Market Performance
Tokenized Assets
| Ticker | Exchange | Price | 24H | Spread | Liquidity ±2% | 24H Volume | OI | Funding | Max Leverage | Fees |
|---|
Comparison
Developer
Follow Updates
Follow Lists
People
About Fold
Fold (NASDAQ: FLD) is a bitcoin-focused financial services company. Its core business revolves around everyday payment scenarios: users earn bitcoin rewards through the Fold App, Fold Credit Card, Fold Debit Card, and Fold Bitcoin Gift Card. The main market pain point it addresses is the high barrier to entry for ordinary people to accumulate bitcoin—traditionally, buying bitcoin requires setting up exchange accounts and bearing price volatility risks. Fold lowers this threshold by integrating bitcoin rewards into daily spending, allowing users to gradually build bitcoin holdings without additional cash outlays.
Its competitive edge lies in the unique combination of payment and bitcoin rewards, particularly through partnerships with major retailers like Kroger for gift card distribution, which helps acquire new customers at scale. The recently launched bitcoin rewards credit card, powered by Visa and Stripe, offers up to 4% bitcoin back and is expected to drive further ecosystem engagement.
In the past six months (February to August 2026), Fold faced significant headwinds. Bitcoin prices dropped from approximately $126,000 in October 2025 to around $58,000 in Q2 2026, causing a 26% quarter-over-quarter decline in net revenue. The company sold 632 BTC in June 2026 for $44.7 million to fund operations and debt repayment, reducing its treasury holdings from 1,527 BTC to 194 BTC. Fold also received a Nasdaq deficiency notice in July 2026 for failing to maintain a minimum bid price of $1.00 per share, and disclosed a material weakness in internal controls related to complex debt and equity transactions. On the product side, the credit card reached over 1,000 cards in circulation, and the company is restructuring gift card fee economics to accelerate distribution and customer acquisition.
Founded in 2019, Fold began as a bitcoin rewards platform and evolved into a comprehensive bitcoin financial services company. Key milestones include its Nasdaq listing in February 2025 under ticker FLD, following a SPAC merger with FTAC Emerald, which marked its public market debut. In June 2025, Fold was added to the Russell 2000 Index, enhancing its institutional visibility. The company launched a bitcoin rewards credit card powered by Visa and Stripe, offering up to 4% bitcoin back, and partnered with Blackhawk Network to distribute bitcoin gift cards, expanding its retail reach. Financially, Fold reported 2025 revenue of $31.8 million, a 34% year-over-year increase, though it posted a net loss of $69.6 million. The company also signed a $250 million equity purchase agreement to bolster its bitcoin treasury, holding over 1,000 BTC at times. More recently, Fold unified its app experience, integrating bitcoin rewards with daily spending, and was included in Bitwise's Bitcoin Standard Enterprises Index. These milestones reflect Fold's strategic focus on bridging traditional finance with bitcoin-powered products, positioning itself as a pioneer in the bitcoin financial services sector.
Fold Holdings (NASDAQ: FLD) reported Q2 2026 revenue of $6.1M, down 26% QoQ and 23% YoY, with a net loss of $9.7M (EPS -$0.19) and adjusted EBITDA loss of $5.5M. The company eliminated $20M secured debt, reduced bitcoin treasury to 194 BTC, and holds $28.4M cash. Performance was pressured by bitcoin price declines, but management is expanding credit card rollout and marketing. Risks include Nasdaq delisting notice and material control weakness.
Fold (NASDAQ: FLD) made major progress over the past six months. In June 2026, it sold roughly $45M in bitcoin at ~$71,000/BTC, repaid $20M of secured debt, and secured $25M in non-dilutive capital, eliminating all secured debt and strengthening liquidity.
Product and user growth continued: Q2 total transaction volume reached $165M, verified accounts surpassed 87,000, and the Fold Bitcoin Rewards Credit Card grew to more than 2,000 cardholders, with plans to scale toward an ~80,000-person waitlist. The Bitcoin Gift Card expanded via Kroger and other retail channels.
Strategically, Fold partnered with Lead Bank as its core banking partner to enhance deposit, withdrawal, and trading infrastructure. Management outlined a shift from a transaction-focused business toward a broader financial services platform, aiming to let customers hold and manage assets on Fold while generating recurring deposit economics. Future priorities include expanding banking features, scaling the credit card, and broadening the addressable market beyond bitcoin-native users.
Will Reeves is co-founder and CEO of Fold. He co-founded Fold in 2019 and has served as CEO and director. Previously, he held product leadership roles at Thesis, Inc., A3Ventures, and BYND, leading payments. He also worked at A3 Ventures (AAA's innovation and investment arm). He holds a B.A. in Rhetoric and Political Science from UC Berkeley.
Corbin Pon is a co-founder of Fold, but no reliable public information about his detailed background is available.