Fold Holdings, Inc. Class A (FLD)

Over the past six months, Fold Holdings, Inc.'s stock (FLD) has experienced a significant decline. The stock price decreased by 25.64% over the last six months and by 71.97% over the past year. As of November 21, 2025, the share price was $3.04, representing a 73.29% decline from November 25, 2024. In Q3 2025, Fold reported revenue of $7.4 million, a 41% year-over-year increase, and a net income of $0.6 million, with total transaction volume rising to $235 million, up 43% year-over-year, and active accounts exceeding 625,000, despite the company's operating loss widening year-over-year. In Q2 2025, Fold reported revenue of $8.2 million, up 59% year-over-year, and a net income of $13.4 million ($0.28 per share), with transaction volume increasing by 124% to $265 million. In Q1 2025, the company announced a 44% year-over-year increase in revenue to $7.1 million, with total transaction volume increasing by 67% year-over-year to over $250 million, and active accounts growing to over 600,000. Fold launched an affiliate program for its Bitcoin Gift Card and partnered with Steak 'n Shake to offer a $5 bitcoin reward promotion to customers. The company announced the launch of the Fold Bitcoin Rewards Credit Card, powered by Stripe and Visa, with a waitlist of 75,000 people. Fold has been actively expanding its Bitcoin treasury, including an acquisition of 485 BTC in March 2025 and adding 1,000 BTC when going public in July 2024.

While a comprehensive analysis of demand seasonality for all Fold Holdings' products and services is not explicitly detailed, there is an indication of seasonality for its Bitcoin Gift Card. The Bitcoin Gift Card has gained momentum on holiday gift guides, suggesting increased demand during holiday seasons. The company's strategy relies on everyday consumer spending rather than speculative crypto activity, which could imply a more stable demand base, but specific seasonal fluctuations beyond the gift card are not clearly outlined.

Fold Holdings, Inc. (FLD), established in 2019 and based in Phoenix, Arizona, is a bitcoin financial services company focused on expanding access to bitcoin through a range of consumer financial products in the United States. It operates in the Financial Services sector, specifically in the Capital Markets industry, and is also categorized under Packaged Software. Fold provides a financial services platform that enables consumers to accumulate, save, and utilize bitcoin to achieve financial objectives. Its offerings include an FDIC-insured checking account, a Visa prepaid debit card, bill payment services, and merchant reward offers, delivered primarily through the Fold mobile app. The company also invests in and accumulates bitcoin for its treasury.

Fold Holdings, Inc. primarily provides its financial services and products in the United States.

Fold Holdings' brand reputation in the past year is largely tied to its efforts in integrating Bitcoin into mainstream financial experiences and its financial performance. News sentiment has been neutral, with an equal split of bullish and bearish news. The company is seen as a trailblazer in the intersection of traditional finance and the Bitcoin economy. Successful product launches, partnerships with established brands, consistent year-over-year revenue growth, and its commitment to holding Bitcoin as a core treasury asset contribute positively to its reputation. However, the significant decline in stock price over the past year, ongoing operating losses, and shareholder dilution could negatively impact investor perception and overall financial reputation.

Fold Holdings, Inc. has a diverse ownership structure, with significant stakes held by insiders, private companies, and institutional investors. Insiders own 21% of Fold Holdings. Private companies are the largest shareholders, holding a 28% stake. Major individual/insider owners include Fulgur Frontier Capital LP (13.56%), Betsy Z. Cohen (12.10%), Jonathan Kirkwood (10.68%), William Brian Poppic Reeves (CEO) (9.61%), Emerald ESG Sponsor, LLC (9.13%), and Fulgur Ventures I LP (9.03%). Institutional shareholders hold 7.70% of the company. As of October 31, 2025, 43 institutional owners held a total of 2,147,300 shares, and as of November 21, 2025, there were 51 institutional owners holding 3,842,350 shares. Major institutional shareholders include Vanguard Group Inc, Blue Owl Capital Holdings LP, Geode Capital Management, Llc, and Atlas Merchant Capital LLC.