Deal Overview and Background
Thesis*, a venture studio focused on Bitcoin, has announced the acquisition of Lolli, a bitcoin rewards platform. Lolli has rewarded over 600,000 users with more than $20 million in BTC through shopping at 50,000+ stores and playing 1,000+ mobile games. Founded in 2018, Lolli will now be part of Thesis*’s ecosystem alongside Fold, Mezo, and tBTC. Thesis* has been operating since 2014, and its portfolio company Fold recently became a publicly traded Bitcoin financial services firm.
The acquisition aims to address fragmentation in the consumer Bitcoin experience by uniting Lolli’s rewards with Fold’s financial services and other projects, creating a seamless earning-and-spending loop.
Strategic Vision Behind the Deal
Matt Luongo, CEO of Thesis* and co-founder of Fold, said: “Having competed alongside Lolli for years, I’ve admired their ability to onboard users through accessible and engaging experiences. At Thesis*, we believe Bitcoin’s real growth is driven by everyday interactions — shopping, gaming, spending — not just investment portfolios.” Luongo will personally lead Lolli’s next phase. Alex Adelman, founder and former CEO of Lolli, added that Thesis* brings deep infrastructure expertise and a shared vision, enabling Lolli to significantly enhance its platform.
The acquisition positions Lolli not as a standalone rewards app but as a key component of Thesis*’s broader “circular Bitcoin economy,” where earning and spending BTC become frictionless.
Upgrade Plans and Global Expansion for Lolli
Thesis* has outlined several upgrades for Lolli. The Arcade and Daily Stack features will be enhanced with more games, quests, and larger rewards. A new “Lolli Market” is in development to offer more brands, higher cashback rates, and global accessibility. Instant reward payouts are planned for late 2025, responding to user demand for faster redemptions. Additionally, Lolli will collaborate with Fold on an expanded gift card marketplace to increase earning opportunities.
For international reach, Lolli is developing a global expansion strategy to bring bitcoin rewards beyond the U.S. To support these changes, Thesis* plans to migrate Lolli to a more scalable infrastructure, strengthening its ability to onboard new users and handle increased activity.
Toward a Circular Bitcoin Economy
Thesis* sees this acquisition as a step toward a circular Bitcoin economy, where earning and spending bitcoin are seamless. The integration of Lolli with Fold, Mezo, and tBTC aims to close the gap between bitcoin rewards and everyday use, making adoption easier for millions. Luongo concluded: “The best way to get Bitcoin into people’s lives is to make it flow through real consumption.”