Fold, the Nasdaq-listed financial services firm, held 194 BTC in its investment treasury as of June 30, 2026, after selling 832 BTC during the first half of the year to repay debt and shore up cash reserves.
The company sold 200 BTC in February for $14.4 million and another 632 BTC in June for $44.7 million. Of the June proceeds, Fold used $20 million to repay a Bitcoin-backed credit facility and retained $24.7 million as cash. Combined with other cash sources, Fold reported $28.4 million in cash and cash equivalents at the end of the period.
Beyond the investment treasury, Fold maintained a separate rewards treasury holding 77 BTC worth $4.5 million as of June 30. That balance was matched to a Bitcoin-denominated customer rewards liability and was not economically interchangeable with the investment treasury, according to the company’s disclosures.
Nasdaq Compliance Path
On July 14, 2026, Nasdaq notified Fold that its shares had closed below the $1 minimum bid-price requirement for 30 consecutive business days. Fold filed its quarterly report on August 11, 2026, disclosing the deficiency notice and outlining a response strategy.
Fold is seeking shareholder authority for a reverse stock split ranging from 1-for-2 to 1-for-50 to restore nominal share price. The company has not selected a specific ratio. A reverse split would lift the share price without requiring the company to raise cash, issue new shares, or consume Bitcoin from its treasury. However, a reverse split would not address Fold’s underlying operating losses or fund ongoing expenses.
Nasdaq gave Fold an initial cure period through January 11, 2027. The company may qualify for an additional 180-day period if it meets the exchange’s other listing conditions.
Operating Losses and Debt Terms
Fold reported a $15.6 million operating loss for the first six months of 2026. The company also sold approximately 5.82 million shares for $7.5 million under its equity facility during the period.
Under terms disclosed in a February investor note, failure to maintain Nasdaq listing would trigger a default event on a $13 million note. The current deficiency notice is not a delisting and did not itself activate that default provision. Fold previously extinguished an earlier note by returning 500 BTC to an investor.
