Fold Holdings Q2 2026: Revenue Down 26%, $9.7M Loss, Nasdaq Delisting Risk, and Bitcoin Treasury Slashed
FLD sits 27% above its 52-week low of $0.355 on light trading volume (0.1× avg).
Summary
Fold Holdings reported a 26% revenue decline and a $9.7 million net loss in Q2 2026, slashed its bitcoin treasury to pay off debt, disclosed a Nasdaq delisting notice, and proposed a reverse stock split to stay listed.
Updates
· Reuters — Q2 revenue missed the $7.67M consensus by 20%, and adjusted EBITDA loss of $5.50M was slightly wider than expected.
· SEC 424B3 — The 424B3 prospectus supplement incorporates the Q2 10-Q and updates the registration statement for up to 9,282,287 shares of common stock.
Key Events · Earnings and Guidance · FLD
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Revenue Plunges 26%
Q2 2026 revenue fell to $6.1 million from $8.2 million a year ago, driven by a 36% drop in merchant offers revenue as bitcoin's price collapse reduced customer transaction volumes.
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$9.7M Net Loss
The net loss of $9.7 million included a $28.5 million loss on digital assets in the investment treasury and a $1.4 million legal settlement, partially offset by a $13.2 million gain on convertible note fair value.
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Bitcoin Treasury Liquidated
Fold sold 832 bitcoin during the quarter, reducing its investment treasury from $133.7 million to $11.4 million. Proceeds were used to repay $20 million in credit facility debt and for general corporate purposes.
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Nasdaq Delisting Risk
The company received a Nasdaq deficiency notice on July 14, 2026, for failing to maintain a $1.00 minimum bid price. The board is seeking shareholder approval for a reverse stock split of up to 1-for-50 to regain compliance.
Analysis · FLD · Crypto Assets
Fold's Q2 2026 results reveal deepening distress. Revenue fell 26% year-over-year to $6.1 million as bitcoin's price collapse crushed transaction volumes. The company posted a $9.7 million net loss, driven by a $28.5 million loss on its investment treasury and a $1.4 million legal settlement. The balance sheet has been radically restructured: bitcoin holdings were liquidated from $140.5 million to $15.9 million to pay off debt, leaving just $11.4 million in the investment treasury. A material weakness in financial controls remains unremediated. The stock is at risk of Nasdaq delisting, and the board is seeking approval for a reverse split. This is a survival-mode quarter — the company has cash ($28.4 million) but is burning through it, and the core business is shrinking.
How filings like this one have moved
In the 30 days to Oct 11, 2026, 43.7% of the 300 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FLD was trading at $0.45 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $22.9M. The 52-week trading range was $0.36 to $4.70. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.