Fold Holdings Inc (FLD) Stock

Fold Holdings Inc (FLD) is a Financials stock trading at $0.42 (as of 2026-07-20), with a market capitalization of $23.06M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Fold Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides a financial services platform that allows customers to earn, accumulate, and utilize bitcoin in their everyday life.

Understand Fold Holdings Inc: how it makes money

Fold Holdings runs a financial services platform that lets customers earn, accumulate, and use bitcoin in everyday life, generating revenue through its Net Revenue and a Bitcoin gift card custody and trading revenues line.

The profit model appears to scale from user adoption into bitcoin-enabled spending activity, with revenue reported as Net Revenue plus a Bitcoin gift card custody and trading revenues line, while operational momentum is tracked through credit card circulation, new accounts, and existing waitlist potential users.

Revenue by segment (latest quarter)
Net Rev$0.0B
BTC Gift Cards$0.0B

Business quality (Weak): Best read is as an adoption and product-usage story (cards in circulation, waitlist and active accounts), but the latest quarter shows near-zero reported revenue and a very large negative operating margin, and the segment breakdown provided is limited.

Bull case

  • Growing credit card footprint: The company tracks Fold Bitcoin Rewards credit card cards in circulation (1000) alongside new and active accounts.
  • Large potential user pipeline: Existing waitlist potential users are tracked at 80000, which can support future adoption if converted.

Bear case

  • Very weak profitability in the latest quarter: Operating margin for 2026-03-31 is -521.5%, indicating substantial operating losses.
  • Reported revenue is extremely small: Revenue for 2026-03-31 is shown as 0.0B, and the Bitcoin gift card custody and trading revenues line is 0.0B in the provided candidates.
  • Conversion risk from waitlist to active usage: Cards in circulation (1000) are much smaller than existing waitlist potential users (80000), suggesting that reaching meaningful scale depends on converting waitlist applicants into active users.
Valuation — source: SEC EDGAR (first-party)
Price$0.42
Market Cap$23.06M
Price / Book0.74
Price / Sales0.82
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$31.79M
Net Margin-218.9%
Revenue Growth (YoY)-25.5%
EPS Growth (YoY)-165.5%
Financial Health — source: SEC EDGAR
Altman Z-Score-2.73 (distress)
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Banking)13.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderEverSource Wealth Advisors, LLC ($19.23M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOWilliam Reeves
Employees28
CountryUS
IPO Date2022-02-09

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FLD earnings history · FLD institutional & insider holders · FLD KPIs & operating metrics · FLD financials · FLD investor presentations & press releases · FLD SEC filings · FLD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.