PHOENIX, May 12, 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 first quarter ended March 31, 2026.
Q1 2026 Financial Highlights
Revenue: $5.6 million; 21.1% YoY decrease
Net Loss: ($29.2) million
Adjusted EBITDA2 (Loss): ($5.8) million
Loss Per Share: ($0.59) per share
Adjusted EBITDA (Loss) Per Share2: ($0.12) per share
Bitcoin Investment Treasury Holdings1: 826 BTC
Q1 2026 Key Operating Metrics
Total Transaction Volume: $172 million; 32% YoY decrease
Total Verified Accounts: nearly 85,000, added close to 2,000 new verified accounts in the quarter
CEO Commentary
"Q1 was a challenging quarter across the broader Bitcoin industry. Lower Bitcoin prices pressured transaction volumes, trading activity, and consumer engagement, and Fold saw that pressure in our results," said Fold Chairman and CEO Will Reeves. "But as with past drawdown cycles, we believe the fundamental value proposition, technological value, and network effects of bitcoin remain strong. We are focused on what we can control, and we continue to put our energy and focus into building our products and serving our customers. Importantly, Fold remains focused on building a scalable platform with multiple interconnected products that we believe will drive durable and long-term growth."
Mr. Reeves continued, "We continued the rollout of the Fold Bitcoin Rewards Credit Card this quarter and now have approximately 1,000 cards in circulation. We expect to expand distribution in the coming months and meet the market's high demand for this game changing product. While still early, initial user feedback is positive and initial cohort data is promising. Cardholders are already engaging with multiple products in our ecosystem, validating our belief that the card can become both a powerful acquisition engine and a major driver of ecosystem engagement over time. "
He added, "The Bitcoin Gift Card also remains an important part of our growth strategy and continues to perform strongly. Through this product we have onboarded thousands of new customers and reengaged existing users through a familiar retail experience, and many of these users are now engaging across the broader Fold ecosystem. Our flagship relationship with Kroger has been a success, and we believe this model can scale nationally across additional retailers. To support that growth, we are restructuring our gift card economics with distribution partners to materially reduce customer friction and improve retail placement opportunities."
Mr. Reeves concluded, "Despite a challenging market backdrop, we believe Fold made significant progress in the first quarter and, more importantly, laid the foundation for what comes next. With credit gaining traction, a more aggressive customer acquisition strategy in place, and continued improvements to our platform, we believe Fold is well-positioned to grow, increase engagement, and build a valuable, long-term business."
Strategic & Business Updates:
Fold Bitcoin Rewards Credit Card
More than 1,000 cards now in circulation
Expect continued distribution throughout the year; prioritizing the roughly 80,000 people on the waiting list
Initial cohort data showing strong cross-product adoption
The Fold Credit Card is powered by Visa and Stripe, allowing users to earn bitcoin rewards up to 4.0%
Fold Bitcoin Gift Card
Fold is restructuring its fee on cards to accelerate distribution and drive customer acquisition
Fold believes the full distribution of the Bitcoin Gift Card will drive thousands of new users to its ecosystem and lead to the increased adoption of other products
Currently available online (Fold app, foldapp.com, giftcards.com, etc.) and in store (~2,000 Kroger brand locations)
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: May 12, 2026Time: 5:00 p.m. ETParticipant 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 826 BTC as of March 31, 2026 and May 11, 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 is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Credit Card™, Fold Bitcoin Gift Card™, and Fold Debit Card™, the company is building the bridge between traditional finance and the bitcoin-powered future.
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 and gift card product, 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, including our ability to process and approve new credit card applications; (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)
March 31,
December 31,
2026
2025
Assets
Current assets
Cash and cash equivalents
$
11,526,471
$
7,652,203
Accounts receivable, net
539,147
728,001
Inventories
460,701
478,045
Digital assets - rewards treasury
5,253,902
6,872,869
Prepaid expenses and other current assets
2,195,840
2,384,684
Total current assets
19,976,061
18,115,802
Digital assets - investment treasury
56,355,303
133,658,791
Capitalized software development costs, net
1,704,704
1,393,752
Other non-current assets
292,858
299,309
Total assets
$
78,328,926
$
153,467,654
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$
1,653,305
$
704,789
Accrued expenses and other current liabilities
2,609,739
3,166,186
February 2026 note - related party, net
12,151,382
-
Credit facility
20,000,000
10,000,000
Customer rewards liability
5,253,902
6,872,869
Deferred revenue
308,627
366,252
Total current liabilities
41,976,955
21,110,096
June 2025 convertible note, net
-
21,469,675
March 2025 convertible note - related party
-
47,207,556
Other non-current liabilities
-
689,680
Total liabilities
41,976,955
90,477,007
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and 0 shares issued and outstanding at December 31, 2025
-
-
Common stock, $0.0001 par value; 600,000,000 shares authorized, 50,738,916 shares issued and 50,353,315 shares outstanding at March 31, 2026 and 48,477,883 shares issued and 48,419,266 shares outstanding at December 31, 2025
5,076
4,849
Additional paid-in-capital
236,453,785
233,924,782
Accumulated deficit
(200,106,890
)
(170,938,984
)
Total stockholders' equity
36,351,971
62,990,647
Total liabilities and stockholders' equity
$
78,328,926
$
153,467,654
Fold Holdings, Inc. Condensed Statements of Operations (Unaudited)
Three Months EndedMarch 31,
2026
2025
Revenues, net
$
5,592,309
$
