The 21% revenue decline and 32% transaction volume drop signal a deteriorating core business, compounded by a $10M credit facility draw and a recent S-3 filing. Monitor for further dilution risk and whether the credit card rollout can reverse the trend in coming quarters.
Price Chart
Executive Summary
Fold Holdings reported Q1 2026 revenue of $5.6M, a 21.1% YoY decline, and a net loss of $29.2M. Transaction volumes fell 32% YoY amid lower Bitcoin prices. The company is restructuring gift card fees to drive distribution and has ~1,000 credit cards in circulation. The results were significantly below the $10.0M consensus revenue estimate, and the company provided no specific revenue guidance for 2026.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $5.6M, down 21.1% YoY from $7.1M
- Net loss of $29.2M vs $48.9M in Q1 2025
- Adjusted EBITDA loss of $5.8M vs $4.2M in Q1 2025
- Total transaction volume $172M, down 32% YoY
- Revenue missed consensus estimate of $10.0M by ~44%
- Bitcoin investment treasury 826 BTC as of March 31, 2026
- ~1,000 Fold Bitcoin Credit Cards in circulation
- Restructuring gift card fees to accelerate distribution
- S-3 filed 5 days prior registering 1,040,000 shares for resale
Financial Impact
Revenue declined 21.1% YoY to $5.6M, missing $10.0M consensus by ~44%. Net loss of $29.2M.
Risk Factors
- Continued Bitcoin price weakness pressuring transaction volumes and revenue
- Dilution from S-3 shelf registration and potential future capital raises
- Credit card rollout may not scale fast enough to offset core business decline
- Restructuring gift card fees could further pressure near-term margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219369 |
| Document: fld-20260512.htm | 0001193125-26-219369 |
| Document: 0001193125-26-219369-index-headers.html | 0001193125-26-219369 |
| Document: 0001193125-26-219369-index.html | 0001193125-26-219369 |
| Document: 0001193125-26-219369.txt | 0001193125-26-219369 |
| 8-K Data (Synthetic) | 0001193125-26-219369 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 3, 2026 20w ago | EFFECT | $0.1579 $0.0776 | ▼ −50.85% | ▼ −53.35% | — |
May 22, 2026 22w ago | EFFECT | $0.1579 $0.0831 | ▼ −47.37% | ▼ −50.56% | — |
May 12, 2026 23w ago | 8-K | $0.1579 $0.0899 | ▲ +43.07% | ▲ +47.50% | — |
May 7, 2026 24w ago | S-3 | $0.1579 | awaiting T+60 | — | — |
Apr 20, 2026 27w ago | 144 | $0.1579 $0.0780 | ▼ −50.60% | ▼ −57.38% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers