Fold Holdings, Inc.

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.