New York, May 21, 2026, 15:02 (EDT)
Fold Holdings shares edged lower in Thursday afternoon trading, holding near $1 after the bitcoin financial services company filed fresh prospectus supplements and disclosed annual-meeting results.
FLD last traded at $1.26, down 0.8% from the prior close, after moving between $1.195 and $1.30. Its market value stood at about $62.6 million, with 46,710 shares traded.
The timing matters because Fold is a small Nasdaq-listed name whose stock can be sensitive to possible share supply. A prospectus supplement is an add-on to an earlier SEC offering document; it can update what securities may be registered, but it does not by itself say shares were sold.
One May 20 supplement listed 49.16 million shares of common stock, 925,590 SATS warrants and 12.43 million shares issuable on exercise of public warrants. It also showed shareholders elected Bracebridge H. Young Jr. and Andrew Hohns as Class I directors and ratified CBIZ CPAs P.C. as auditor for 2026.
A separate supplement covered up to 9.28 million shares of common stock and cited Nasdaq’s May 19 last reported price of $1.195 for the common stock and $0.1217 for the warrants. Fold’s common stock trades under FLD and its warrants under FLDDW on the Nasdaq Capital Market.
The public warrants have an $11.50 exercise price, well above Thursday’s stock quote, which means they are far “out of the money” — market shorthand for a warrant or option whose exercise price is above the stock price. Still, registered warrant shares can stay in the background as potential dilution, or a larger share count that cuts existing holders’ percentage ownership.
A Form 4 filed Wednesday showed Chief Executive Officer Will Reeves, listed in the filing as Reeves William Brian Poppic, sold 20,362 shares on May 18 and May 19 at $1.24 and $1.217. The filing said the sale was to cover tax withholding tied to restricted stock units, a type of share-based pay that vests over time, and “does not represent a discretionary transaction”; Reeves held 5.51 million shares after the transactions. SEC
The stock is also moving in a mixed tape for crypto-linked equities. Bitcoin was nearly flat at $77,289, while Coinbase rose 1.7% and Strategy gained 0.2%, giving investors a cleaner read on Fold-specific filing risk rather than a broad crypto rally.
Fold’s latest results gave the market a weak operating backdrop. The company reported first-quarter revenue of $5.6 million, down 21.1% from a year earlier, transaction volume down 32% to $172 million, a net loss of $29.2 million and an adjusted EBITDA loss of $5.8 million. Adjusted EBITDA is a company-reported profit measure that strips out interest, taxes, depreciation, amortization and some other costs. Fold also reported 826 bitcoin in its investment treasury.
Reeves said in the May 12 release that “Q1 was a challenging quarter” and that lower bitcoin prices had hurt volumes, trading activity and consumer engagement. He also said Fold was “focused on what we can control,” pointing to more than 1,000 Fold Bitcoin Rewards Credit Cards in circulation and a roughly 80,000-person waitlist.
But the trade can cut both ways. The new filings did not show an immediate stock sale, and the CEO sale was tax-related. The downside case is simpler: if bitcoin weakens again, transaction activity and treasury value could fall, while any future share or warrant supply could add pressure to a stock already trading with a small market value.
