Revenues: $6.1 million
Eliminated $20 million of Secured Debt
Over 2,000 Fold Credit Cards Currently in Early Access; up over 100% from last quarter
Planned Expansion into Asset-Based Revenue Streams
PHOENIX, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) ("Fold", "we", or "our"), the first publicly traded bitcoin financial services company, today announced financial results for the second quarter ended June 30, 2026.
Q2 2026 Financial Highlights
-- Revenue: $6.1 million -- Net Loss: ($9.7) million -- Adjusted EBITDA2 (Loss): ($5.5) million -- Loss Per Share: ($0.19) per share -- Adjusted EBITDA (Loss) Per Share2: ($0.11) per share -- Bitcoin Investment Treasury Holdings1: 194 BTC
Q2 2026 Key Operating Metrics
-- Total Transaction Volume: $165 million
-- Total Verified Accounts: more than 87,000; added over 1,000 new verified
accounts in the quarter
CEO Commentary
"Fold enters the second half of the year with a stronger balance sheet, a growing Credit Card program, expanded banking and distribution capabilities, and much of the infrastructure needed to support our next generation of products," said Fold Chairman and CEO Will Reeves. "Over the next few months, investors will begin to see these investments come together as we build toward our goal of becoming the most rewarding financial platform in America."
Mr. Reeves continued, "Fold is evolving from a transaction business into a broader financial services platform. Going forward, we intend to not only be the place where customers spend, but also be the place where they hold and manage their assets. Through our own programs and our partnership with Lead Bank, we expect customer balances to generate recurring economics that can help fund richer rewards. The power of asset-driven revenues has been demonstrated across businesses from Starbucks and Venmo, and we believe it can become an important part of Fold's economic model."
He added, "Our proprietary bank-grade core ledger and Lead Bank partnership provide the foundation for this strategy, while expanding our addressable market beyond bitcoin-native customers to anyone looking for a more rewarding way to manage their money. Our conviction in bitcoin remains unchanged, but the opportunity for Fold is becoming significantly larger."
Mr. Reeves concluded, "Q2 remained challenging across the broader Bitcoin industry, with lower bitcoin prices pressuring transaction activity and consumer engagement. These are temporal challenges and do not reflect the underlying health and vitality of this industry. We believe Fold is entering its next chapter with a stronger business model, broader market and the foundation needed to pursue significantly greater scale."
Strategic & Business Updates
Fold Credit Card
-- Currently in Early Access, with more than 2,000 cardholders as of August
11, 2026
-- Cardholders more than doubled from last quarter
-- Improved underwriting and operations ahead of broader rollout
-- Interchange and financing economics meeting or exceeding expectations
-- Positioned to become a customer acquisition engine
Platform Expansion
-- Working to expand into financial services designed to deepen customer
relationships and grow assets held across Fold
-- Lead Bank partnership expands banking capabilities and enables Fold to
participate in the economics of customer deposits
-- Bank-grade core ledger provides the foundation for Fold's multi-asset
financial platform
-- Customer balance economics expected to generate recurring revenues
-- Platform expansion expected to broaden Fold's total addressable market
("TAM") beyond bitcoin-native customers
Bitcoin Gift Card
-- Expanded distribution through TikTok Shop, reaching millions of potential
shoppers
-- Kroger renewed its commitment to the Fold program
Capital & Balance Sheet
-- Monetized a portion of the Company's bitcoin treasury while maintaining a
meaningful bitcoin position
-- Eliminated approximately $20 million of secured debt and approximately
$145 thousand of monthly interest expense
-- Added approximately $25 million of unrestricted capital
Earnings Call and Webcast Information:
Fold will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question-and-answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.
Date: August 11, 2026
Time: 5:00 p.m. ET
Participant Call Links:
-- Live Webcast: Link
-- Dial-in Registration Link: Link
-- A replay of the call will be archived at
https://investor.foldapp.com
Footnotes
(1) Fold's Bitcoin Investment Treasury was 194 BTC as of June 30, 2026.
(2) Adjusted EBITDA and Adjusted EBITDA Per Share are financial measures not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this press release.
About Fold:
Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. Fold has built a financial services platform that operates across both U.S. dollars and bitcoin, and is designed to connect these systems in a seamless manner. Fold's consumer offerings include an FDIC-insured checking account, a Visa debit card (the "Fold Debit Card"), a Visa credit card (the "Fold Credit Card"), bill payment services, a bitcoin gift card, and an extensive catalog of merchant reward offers. The Company also offers various forms of bitcoin buying and selling with low-to-zero fees and insured custody.
Forward-Looking Statements:
The information in this press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of words such as "may," "could," "would," "should," "predict, " "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include statements regarding the rollout, development and expected effect of Fold's credit card program, gift card and other products, and the potential success of Fold's overall market, product and growth strategies. These statements are based on assumptions and on the current expectations of Fold's management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to changes in the acceptance of bitcoin; (ii) our continued ability to implement business plans; (iii) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; (iv) volatility in the market price of bitcoin; (v) access to and reliance on funding for our products, including the credit card, and general operations; (vi) access to and reliance on third parties for their services related to certain of our products, including risks relating to Fold having a single custodian for our bitcoin; (vii) reliance on banking partners which are subject to complex and demanding regulations and compliance standards; and (viii) those risks and uncertainties discussed in Fold Holdings, Inc.'s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, Fold specifically disclaims any obligation to do so, except as required by law.
Fold Holdings, Inc. Condensed Balance Sheets (Unaudited)
June 30, December 31,
2026 2025
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 28,386,785 $ 7,652,203
Accounts receivable, net 614,801 728,001
Credit card receivable, net 2,753,588 -
Inventories 847,308 478,045
Digital assets - rewards
treasury 4,504,290 6,872,869
Prepaid expenses and other
current assets 1,913,981 2,384,684
------------ ------------
Total current assets 39,020,753 18,115,802
Digital assets - investment
treasury 11,356,023 133,658,791
Capitalized software
development costs, net 1,986,251 1,393,752
Other non-current assets 131,770 299,309
------------ ------------
Total assets $ 52,494,797 $ 153,467,654
============ ============
Liabilities and stockholders'
equity
Current liabilities
Accounts payable $ 698,556 $ 704,789
Accrued expenses and other
current liabilities 1,992,004 3,166,186
Accrued legal settlement 1,374,828 -
February 2026 note - related
party, net 12,446,041 -
Comments