Fold Holdings Reports 1Q26 Results; Credit Card Rollout Key to FY26 Growth

Fold Holdings Inc. (NASDAQ: FLD) reported first-quarter 2026 results that reflected bitcoin-market-driven pressure on transaction activity, but management emphasized the quarter did not alter the core thesis of the company’s transition toward platform-led monetization. Revenue declined 21.1% year over year to $5.6 million, as transaction volume fell 32% to $172 million. Verified accounts approached 85,000, with close to 2,000 net additions during the quarter. The net loss was $(29.2) million, and adjusted EBITDA was $(5.8) million, though GAAP results were affected by bitcoin treasury fair value changes and financing-related items, according to a press release.

Despite the top-line pressure, operating expenses declined 19% year over year to $13.4 million, supported by lower direct costs, lower stock-based compensation, and lower professional fees. Management noted that February marked the bottom across most core KPIs, with early improvement as bitcoin recovered. Stonegate Capital Partners, which updated coverage on Fold, noted that 1Q26 reflected market-driven pressure in transaction-linked activity, while Fold’s broader platform strategy moved closer to commercial validation.

The key takeaway from the quarter is that Fold’s credit card execution is the primary catalyst for fiscal 2026. With more than 1,000 cards currently live and an approximately 80,000-person waitlist, cohort spend, engagement, credit performance, and funding capacity will drive the setup for scaling. The credit card represents a shift toward a broader revenue model beyond transaction activity, which has been heavily influenced by bitcoin market conditions.

Additionally, capital structure simplification has improved strategic flexibility. By extinguishing the convertible notes while retaining bitcoin treasury exposure, Fold has strengthened its ability to scale credit, gift card, and business channels. The company’s concurrent product launches support a diversified revenue stream, reducing reliance on transaction volumes tied to bitcoin price volatility.

Stonegate Capital Partners, a capital markets advisory firm providing investor relations and equity research, updated its coverage on Fold, highlighting that account growth, opex discipline, and product launches support the transition. The full announcement, including downloadable images and bios, is available here. Stonegate Capital Markets (member FINRA) provides investment banking and capital raising services for public and private companies.

Fold’s first-quarter results underscore the challenges of a bitcoin-linked business model, but the company’s strategic pivot to credit and platform services could provide more stable revenue streams. The focus now shifts to execution on the credit card rollout and the ability to convert the substantial waitlist into active users, which will be critical for achieving growth in the coming quarters.

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