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Fold Holdings, Inc.
How the company evolved, year by year. Revenue and debt come from the annual reports — for most companies, the 10-K filings with the SEC since 2009; dividends from the payments themselves.
The bars are a balance on the closing date; the lines are what happened during the year. Revenue above equity is ordinary, not an anomaly — it means the company turns its capital over more than once a year.
Major managers that reported this stock in their latest 13F.
▼ -94.5% over 5Y.
This stock has less than 5 years of price history — the answer would measure a shorter period than the one asked for.
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 4 closed years. Each multiple uses that year’s closing price and that year’s reported numbers — not today’s. The range is set by the annual reports on record.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Year-end price | $2.61 | $11.10 | $10.55 | $10.02 | |
| P/S | — | 4.1x | 21.9x | — | — |
| P/B | — | 2.1x | — | — | — |
| EPS | -$1.65 | -$11.15 | — | — | |
| Profit margin | — | -218.88% | -274.02% |
P/E and P/B say nothing about a company like this: many have no operating profit, and what shows up on the earnings line is the revaluation of their own bitcoin. The question that remains is whether buying the stock is cheaper or dearer than buying the crypto directly.
Enterprise value — market cap plus net debt plus preferred stock — is 24% below the crypto the company holds. A discount usually says the market distrusts the wrapper: dilution, costs, whether it will ever sell.
Market cap ÷ crypto, ignoring debt and preferred stock. It is the number most trackers show — and it flatters leveraged companies, because creditors and preferred holders rank ahead of common shareholders on the same coins. The gap between the two is what common shareholders do not own.
Fair value on the balance sheet of Jun 30, 2026, filed with the SEC.
Market cap plus net debt plus preferred stock, at the Sep 28, 2026 price: what it costs to buy the whole company today.
The quarterly points have both sides from the same balance sheet — the crypto the company reported and the share count it had then, never today’s. These companies issue stock to buy crypto, so using today’s count on an old quarter would draw a fall that never happened. The last point is today’s price, and it is where the number in the card above comes from: the distance between it and the previous quarter is how far the stock has moved since the filing. The crypto line stops at that filing, because what the company holds now is something only the next one will say. Straight lines between points, because the path between two filings is not something this page knows.
The headline ratio divides today’s market cap by crypto reported up to a quarter ago — that is how the market quotes mNAV, and the only way possible without the number of coins, which the SEC does not publish usably. The quarterly chart has no such mismatch.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| ATCHAtlasClear Holdings, Inc. | $0.19 | — | 1.3x | — | 65.96% | $28.38M |
| RDACRising Dragon Acquisition Corp. | $4.79 | 31.9x | — | — | — | $28.48M |
| AAMEAtlantic American Corp | $1.41 | 6.1x | 0.3x | 1.42% | 4.75% | $28.76M |
| EHTHeHealth, Inc. | $0.84 |
Fold Holdings, Inc., a bitcoin financial services company, provides access to bitcoin through a suite of consumer financial products in the United States. Its financial services platform allows consumers to accumulate, save, and use bitcoin to accomplish financial goals. The company offers consumers an FDIC insured checking account, a Visa prepaid debit card, bill payments services, and an extensive catalog of merchant reward offers, as well as partners with third-party service providers that offer bitcoin exchange and custody services. It also invests in and accumulates bitcoin for treasury. The company offers its products and services through the Fold mobile application. Fold Holdings, Inc. was founded in 2019 and is headquartered in Phoenix, Arizona.
Company description provided by Yahoo Finance.
| — |
| — |
| ROE | — | -110.48% | — | — | — |
Median, not average: a single year of near-zero profit produces a P/E of 400 and would drag an average on its own. P/E years above 200x are left out, the same cut the fair price uses — so this median matches the “its own history” method below. Price and EPS have no median: they are series that grow.
| — |
| 0.0x |
| — |
| 2.92% |
| $27.04M |
| VIPVulcan Infrastructure & Power Inc. | $1.61 | 13.4x | — | — | — | $29.67M |
| ASPCASPAC III Acquisition Corp. | $10.97 | 274.3x | 7.8x | — | 1.28% | $25.64M |