Fold Holdings, Inc.
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Range $1.7 – $3.5
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About the company
Fold Holdings, Inc. , a bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States. Its financial services platform allows consumers to accumulate, save, and use bitcoin to accomplish financial goals.
- CEO
- William Reeves
- IPO
- 2022
- Employees
- 43
- HQ
- Phoenix, AZ, US
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- Market Cap
- $23.38M
- P/E
- -0.31
- PEG
- 0.00
- P/S
- 0.83
- P/B
- 0.76
- EV/EBITDA
- -0.11
- Div Yield
- 0.00%
- Gross Margin
- 97.34%
- Op Margin
- -97.49%
- Net Margin
- -258.60%
- ROE
- -129.54%
- ROIC
- -62.94%
Latest fiscal year · YoY change
- Revenue
- $31.79M+0.0%
- Gross Profit
- $14.10M+0.0%
- Op Income
- $-27,730,970
- Net Income
- $-69,590,462-3623.4%
- EPS
- $-1.65-1275.0%
- OCF Growth
- -369.5%
- FCF Growth
- -369.5%
- 52W High
- $4.70
- 52W Low
- $0.35
- 50D MA
- $0.49
- 200D MA
- $1.57
- Beta
- 0.35
- RSI (14)
- 47
- Avg Volume
- 2.32M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Fold reported a weak Q2 amid a depressed bitcoin market, but management said the company is now positioned to pivot from a transaction-dependent business toward a broader rewards and financial services platform.· August 11, 2026
- Q2 revenue was $6.1 million, down 26% year over year, as lower bitcoin prices pressured engagement and trading volume.
- Net loss was $9.7 million versus net income of $13.4 million a year ago; adjusted EBITDA was negative $5.5 million versus negative $4.7 million.
- The credit card is in early access with over 2,000 customers, and management said transactions per user are up 4x after onboarding, with economics meeting or exceeding expectations.
- Fold eliminated $20 million of bitcoin-backed debt, cut secured debt, and said that reduced monthly interest expense by nearly $145,000 while increasing flexibility.
- Management emphasized upcoming product launches, Lead Bank infrastructure, and a broader push to monetize customer deposits and assets beyond transactions.
Fold generated revenue of $6.1 million in Q2 2026, down 26% year over year. GAAP operating expenses were $13.9 million, down 4% from $14.5 million in Q2 2025. Net loss was $9.7 million compared with net income of $13.4 million in the prior-year period, and adjusted EBITDA was negative $5.5 million versus negative $4.7 million a year ago. Management said lower bitcoin prices continued to pressure retail engagement and that the business remains in a challenging environment. For guidance, the company did not give specific revenue or EPS targets, but it said it expects a broader financial profile as it expands into yield on assets held, with higher, more recurring revenues and better margins over time; it also plans a wider credit card rollout and summer product launches, with financing partners needed to scale beyond its own balance sheet.
Will Reeves framed the quarter as a transition period: Fold is trying to evolve from a transaction business into a broader financial services platform built around customer relationships, deposits, rewards, and long-term asset engagement. He said the core infrastructure is now in place, including Lead Bank partnership and a proprietary bank-grade ledger, and repeatedly pointed to upcoming launches as the moment investors will see the strategy come together. His tone was confident and forward-looking, while acknowledging the bitcoin market was still hurting current activity.
Wolfe Repass highlighted the quarter’s financial pressure, citing $6.1 million of revenue, $13.9 million of operating expenses, a $9.7 million net loss, and negative $5.5 million adjusted EBITDA. He said the larger loss was mainly driven by higher payroll and contractor costs as headcount expanded, while also noting efforts to reduce operating expenses by eliminating certain vendors and contractors. On the balance sheet, he said Fold eliminated $20 million in bitcoin-backed debt under its Two Prime facility, which should lower monthly interest expense by nearly $145,000, and that the company retained an additional $25 million of unrestricted capital for business use. He added that card receivables are currently self-financed on Fold’s balance sheet, with strategic financing partners expected as receivables grow.
Analysts focused on whether customer activity was improving beyond account growth, the size of the credit card waitlist, the pace of cardholder growth, and whether financing capacity was still the main bottleneck. Reeves said the waitlist is still over 80,000 and that credit card transactions per user are up 4x since customers begin using the card, while spend per user is exceeding projections. On scaling, he said the immediate gating factor remains financing partners, though underwriting has been tightened and is now more permissive for good customers than it was during early access. He also said Fold will focus mainly on dollars and bitcoin, not other crypto assets, because its customer base wants personal finance products rather than speculation.
The strongest bull case is that Fold says it has already built the infrastructure for a much larger platform and that the current weak bitcoin market is masking momentum in new products. Management pointed to over 2,000 early-access card users, 4x higher transactions per user after onboarding, strong feedback on the Bitcoin Bonus Program, and what it called “incredible” early results on TikTok Shop distribution. The company also said the balance sheet is de-risked and the business should become more recurring and less tied to transaction volumes as it monetizes deposits and assets.
The bear case is that the current business is still under pressure from a weak bitcoin market, with revenue down 26% and adjusted EBITDA still negative. Management also acknowledged that the credit card cannot scale freely yet because financing capacity is the limiting factor, and card economics are still being proven before broader rollout. More broadly, the company is still in transition and has not yet shown that the new deposit- and asset-based model can offset the volatility and lower engagement in its legacy transaction business.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 24.4%
- Shares Outstanding
- 50.78M
- Float Shares
- 12.38M
Buy/sell ratio 0.44. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Held by 19 ETFs
Biggest fund positions in FLD by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 18, 26 | Reeves William Brian Poppic | sell | 9,619 |
| Aug 19, 26 | Reeves William Brian Poppic | sell | 9,480 |
| Aug 17, 26 | Dickman Thomas J | sell | 1,922 |
| Aug 17, 26 | Dickman Thomas J | sell | 962 |
| Jul 31, 26 | Repass Wolfe | other | 1,540 |
| Aug 3, 26 | Repass Wolfe | sell | 740 |
| Aug 3, 26 | Repass Wolfe | sell | 5 |
| Aug 3, 26 | Repass Wolfe | sell | 435 |
| Jul 31, 26 | Repass Wolfe | other | 17 |
| Jul 31, 26 | Repass Wolfe | other | 2,638 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our FLD coverage
Recent articles, reports, and earnings notes.
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Generate FLD report →NOTICE TO DISREGARD -- Fold, Inc.
globenewswire.com · Aug 20
Kroger, One of the Largest American Retail and Supermarket Chains, Rolls Out Fold Bitcoin Gift Card™ Program Nationwide
globenewswire.com · Aug 19
Fold Holdings, Inc. (FLD) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 12
Fold Holdings, Inc. (FLD) Reports Q2 Loss, Lags Revenue Estimates
zacks.com · Aug 11
Fold Holdings, Inc. (NASDAQ: FLD) Announces Second Quarter 2026 Results
globenewswire.com · Aug 11
Fold Taps Lead Bank as Core Banking Partner to Advance Fold's Growing Financial Services Platform
globenewswire.com · Aug 6
Fold (NASDAQ:FLD) Stock Price Up 2.5% – Here’s What Happened
defenseworld.net · Aug 4
Fold Selects Persona to Enhance Fold's Identity Verification Infrastructure and Improve the Customer Onboarding Experience
globenewswire.com · Aug 3
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.