Stonegate Capital Partners updates coverage on Fold Holdings after 1Q26 results

Fold Holdings, Inc. Class A

Fold Holdings, Inc. Class A

FLD

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  • Stonegate Capital Partners updated coverage on Fold Holdings (FLD), citing bitcoin-market weakness as a drag on 1Q26 activity while keeping its core thesis intact.
  • Revenue fell 21.1% y/y to $5.6 million on a 32% y/y drop in transaction volume to $172 million; verified accounts neared 85,000 with nearly 2,000 net adds.
  • Net loss was $(29.2) million; adjusted EBITDA was $(5.8) million, with GAAP results affected by bitcoin treasury fair value changes and financing-related items.
  • Operating expenses declined 19% y/y to $13.4 million, reflecting lower direct costs, reduced stock-based compensation, and lower professional fees.
  • Stonegate flagged credit card rollout as key FY26 catalyst, pointing to more than 1,000 cards live and an about 80,000 waitlist, while highlighting capital structure simplification via extinguishment of convertible notes.


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