Fold (FLD)
Market Price (9/14/2026): $0.5451 | Market Cap: $28.2 MilSector: Financials | Industry: Diversified Capital Markets
Fold (FLD)
Market Price (9/14/2026): $0.5451Market Cap: $28.2 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -166% | Penny stockMkt Price is 0.5 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -28 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -97% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -26% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -82%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -87% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -265% High stock price volatilityVol 12M is 109% Key risksFLD key risks include [1] sustained operating losses and poor financial health, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -166% |
| Penny stockMkt Price is 0.5 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -28 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -97% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -26% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -82%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -87% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -265% |
| High stock price volatilityVol 12M is 109% |
| Key risksFLD key risks include [1] sustained operating losses and poor financial health, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/4/2026
Fold (FLD) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Fold Holdings reported weaker-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 11, 2026, that its revenue for the quarter was $6.1 million, missing analyst estimates of $7.67 million by $1.58 million and representing a 26% year-over-year decrease. Fold also reported a net loss of ($9.7) million for the quarter, a significant decline from a net income of $13.4 million in Q2 2025, and a loss per share of ($0.19), missing the consensus estimate of ($0.15) by $0.04.
2. Persistent industry-wide cryptocurrency market headwinds negatively impacted Fold's core business. Company reports and analyses consistently attributed the decline in transaction volumes and consumer engagement to lower Bitcoin prices and broader challenges in the crypto market during this period.
Show more
Fold (FLD) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Fold Holdings reported weaker-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 11, 2026, that its revenue for the quarter was $6.1 million, missing analyst estimates of $7.67 million by $1.58 million and representing a 26% year-over-year decrease. Fold also reported a net loss of ($9.7) million for the quarter, a significant decline from a net income of $13.4 million in Q2 2025, and a loss per share of ($0.19), missing the consensus estimate of ($0.15) by $0.04.
2. Persistent industry-wide cryptocurrency market headwinds negatively impacted Fold's core business. Company reports and analyses consistently attributed the decline in transaction volumes and consumer engagement to lower Bitcoin prices and broader challenges in the crypto market during this period.
Show more
Updated on 9/4/2026
Fold (FLD) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Fold Holdings reported weaker-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 11, 2026, that its revenue for the quarter was $6.1 million, missing analyst estimates of $7.67 million by $1.58 million and representing a 26% year-over-year decrease. Fold also reported a net loss of ($9.7) million for the quarter, a significant decline from a net income of $13.4 million in Q2 2025, and a loss per share of ($0.19), missing the consensus estimate of ($0.15) by $0.04.
2. Persistent industry-wide cryptocurrency market headwinds negatively impacted Fold's core business. Company reports and analyses consistently attributed the decline in transaction volumes and consumer engagement to lower Bitcoin prices and broader challenges in the crypto market during this period.
3. Fold received a Nasdaq listing deficiency notice due to its stock trading below the minimum bid price requirement. On July 14, 2026, Fold Holdings was notified by Nasdaq that its common stock had traded below $1.00 per share for 30 consecutive business days, failing to meet the minimum bid price rule. This added pressure and uncertainty for investors, with the stock reaching an all-time low of $0.3551 on July 16, 2026.
4. Analyst forecasts for fiscal year 2026 were significantly lowered. Following the disappointing performance, consensus revenue estimates for fiscal year 2026 were reduced by 29%, from $48.5 million to $34.4 million. Forecasted losses per share for the year also increased from ($0.62) to ($0.997).
5. The company terminated its $250 million equity purchase facility. Effective September 3, 2026, Fold Holdings ended a June 16, 2025, agreement that allowed it to sell up to $250 million in newly issued common shares. While stated as a move to pursue alternative financing without penalties, this action could have introduced uncertainty regarding the company's future capital-raising strategy.
Show less
Fold (FLD) stock has lost about 45% since 5/31/2026 because of the following key factors:
1. Fold Holdings reported weaker-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 11, 2026, that its revenue for the quarter was $6.1 million, missing analyst estimates of $7.67 million by $1.58 million and representing a 26% year-over-year decrease. Fold also reported a net loss of ($9.7) million for the quarter, a significant decline from a net income of $13.4 million in Q2 2025, and a loss per share of ($0.19), missing the consensus estimate of ($0.15) by $0.04.
2. Persistent industry-wide cryptocurrency market headwinds negatively impacted Fold's core business. Company reports and analyses consistently attributed the decline in transaction volumes and consumer engagement to lower Bitcoin prices and broader challenges in the crypto market during this period.
3. Fold received a Nasdaq listing deficiency notice due to its stock trading below the minimum bid price requirement. On July 14, 2026, Fold Holdings was notified by Nasdaq that its common stock had traded below $1.00 per share for 30 consecutive business days, failing to meet the minimum bid price rule. This added pressure and uncertainty for investors, with the stock reaching an all-time low of $0.3551 on July 16, 2026.
4. Analyst forecasts for fiscal year 2026 were significantly lowered. Following the disappointing performance, consensus revenue estimates for fiscal year 2026 were reduced by 29%, from $48.5 million to $34.4 million. Forecasted losses per share for the year also increased from ($0.62) to ($0.997).
5. The company terminated its $250 million equity purchase facility. Effective September 3, 2026, Fold Holdings ended a June 16, 2025, agreement that allowed it to sell up to $250 million in newly issued common shares. While stated as a move to pursue alternative financing without penalties, this action could have introduced uncertainty regarding the company's future capital-raising strategy.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -43.9% change in FLD stock from 5/31/2026 to 9/13/2026 was primarily driven by a -37.1% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.97 | 0.54 | -43.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30 | 28 | -6.9% |
| P/S Multiple | 1.6 | 1.0 | -37.1% |
| Shares Outstanding (Mil) | 50 | 52 | -4.2% |
| Cumulative Contribution | -43.9% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| FLD | -43.9% | |
| Market (SPY) | 1.0% | 14.6% |
| Sector (XLF) | 11.0% | 1.3% |
Fundamental Drivers
The -63.6% change in FLD stock from 2/28/2026 to 9/13/2026 was primarily driven by a -55.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.49 | 0.54 | -63.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31 | 28 | -9.3% |
| P/S Multiple | 2.2 | 1.0 | -55.7% |
| Shares Outstanding (Mil) | 47 | 52 | -9.5% |
| Cumulative Contribution | -63.6% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| FLD | -63.6% | |
| Market (SPY) | 11.7% | 26.8% |
| Sector (XLF) | 11.9% | 11.8% |
Fundamental Drivers
The -84.9% change in FLD stock from 8/31/2025 to 9/13/2026 was primarily driven by a -82.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.58 | 0.54 | -84.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 28 | -2.5% |
| P/S Multiple | 5.8 | 1.0 | -82.7% |
| Shares Outstanding (Mil) | 47 | 52 | -10.3% |
| Cumulative Contribution | -84.9% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| FLD | -84.9% | |
| Market (SPY) | 19.5% | 21.8% |
| Sector (XLF) | 7.3% | 16.5% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| FLD | -94.8% | |
| Market (SPY) | 75.7% | 17.0% |
| Sector (XLF) | 74.0% | 13.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FLD Return | - | 3% | 5% | 5% | -76% | -80% | -95% |
| Peers Return | 2% | 29% | 2% | -1% | -0% | -3% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| FLD Win Rate | - | 82% | 92% | 50% | 33% | 33% | |
| Peers Win Rate | 52% | 65% | 52% | 47% | 55% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| FLD Max Drawdown | - | - | -1% | -3% | -77% | -86% | |
| Peers Max Drawdown | -31% | -26% | -31% | -33% | -41% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMRN, VRTX, SRPT, ALNY, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
About Fold (FLD)
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Fold (FLD) operates as a Special Purpose Acquisition Company (SPAC), meaning it does not currently conduct its own commercial operations or offer any products or services. Instead, its primary business involves seeking out and acquiring an existing private operating company. The core function of Fold is to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more businesses, essentially bringing a private company to the public market through this acquisition.
The company focuses its acquisition efforts on specific high-growth sectors. It targets businesses within clean and renewable energy, water sustainability, agricultural technology, shared economy software, and mobility. Through this strategic focus, Fold aims to merge with a company that aligns with these forward-looking industries, thereby transforming from a shell company into an operational entity with a public listing.
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- Business Combination/Acquisition: The company's primary purpose is to identify and effect a merger, asset acquisition, or similar business combination with one or more private operating businesses.
AI Analysis | Feedback
Based on the provided description, Fold (symbol: FLD), also known as FTAC Emerald Acquisition Corp., is a Special Purpose Acquisition Company (SPAC).
A SPAC does not have significant operations or sell products or services to customers in the traditional sense. Its primary purpose is to raise capital through an initial public offering (IPO) and then use that capital to acquire or merge with an existing private company.
Therefore, FTAC Emerald Acquisition Corp. does not have major customers or categories of customers as it does not engage in the sale of goods or services.
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Will Reeves, Chief Executive Officer and Chairman of the Board
Mr. Reeves co-founded Fold in 2019 and has served as its Chief Executive Officer and a Director since its inception. Over the past eight years, he held product leadership positions at Thesis, Inc., A3Ventures, LLC, and BYND, where he led digital transformation and the development of innovation projects for Google and other Fortune 500 technology companies. Prior to founding Fold, Mr. Reeves was the Head of Payments at Thesis, Inc.
Wolfe Repass, Chief Financial Officer
Mr. Repass has served as Fold's Chief Financial Officer since October 2024. Before this role, he held various positions within Fold's Finance and Operations department, having joined the company in May 2021. During his time at Fold, Mr. Repass was instrumental in establishing the company's financial, accounting, and operational foundations and played a key role in its journey to becoming a public company. Prior to joining Fold, he worked in financial reporting and accounting roles within the fintech and manufacturing industries, including at Robinhood and PopSockets.
Matt McManus, Chief Operating Officer
Mr. McManus joined Fold in April 2025 as the Chief Operating Officer. In this role, he works with senior management to oversee Fold's day-to-day operations and ensure the execution of the company's strategic plans. Before joining Fold, Mr. McManus served as the Chief Product Officer for Unchained Capital, Inc., where he was responsible for leading the company's product strategy, development, and execution. His career also includes work with major brands such as Twitter, Capital One, PBS & PBS KIDS, National Geographic, and Marriott.
Thomas Dickman, Chief Technology Officer
Mr. Dickman serves as the Chief Technology Officer for Fold.
AI Analysis | Feedback
The key risks to the business of Fold (symbol: FLD), as described in the background as FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC), are primarily related to its nature as a non-operating entity seeking a business combination.
- Failure to complete a business combination: As a SPAC with no significant operations, the most critical risk is the inability to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination within the timeframe required by its organizational documents. If a business combination is not completed, the company would likely be forced to liquidate and return the funds held in its trust account to its public shareholders, potentially at a loss or without the anticipated returns.
- Inability to identify or complete a business combination with a suitable target: The company's success hinges on identifying and successfully completing a business combination with one or more businesses. There is a significant risk that FTAC Emerald Acquisition Corp. may not be able to find an attractive or viable target business that meets its investment criteria or complete a transaction on favorable terms. This could lead to an undesirable merger or, ultimately, liquidation.
- Risk of significant redemptions by public shareholders: Prior to the completion of a business combination, public shareholders typically have the right to redeem their shares. High redemption rates by shareholders could significantly deplete the cash available to the SPAC for completing the business combination or for the ongoing operations of the combined entity. This reduction in available capital could jeopardize the transaction or negatively impact the post-merger company's financial health and operational flexibility.
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Fold (symbol: FLD) operates within the intersection of the cryptocurrency, digital payments, and loyalty management markets in the United States. Its main products and services, including bitcoin rewards programs, bitcoin financial services, and bitcoin-enabled debit and upcoming credit cards, address several growing market segments.
The addressable markets for Fold's main products and services in the U.S. are:
* Cryptocurrency and Bitcoin Market (U.S.): Approximately 30% of American adults, or 70.4 million people, owned cryptocurrency as of January 2026. The U.S. cryptocurrency market size is projected to reach USD 2.21 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.49% from its USD 1.23 billion valuation in 2025. Bitcoin remains the most popular cryptocurrency in the U.S., with about 77% of crypto owners holding it as of August 2023.
* Digital Payments Market (U.S.): The U.S. digital payment market size is projected to reach USD 7.5 billion in 2025, growing at a CAGR of 20.8%. North America held a significant share of the global digital payment market, accounting for 33.5% in 2024.
* Loyalty Management Market (U.S.): The U.S. loyalty management market, encompassing total loyalty spend, is valued at approximately USD 25.99 billion in 2026 and is projected to reach USD 44.25 billion by 2030, exhibiting a CAGR of 14.2% from 2026 to 2030. The software and services segment alone within this market is estimated at USD 3.78 billion in 2026.
* FinTech Blockchain Market (U.S.): The U.S. FinTech blockchain market, relevant for companies leveraging blockchain for financial technology, was valued at USD 130.16 billion in 2024 and is expected to reach approximately USD 6,013.33 billion by 2034, demonstrating a robust CAGR of 46.71% from 2025 to 2034. North America dominated the global FinTech blockchain market with a 39% market share in 2024.
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Fold Holdings, Inc. (NASDAQ: FLD) is a pioneering bitcoin financial services company that recently became publicly traded following its business combination with FTAC Emerald Acquisition Corp. in February 2025. The company’s core strategy involves integrating Bitcoin into everyday financial activities through its suite of products and services. Over the next 2-3 years, several key drivers are expected to fuel Fold's revenue growth:
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Launch and Adoption of the Fold Bitcoin Rewards Credit Card: Fold announced the launch of its Bitcoin Rewards Credit Card in February 2025, which had a waitlist of 75,000 people. The company anticipates this card will be a significant growth driver for its business as it rolls out later in 2025. This product aims to expand the company's offerings beyond its existing Fold App and Fold Card, which provide bitcoin rewards for everyday spending.
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Expansion of Custody and Trading Business: Fold is prioritizing the growth of its custody and trading platform. This includes initiatives to increase access to the platform beyond existing Fold cardholders, support larger bitcoin orders through wire deposits, and expand the geographic reach of its services. These developments are expected to open the platform to a substantially larger market, driving increased transaction volumes and associated revenues.
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Growth in Active User Accounts and Transaction Volume: The company has demonstrated strong user momentum, reporting a 300% rise in new accounts and a 67% year-over-year increase in total transaction volume in Q1 2025. Continued expansion of its user base and increased engagement with its products, such as the Fold App and Fold Card, will directly contribute to revenue growth from transaction fees and interchange income.
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Broadening Distribution for Fold Bitcoin Gift Card: Fold is expanding the availability of its Bitcoin Gift Card through new distribution channels. This includes partnerships with platforms like Giftcards.com, Blackhawk Network’s digital retail ecosystem, and in-store access at major retailers such as Kroger brand locations. These expanded distribution channels and promotional campaigns with partners are designed to reach a wider customer base and boost sales of the gift cards.
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Development of New Bitcoin-Centric Financial Products and Services: Beyond its current card and app offerings, Fold aims to build out a comprehensive suite of bitcoin-based financial products. While specific details for the immediate 2-3 years are still emerging, the company's long-term vision includes exploring areas like bitcoin-backed business loans and homeownership solutions, positioning it as a bridge between traditional finance and the decentralized Bitcoin economy.
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Share Issuance
- FTAC Emerald Acquisition Corp. completed its Initial Public Offering (IPO) on December 16, 2021, raising $220 million through the issuance of 22 million units at $10 each. Each unit consisted of one share of Class A common stock and one-half of a warrant.
- In anticipation of the business combination, FTAC Emerald Acquisition Corp. entered into non-redemption agreements between September 2023 and January 2024, agreeing to issue a total of 2,722,500 shares of Class A Common Stock to third parties in exchange for commitments not to redeem public shares.
- As of March 10, 2026, Fold Holdings Inc. had approximately 48.31 million shares outstanding.
Inbound Investments
- The business combination with FTAC Emerald Acquisition Corp. in February 2025 provided Fold, Inc. with capital, with the transaction implying a pre-money equity valuation for Fold of $365 million.
- Fold Holdings secured a $45 million revolving credit facility from Two Prime Lending to increase financial liquidity and accelerate growth initiatives.
- FTAC Emerald Acquisition Corp. secured a $2 million loan from a sponsor affiliate in October 2024 to obtain additional funding.
Outbound Investments
- The primary outbound investment was the acquisition of Fold, Inc. by FTAC Emerald Acquisition Corp. through a reverse merger transaction, which closed on February 14, 2025.
- Fold Holdings maintains a bitcoin investment treasury, holding 1,526 bitcoin valued at approximately $154 million as of November 6, 2025, and has stated a disciplined approach of not selling bitcoin since going public.
- Fold plans to greatly expand its business by spending more heavily on marketing in 2025 to accelerate growth.
Peer Outperformance in Diversified Capital Markets
nullShare of Diversified Capital Markets constituents that FLD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
14%
of 35 industry peers · -83.5% return
3Y
14%
of 22 industry peers · -94.8% return
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is FLD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 4.4% | 109.9% | 135.9% | IBKR 511% · SNEX 266% · GS 188% |
| Reinsurance | 6 | 18.8% | 73.7% | 132.8% | SPNT 164% · RGA 143% · RNR 133% |
| Diversified Banks | 12 | 37.8% | 127.6% | 118.3% | JPM 157% · CM 153% · RY 143% |
| Life & Health Insurance | 20 | 8.2% | 54.2% | 103.2% | JXN 569% · UNM 321% · FG 203% |
| Multi-Sector Holdings | 4 | 3.5% | 53.9% | 82.7% | JONE 361% · BRK-B 84% · VOYA 81% |
| Regional Banks | 265 | 26.8% | 84.7% | 68.7% | GCBC 366% · ESQ 361% · VBNK 332% |
| Property & Casualty Insurance | 42 | 9.4% | 68.6% | 68.2% | ASIC 2746900% · HRTG 471% · UVE 308% |
| Multi-line Insurance | 9 | 8.9% | 78.7% | 64.5% | GNW 193% · L 108% · SLF 91% |
| Consumer Finance | 30 | 5.7% | 87.6% | 33.8% | ENVA 603% · EZPW 379% · FCFS 180% |
| Financial Exchanges & Data | 15 | -6.5% | 11.8% | 30.5% | VIRT 201% · CBOE 142% · CME 80% |
| Diversified Financial Services | 4 | 0.9% | 14.0% | 24.1% | FRHC 174% · EQH 106% · TMS -58% |
| Insurance Brokers | 16 | -17.9% | -3.8% | 20.4% | LIFE 347% · ARX 89% · AJG 75% |
| Asset Management & Custody Banks | 83 | -10.8% | 13.7% | 14.4% | WT 340% · SII 291% · VCTR 280% |
| Commercial & Residential Mortgage Finance | 12 | -48.2% | 28.3% | 2.8% | FNMA 488% · FMCC 458% · ESNT 70% |
| Specialized Finance | 3 | 27.4% | 39.8% | -0.4% | EFC 30% · CACC 0% · HASI -13% |
| Mortgage REITs | 33 | -13.2% | 8.4% | -15.4% | NREF 55% · RITM 48% · DX 37% |
| Transaction & Payment Processing Services | 15 | 2.2% | -8.7% | -41.9% | V 73% · MA 70% · CPAY 60% |
| Diversified Capital Markets ← | 21 | -33.6% | 2.7% | -43.9% | OPY 215% · LPLA 153% · GOLD 103% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Fold Earnings Notes | 12/16/2025 | |
| Fold Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 157.18 |
| Mkt Cap | 23.0 |
| Rev LTM | 4,105 |
| Op Inc LTM | 575 |
| FCF LTM | 772 |
| FCF 3Y Avg | 448 |
| CFO LTM | 884 |
| CFO 3Y Avg | 533 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 15.1% |
| Rev Chg Q | 14.6% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | -17.1% |
| Op Inc Chg 3Y Avg | 80.3% |
| Op Mgn LTM | 12.6% |
| Op Mgn 3Y Avg | 13.8% |
| QoQ Delta Op Mgn LTM | -1.7% |
| CFO/Rev LTM | 22.1% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 19.2% |
| FCF/Rev 3Y Avg | 15.7% |
Price Behavior
Price Behavior
| Market Price | $0.54 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/09/2022 | |
| Distance from 52W High | -88.0% | |
| 50 Days | 200 Days | |
| DMA Price | $0.55 | $2.38 |
| DMA Trend | down | down |
| Distance from DMA | -0.6% | -77.3% |
| 3M | 1YR | |
| Volatility | 106.7% | 110.1% |
| Downside Capture | 389.46 | 348.15 |
| Upside Capture | 301.43 | 73.70 |
| Correlation (SPY) | 19.0% | 21.1% |
FLD Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.71 | 3.09 | 1.11 | 2.37 | 1.83 | 0.86 |
| Up Beta | -6.72 | -2.71 | -0.43 | 2.63 | 2.04 | 0.45 |
| Down Beta | 8.71 | 2.16 | -1.18 | 0.74 | 0.62 | 0.61 |
| Up Capture | 1021% | 677% | 101% | 130% | 61% | 19% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 21 | 28 | 48 | 104 | 254 |
| Down Capture | 919% | 505% | 325% | 265% | 188% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 21 | 36 | 75 | 134 | 305 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLD | |
|---|---|---|---|---|
| FLD | -84.4% | 109.5% | -1.20 | - |
| Sector ETF (XLF) | 9.0% | 14.6% | 0.37 | 15.3% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 21.4% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 11.2% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -20.2% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 4.0% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 24.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLD | |
|---|---|---|---|---|
| FLD | -43.7% | 77.7% | -0.77 | - |
| Sector ETF (XLF) | 10.2% | 18.4% | 0.42 | 10.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 13.6% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 4.3% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | -7.6% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 4.9% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FLD | |
|---|---|---|---|---|
| FLD | -25.0% | 77.7% | -0.77 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 10.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 13.6% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 4.3% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | -7.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 4.9% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 3.1% | -0.0% | 16.1% |
| 5/12/2026 | -4.7% | -19.3% | -54.7% |
| 3/17/2026 | -4.5% | 30.4% | 2.7% |
| 11/10/2025 | 5.1% | 2.0% | 6.8% |
| 8/12/2025 | 4.1% | -5.8% | -17.5% |
| 5/15/2025 | -1.2% | 12.2% | 17.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 4 |
| # Negative | 3 | 3 | 2 |
| Median Positive | 4.1% | 12.2% | 11.5% |
| Median Negative | -4.5% | -5.8% | -36.1% |
| Max Positive | 5.1% | 30.4% | 17.5% |
| Max Negative | -4.7% | -19.3% | -54.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 3.1% | -0.0% | 16.1% |
| 5/12/2026 | -4.7% | -19.3% | -54.7% |
| 3/17/2026 | -4.5% | 30.4% | 2.7% |
| 11/10/2025 | 5.1% | 2.0% | 6.8% |
| 8/12/2025 | 4.1% | -5.8% | -17.5% |
| 5/15/2025 | -1.2% | 12.2% | 17.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 4 |
| # Negative | 3 | 3 | 2 |
| Median Positive | 4.1% | 12.2% | 11.5% |
| Median Negative | -4.5% | -5.8% | -36.1% |
| Max Positive | 5.1% | 30.4% | 17.5% |
| Max Negative | -4.7% | -19.3% | -54.7% |
Insider Activity
Updated 9/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Bracebridge H JR | 1999 Family Trust | Buy | 9112026 | 0.55 | 20,000 | 11,049 | 38,727 | Form | |
| 2 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 9032026 | 0.46 | 6 | 3 | 247,565 | Form |
| 3 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 9032026 | 0.46 | 5,781 | 2,642 | 2,485,590 | Form |
| 4 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 9032026 | 0.46 | 1,342 | 613 | 336,878 | Form |
| 5 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8262026 | 0.50 | 9,427 | 4,676 | 2,694,314 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Bracebridge H JR | 1999 Family Trust | Buy | 9112026 | 0.55 | 20,000 | 11,049 | 38,727 | Form | |
| 2 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 9032026 | 0.46 | 6 | 3 | 247,565 | Form |
| 3 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 9032026 | 0.46 | 5,781 | 2,642 | 2,485,590 | Form |
| 4 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 9032026 | 0.46 | 1,342 | 613 | 336,878 | Form |
| 5 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8262026 | 0.50 | 9,427 | 4,676 | 2,694,314 | Form |
| 6 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8262026 | 0.48 | 8,905 | 4,257 | 2,601,043 | Form |
| 7 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8242026 | 0.49 | 10,045 | 4,902 | 2,659,803 | Form |
| 8 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8242026 | 0.48 | 8,911 | 4,242 | 2,599,180 | Form |
| 9 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8202026 | 0.45 | 9,480 | 4,285 | 2,472,157 | Form |
| 10 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 8202026 | 0.45 | 2,877 | 1,298 | 331,168 | Form |
| 11 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8202026 | 0.45 | 9,619 | 4,338 | 2,470,963 | Form |
| 12 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 8182026 | 0.46 | 2,884 | 1,318 | 245,275 | Form |
| 13 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 8042026 | 0.47 | 1,180 | 555 | 346,472 | Form |
| 14 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 8042026 | 0.47 | 5 | 2 | 253,608 | Form |
| 15 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 8042026 | 0.47 | 5,082 | 2,389 | 2,579,582 | Form |
| 16 | McManus, Matt | Chief Operating Officer | Direct | Sell | 7232026 | 0.45 | 2,109 | 949 | 172,296 | Form |
| 17 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 7062026 | 0.49 | 5 | 2 | 265,473 | Form |
| 18 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 7062026 | 0.49 | 4,868 | 2,395 | 2,696,619 | Form |
| 19 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 7062026 | 0.49 | 1,131 | 556 | 361,206 | Form |
| 20 | Kirkwood, Jonathan | Direct | Buy | 6152026 | 0.61 | 105,000 | 64,365 | 280,322 | Form | |
| 21 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 6032026 | 0.91 | 6 | 5 | 488,308 | Form |
| 22 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 6032026 | 0.91 | 5,639 | 5,103 | 4,953,225 | Form |
| 23 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 6032026 | 0.91 | 1,310 | 1,186 | 661,640 | Form |
| 24 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5292026 | 0.99 | 8,113 | 8,048 | 5,422,463 | Form |
| 25 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5282026 | 0.98 | 8,841 | 8,708 | 5,392,191 | Form |
| 26 | Young, Bracebridge H JR | 1999 Family Trust | Buy | 5282026 | 1.03 | 10,000 | 10,303 | 51,618 | Form | |
| 27 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5282026 | 1.06 | 9,221 | 9,811 | 5,834,068 | Form |
| 28 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5262026 | 1.15 | 8,698 | 9,968 | 6,294,254 | Form |
| 29 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5262026 | 1.22 | 7,713 | 9,379 | 6,689,296 | Form |
| 30 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5202026 | 1.22 | 10,681 | 12,999 | 6,704,184 | Form |
| 31 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5202026 | 1.24 | 9,681 | 12,004 | 6,844,130 | Form |
| 32 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 5182026 | 1.43 | 4,049 | 5,806 | 773,583 | Form |
| 33 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 5052026 | 1.42 | 1,947 | 2,769 | 1,038,969 | Form |
| 34 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 5052026 | 1.42 | 9 | 13 | 772,867 | Form |
| 35 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 5052026 | 1.42 | 5,537 | 7,874 | 7,862,439 | Form |
| 36 | McManus, Matt | Chief Operating Officer | Direct | Sell | 4232026 | 1.50 | 9,924 | 14,926 | 579,022 | Form |
| 37 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 4212026 | 1.50 | 61 | 92 | 815,247 | Form |
| 38 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 4202026 | 1.50 | 236 | 354 | 1,092,584 | Form |
| 39 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 4032026 | 1.22 | 1,326 | 1,620 | 300,173 | Form |
| 40 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 4032026 | 1.22 | 6 | 7 | 406,111 | Form |
| 41 | Reeves, William Brian Poppic | Chief Executive Officer | Direct | Sell | 4032026 | 1.22 | 5,710 | 6,978 | 5,772,652 | Form |
| 42 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 3232026 | 1.25 | 176 | 219 | 302,495 | Form |
| 43 | Dickman, Thomas J | Chief Technology Officer | Direct | Sell | 3232026 | 1.25 | 47 | 59 | 414,073 | Form |
| 44 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 3022026 | 1.48 | 9,177 | 13,573 | 323,241 | Form |
| 45 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 3022026 | 1.46 | 13,675 | 20,007 | 288,132 | Form |
| 46 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 2262026 | 1.52 | 5,245 | 7,957 | 272,811 | Form |
| 47 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 2262026 | 1.47 | 13,796 | 20,280 | 272,069 | Form |
| 48 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 2242026 | 1.49 | 4,179 | 6,227 | 250,442 | Form |
| 49 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 2242026 | 1.55 | 12,406 | 19,180 | 253,425 | Form |
| 50 | Repass, Wolfe | Chief Financial Officer | Direct | Sell | 2202026 | 1.48 | 21,857 | 32,436 | 223,159 | Form |
| 51 | Young, Bracebridge H JR | 1999 Family Trust | Buy | 12022025 | 3.12 | 8,100 | 25,308 | 98,734 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/13/2026