worth it and not the type of customer he wanted to appease.
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