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Friday 6 November 2026
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Fold Holdings, Inc.
Fold Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $31.8 million, up 33.9% from fiscal 2024.
- Revenue
- −25.5%
- EPS
- −165.5%
- Free cash flow
- +812.6%
- Total debt
- −84.4%
Quarter to June 2026, against a year earlier
0.47
0.01
−2.08%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | 24 | 32 | 28 | +33.9% | 29 | 46 | — | +19.8% | |
| Gross margin, % | — | — | — | — | — | — | — | — | 4.43 | 6.63 | 6.75 | +2.2 pt | ||||||
| EBT | — | — | — | — | — | 0 | 2 | 7 | (65) | (70) | (73) | +413.6% | ||||||
| EBT margin, % | — | — | — | — | — | 0.00 | 0.00 | 0.00 | (273.99) | (218.88) | (258.60) | (218.9) pt | ||||||
| Net income | — | 0 | — | — | — | 0 | 1 | 4 | (65) | (70) | (73) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 4.07 | 0.75 | 0.54 | n/m | |||||
| Earnings | — | — | — | — | — | (0.02) | 0.03 | 0.14 | (11.15) | (1.65) | (1.54) | +215.3% | ||||||
| Cash flow | — | — | — | — | — | (0.10) | (0.05) | (0.16) | (0.57) | (0.38) | (0.45) | +40.1% | ||||||
| Capex | — | — | — | — | — | 0.00 | 0.00 | 0.00 | (0.30) | (0.19) | 1.00 | n/m | ||||||
| Free cash flow | — | — | — | — | — | (0.10) | (0.05) | (0.16) | (0.87) | (0.57) | 0.55 | +55.0% | ||||||
| Book value | — | — | — | — | — | (1.00) | (0.25) | (0.13) | (11.62) | 1.49 | 0.60 | n/m | ||||||
| Shares, m | — | — | — | — | — | 6 | 34 | 32 | 6 | 42 | 48 | +62.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | — | 2.73 | 3.47 | 0.86 | 3.1 | ||||||
| P/B | — | — | — | — | — | — | — | — | 0.00 | 1.75 | 0.78 | 0.9 | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | 2.45 | 5.70 | — | 4.1 | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | (11.20) | (7.51) | — | (9.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (1) | (2) | (5) | (3) | (16) | (23) | +128.3% | |||||
| Capex | — | — | — | — | — | — | — | — | (2) | (8) | 52 | +351.4% | ||||||
| Free cash flow | — | — | — | — | — | (1) | (2) | (5) | (5) | (24) | 29 | +152.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 2 | 0 | (3) | 6 | (3) | 18 | n/m | |||||
| Net debt | — | — | — | — | — | (1) | 0 | 0 | (7) | 71 | (16) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | (6) | (9) | (4) | (68) | 63 | 31 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | (0.09) | 0.46 | 2.11 | (44.64) | (49.86) | (62.20) | (49.8) pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | (12.93) | (112.28) | (12.9) pt | ||||||
| ROE | — | — | — | — | — | 0.00 | (15.41) | (69.36) | 180.50 | 2,888.05 | (121.82) | +2,888.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 2 | 2 | 2 | 28 | 40 | — | +111.5% | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.85 | 0.79 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Fold Holdings, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DOMH Dominari Holdings Inc. | $36.4M | — (loss-making) | — (loss-making) | −56.86% (below 0%: shrinking) | n/m | −2,705.10% (below 0%: shrinking) | 100.00% | (6.80%) | Compare |
| VIP Vulcan Infrastructure and Power Inc | $36.0M | 10.8× | — (loss-making) | −73.68% (below 0%: shrinking) | n/m | +32.03% (above 0%: growing) | (141.33%) | (284.79%) | Compare |
| AURE Aurelion Inc. | $33.2M | — (loss-making) | — | — | n/m | −75.78% (below 0%: shrinking) | (38.05%) | 0.00% | Compare |
| COHN Institutional Financial Markets, Inc. | $32.3M | 1.1× | 6.7× | +16.06% (above 0%: growing) | +95.06% (above 0%: growing) | −71.20% (below 0%: shrinking) | 100.00% | 17.86% | Compare |
| GRAN Grande Group Limited | $28.5M | — | — | — | — | −420.52% (below 0%: shrinking) | — | — | Compare |
| FLD Fold Holdings, Inc. | $26.6M | — (loss-making) | — (loss-making) | −25.51% (below 0%: shrinking) | n/m | +812.60% (above 0%: growing) | 3.98% | (127.57%) | |
| ARBK Argo Blockchain PLC Sponsored ADR | $22.5M | — (loss-making) | — (loss-making) | −70.04% (below 0%: shrinking) | n/m | −128.72% (below 0%: shrinking) | (22.79%) | (57.47%) | Compare |
| ATCH AtlasClear Holdings, Inc. | $19.8M | 11.0× | — | +136.82% (above 0%: growing) | n/m | −163.33% (below 0%: shrinking) | 100.00% | (53.57%) | Compare |
| PLUT Plutus Financial Group Limited | $18.9M | — | — | — | — | — | — | — | Compare |
| Median of peers | $30.4M | 10.8× | — | −56.86% | — | −128.72% | 38.61% | (30.18%) |
Pay and ownership Proxy statement filed 14 September 2026
Ownership
Directors and executive officers, together
16.69%
Fulgur Frontier Capital LP
25.10%
Jonathan Kirkwood
9.01%
Fulgur Ventures I, L.P.
7.97%
Craft Ventures II, L.P.
6.66%
Will Reeves
6.07%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement