0001193125-26-344668 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2, and Level 3 as follows:


	As of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Digital assets	$	15,860,313	$	15,860,313	$	-	$	-
Total assets	$	15,860,313	$	15,860,313	$	-	$	-

Liabilities:
Customer rewards liability	$	4,504,290	$	-	$	-	$	4,504,290
February 2026 Investor Note - embedded derivative		85,214		-		-		85,214
Total liabilities	$	4,589,504	$	-	$	-	$	4,589,504


	As of December 31, 2025
	Total		Level 1			Level 2			Level 3
Assets:
Digital assets	$	140,531,660		$	140,531,660		$	-		$	-
Total assets	$	140,531,660		$	140,531,660		$	-		$	-

Liabilities:
Customer rewards liability	$	6,872,869		$	-		$	-		$	6,872,869
March 2025 Investor Note		47,207,556			-			-			47,207,556
Total liabilities	$	54,080,425		$	-		$	-		$	54,080,425

Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Changes in Fair Value Associated With Level 3

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:


	Convertible Note
Balance at January 1, 2025	$	-
Additions		46,279,500
Fair value adjustment - day one loss on issuance of debt		12,753,994
Fair value adjustment - change in fair value		(910,243	)
Balance at June 30, 2025	$	58,123,251
Fair value adjustment - change in fair value		(10,915,695	)
Balance at December 31, 2025	$	47,207,556
Fair value adjustment - change in fair value		(13,200,089	)
Settlement - delivery of 500 bitcoin		(34,007,467	)
Balance at June 30, 2026	$	-

Custody of Digital Assets	6 Months Ended
Jun. 30, 2026
Crypto Asset, Cost [Abstract]
Custody of Digital Assets	15. CUSTODY OF DIGITAL ASSETS We provide custody services on behalf of our customers through an unrelated third-party service provider, who is a qualified custodian. We do not own digital assets held in a custodial capacity on behalf of our customers. We maintain internal record keeping of those assets and are obligated to safeguard the assets. We do not hold the cryptographic key information on behalf of our customers. The qualified custodian used by Fold holds our customer cryptographic key information. We are not aware of any actual or possible safeguarding loss events requiring recognition under ASC 450-20, Loss Contingencies, as of and for the six months ended June 30, 2026 or year ended December 31, 2025. The fair value of customer digital assets held by our qualified custodian totaled $16.8 million and $21.3 million at June 30, 2026 and December 31, 2025, respectively. These assets are not recorded in the Company's balance sheets. Similarly, as the Company has an obligation to safeguard these assets, it has a corresponding unrecorded liability of $16.8 million and $21.3 million at June 30, 2026 and December 31, 2025, respectively. Since the risk of loss is remote, the Company did not record a contingent liability at June 30, 2026 or December 31, 2025. The Company has no reason to believe it will incur any expense associated with such potential liability because it has no known or historical experience of claims to use as a basis of measurement, and it accounts for and continually verifies the amount of digital assets within its qualified custodians' control.

Custody of Digital Assets

6 Months Ended

Jun. 30, 2026

Crypto Asset, Cost [Abstract]

Custody of Digital Assets

15. CUSTODY OF DIGITAL ASSETS

We provide custody services on behalf of our customers through an unrelated third-party service provider, who is a qualified custodian. We do not own digital assets held in a custodial capacity on behalf of our customers. We maintain internal record keeping of those assets and are obligated to safeguard the assets. We do not hold the cryptographic key information on behalf of our customers. The qualified custodian used by Fold holds our customer cryptographic key information. We are not aware of any actual or possible safeguarding loss events requiring recognition under ASC 450-20, Loss Contingencies, as of and for the six months ended June 30, 2026 or year ended December 31, 2025.

The fair value of customer digital assets held by our qualified custodian totaled $16.8 million and $21.3 million at June 30, 2026 and December 31, 2025, respectively. These assets are not recorded in the Company's balance sheets. Similarly, as the Company has an obligation to safeguard these assets, it has a corresponding unrecorded liability of $16.8 million and $21.3 million at June 30, 2026 and December 31, 2025, respectively. Since the risk of loss is remote, the Company did not record a contingent liability at June 30, 2026 or December 31, 2025. The Company has no reason to believe it will incur any expense associated with such potential liability because it has no known or historical experience of claims to use as a basis of measurement, and it accounts for and continually verifies the amount of digital assets within its qualified custodians' control.

Net Income (Loss) Per Share - Summary of Weighted Average Number of Shares of Common Stock Outstanding (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic net income (loss) per share:
us-gaap:NetIncomeLoss	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Net income (loss) attributable to common stockholders, basic	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Weighted-average shares used to compute net income (loss) per share, basic	51,825,321	46,503,358	50,746,857	36,062,784
Net income (loss) per share attributable to common stockholders, basic	$ (0.19)	$ 0.29	$ (0.76)	$ (0.98)
Diluted net income (loss) per share:
Net loss	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Net loss attributable to common stockholders, diluted	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Weighted-average shares used to compute net income (loss) per share, diluted	51,825,321	46,503,358	50,746,857	36,062,784
Weighted-average effect of potentially dilutive shares: Non-vested restricted stock units		1,057,758
Weighted-average shares used to compute net income (loss) per share, diluted	51,825,321	47,561,116	50,746,857	36,062,784
Net income (loss) per share attributable to common stockholders, diluted	$ (0.19)	$ 0.28	$ (0.76)	$ (0.98)

Income Taxes	6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	13. INCOME TAXES During the three and six months ended June 30, 2026, the Company had net losses before income taxes of $9.7 million and $38.8 million, respectively, and a nominal amount of income tax expense. During the three and six months ended June 30, 2025, the Company had net income and net losses before income taxes of $13.4 million and $35.4 million, respectively, and a nominal amount of income tax expense. For the three and six months ended June 30, 2026 and 2025, the Company recognized income tax expense instead of an income tax benefit at the expected federal tax rate of 21% due to certain losses that are not deductible for tax purposes and an increase in the valuation allowance, partially offset by the effect of state income taxes. As of June 30, 2026, the Company has federal and state net operating loss (NOL) carryforwards available to offset future taxable income. Section 382 imposes an annual limitation on the amount of taxable income that can be offset by NOLs following a greater than 50% ownership change by 5% shareholders over a rolling three-year period. As of June 30, 2026, the Company has not completed a study to assess Section 382. Until this analysis is complete, no assurance can be given that the Company will be able to fully utilize its NOL carryforwards. If a limitation is determined to apply, it could materially impact the Company’s ability to offset future taxable income and reduce future cash tax obligations. The Company will update this disclosure in future filings as more information becomes available. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the US. The OBBBA contains, among other provisions, certain changes to U.S. federal income tax laws. The accounting for changes in tax rates and tax law are required to be recognized in the period in which the legislation is enacted. The OBBBA has multiple effective dates, with certain provisions effective in 2026 and others implemented through 2027. The Company is currently assessing the impact of the OBBBA on its financial statements.

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

13. INCOME TAXES

During the three and six months ended June 30, 2026, the Company had net losses before income taxes of $9.7 million and $38.8 million, respectively, and a nominal amount of income tax expense. During the three and six months ended June 30, 2025, the Company had net

income and net losses before income taxes of $13.4 million and $35.4 million, respectively, and a nominal amount of income tax expense. For the three and six months ended June 30, 2026 and 2025, the Company recognized income tax expense instead of an income tax benefit at the expected federal tax rate of 21% due to certain losses that are not deductible for tax purposes and an increase in the valuation allowance, partially offset by the effect of state income taxes.

As of June 30, 2026, the Company has federal and state net operating loss (NOL) carryforwards available to offset future taxable income. Section 382 imposes an annual limitation on the amount of taxable income that can be offset by NOLs following a greater than 50% ownership change by 5% shareholders over a rolling three-year period. As of June 30, 2026, the Company has not completed a study to assess Section 382. Until this analysis is complete, no assurance can be given that the Company will be able to fully utilize its NOL carryforwards. If a limitation is determined to apply, it could materially impact the Company’s ability to offset future taxable income and reduce future cash tax obligations. The Company will update this disclosure in future filings as more information becomes available.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the US. The OBBBA contains, among other provisions, certain changes to U.S. federal income tax laws. The accounting for changes in tax rates and tax law are required to be recognized in the period in which the legislation is enacted. The OBBBA has multiple effective dates, with certain provisions effective in 2026 and others implemented through 2027. The Company is currently assessing the impact of the OBBBA on its financial statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Related Parties - Additional Information (Details) - Securities Purchase Agreement [Member] - Convertible Note [Member] $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) Bitcoin shares
Related Party Transaction [Line Items]
Aggregate principal amount \| $	$ 13.0
Issuance of common stock, shares \| shares	520,000
Crypto asset number of units paid \| Bitcoin	500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of new stock issued during the period.

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+ Details

Fair Value Measurements - Summary of Changes in Fair Value Associated With Level 3 Convertible Note Financial Instruments Held (Details) - Level 3 [Member] - Convertible Notes [Member] - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 47,207,556	$ 58,123,251	$ 0
Additions			46,279,500
Fair Value adjustment, Day one loss on issuance of debt			12,753,994
Fair value adjustment - change in fair value	(13,200,089)	(10,915,695)	(910,243)
Settlement - delivery of 500 bitcoin	(34,007,467)
Ending Balance	$ 0	$ 47,207,556	$ 58,123,251

Share-Based Compensation Expense

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense

11. SHARE-BASED COMPENSATION EXPENSE

Prior to the Merger, Fold Predecessor historically granted Restricted Stock Awards ("RSAs") and Restricted Stock Units (“RSUs”) under the Fold, Inc. 2019 Equity Incentive Plan (the “2019 Equity Plan”). In connection with the Merger, the Company adopted the 2025 Incentive Award Plan (the "2025 Equity Plan") and the ESPP which became effective immediately on the date of the Merger. See Note 10 for further information regarding the Company's ESPP. Collectively, the 2019 Equity Plan and 2025 Equity Plan are referred to as the "Equity Plans".

Following the Merger, no further awards may be granted under the 2019 Equity Plan; however, awards granted under that plan will remain subject to the terms and conditions of the 2019 Equity Plan. Under the 2025 Equity Plan, an aggregate number of shares equal to the sum of (i) 10% of the fully-diluted shares of Fold Holdings, Inc. Common Stock as of the Closing, (ii) the number of shares that remained available for issuance under the 2019 Equity Plan as of the Closing and (iii) the number of shares that were subject to awards

under the 2019 Equity Plan as of the Closing and which, following the Closing, became available for grant under the 2025 Equity Plan, were initially reserved under the 2025 Equity Plan.

The purpose of the Equity Plans is to offer select Participants (defined as employees, consultants, or outside directors) the opportunity to acquire equity in the Company through the awards of Options, RSAs, Stock Appreciation Rights, RSUs, and Other Stock Awards (collectively and individually, “Awards”). RSUs are Awards of an unfunded and unsecured right to receive shares of Common Stock (or cash or a combination of shares of Common Stock and cash, as determined in the sole discretion of the Board) upon settlement of the Award. RSAs are Awards of restricted shares of Company Common Stock. Each Award may or may not be subject to vesting. Vesting occurs upon satisfaction of the conditions specified in each individual award agreement. As of June 30, 2026, the Company has not issued any Options, Stock Appreciation Rights, or Other Stock Awards through the Equity Plans.

Restricted Stock Units

Prior to the Merger, Fold Predecessor's RSUs had two vesting conditions: a service condition that is typically satisfied based on the grantee's continuous service over 48 months with a one-year cliff vesting requirement (though some RSUs have been granted with different service-vesting schedules, including without the one-year cliff), and a performance condition related to the consummation of a liquidity event defined in the award agreements as the first to occur of a change of control or the first sale of Common Stock pursuant to an IPO. The Merger with FTAC Emerald on February 14, 2025 was deemed to have satisfied the performance condition criteria. Following the Merger, the Company's RSUs are subject to vesting requirements of each individual Award grant, which will typically include only a service condition based on the grantee's continuous service over 48 months with a one-year cliff vesting requirement.

On February 14, 2025, upon Closing of the Merger, each outstanding Fold Predecessor RSU award was converted into an Award of RSUs covering a number of shares of Common Stock of Fold Holdings, Inc. determined by multiplying (i) the number of shares of Fold Predecessor Common Stock subject to the Fold Predecessor RSU Award immediately prior to the consummation of the Merger by (ii) ~82.5% (rounded down to the nearest whole share). As the Merger was deemed to have satisfied the performance vesting condition under the RSU Awards, 1.4 million Fold Predecessor RSUs vested upon the Closing of the Merger, resulting in the recognition of share-based compensation expense totaling $4.4 million with a weighted average grant date fair value of $3.37 for RSUs vested during the period.

The Company recognized $1.7 million and $3.4 million of share-based compensation expense for the three and six months ended June 30, 2026, respectively. The Company recognized $1.7 million and $6.9 million of share-based compensation expense for the three and six months ended June 30, 2025, which included $4.4 million of share-based compensation expense that was immediately recognized due to the performance condition being satisfied on February 14, 2025. There was $14.1 million of unrecognized share-based compensation expense related to unvested awards as of June 30, 2026. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average vesting period of 2.86 years.

Restricted Stock Award

The Company's awarded RSAs are not subject to any performance condition vesting requirements and are instead subject only to service conditions. We recorded no share-based compensation expense for the six months ended June 30, 2026 and 2025, respectively. There was no unrecognized compensation expense related to RSAs as of June 30, 2026 or December 31, 2025. There were no additional RSAs granted during the six months ended June 30, 2026 or June 30, 2025.

Determination of fair value

The initial value of the Awards on the dates that the RSUs and RSAs were granted was determined based on the underlying value of Fold Predecessor’s Common Stock. As securities of a private company, the Fold Predecessor's Common Stock was valued by performing an enterprise valuation using a guideline public company market approach method. This method leverages an analysis of publicly traded peers to develop relevant market multiples and ratios applied to the Company’s historical and expected cash flows. As a public company, the fair value of our Common Stock is determined on the grant date using the closing price of our Common Stock, which is traded on the Nasdaq Capital Market.

RSU and RSA activity

The following table summarizes RSU and RSA share activity under the Equity Plans for the six months ended June 30, 2026 and 2025:


	RSUs			RSAs
Shares nonvested at January 1, 2026		3,590,873			-
Granted		2,843,562			-
Vested		(1,180,940	)		-
Forfeited		(68,862	)		-
Shares nonvested at June 30, 2026		5,184,633			-

	RSUs			RSAs
Shares nonvested at January 1, 2025		2,098,620			17,270
Granted		3,064,628			-
Vested		(1,565,160	)		(17,270	)
Forfeited		(38,034	)		-
Shares nonvested at June 30, 2025		3,560,054			-

Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt and Financing Arrangements

9. DEBT AND FINANCING ARRANGEMENTS

Convertible notes and warrants

A summary of the Company’s convertible notes for the respective periods presented is as follows:

The June 2025 Amended Investor Note


	June 30, 2026		December 31, 2025
June 2025 Amended Investor Note		-		20,000,000
Convertible debt, gross	$	-	$	20,000,000
Less:
Debt issuance costs, net of amortization		-		90,260
Add:
Amended debt premium, net of amortization		-		1,559,935
Convertible debt, net	$	-	$	21,469,675
Less: Current portion of long-term debt		-		-
Amended December 2024 convertible note, net - long-term	$	-	$	21,469,675

In December 2024, Fold Predecessor entered into a Securities Purchase Agreement (the “December 2024 SPA”) with an institutional investor for the sale of a Senior Secured Convertible Note (the "December 2024 Initial Investor Note"). On June 16, 2025, the Company amended the December 2024 SPA, which was accounted for as an extinguishment of the December 2024 Initial Investor Note and issuance of a new debt instrument (the "June 2025 Amended Investor Note") with a principal amount of $20.0 million, a conversion price of $9.00 per share, and a stated interest rate of 12% per annum. In connection with the June 2025 extinguishment, the Company recognized a loss on extinguishment of debt of $9.6 million during the year ended December 31, 2025. The Series A and Series C warrants remain outstanding and are classified within stockholders' equity. Refer to Note 10 for further information.

The June 2025 Amended Investor Note was scheduled to mature on February 14, 2028 and was classified within non-current liabilities as of December 31, 2025. The Company elected not to remeasure the note at fair value subsequent to issuance and accounted for it at amortized cost using the effective interest method.

On February 27, 2026, the Company repaid the June 2025 Amended Investor Note with a cash payment of $27.5 million, comprised of $20.0 million of outstanding principal and $7.5 million of special interest due as a result of early repayment. The total cash payment of $27.5 million was funded with $14.4 million in proceeds from the sale of 200 bitcoin and $13.0 million in proceeds from the February 2026 Investor Note.

The Company accounted for the repayment as an extinguishment of debt in accordance with ASC 470. In connection with the extinguishment, the Company recognized additional interest expense of $1.7 million, bringing total special interest expense to $2.4 million, which represents the minimum special interest that would have been due at maturity. The remaining $5.1 million of special interest, representing the economic premium attributable to early repayment, was recorded as a loss on extinguishment together with the write-off of $1.3 million of unamortized premium and unamortized debt issuance costs, resulting in a total loss on extinguishment of $3.8 million.

Total interest expense recognized related to the June 2025 Amended Investor Note for the three months ended and six months ended June 30, 2026, prior to extinguishment, was nominal. Total interest expense recognized related to the December 2024 Initial Investor Note and June 2025 Amended Investor Note for the three months ended June 30, 2025 was $0.6 million, comprised of contractual interest expense of $0.6 million and $0 million of amortization of the debt premium and debt issuance costs. Total interest expense recognized related to the December 2024 Initial Investor Note and June 2025 Amended Investor Note for the six months ended June 30, 2025 was $1.3 million, comprised of contractual interest expense of $1.3 million and $0 million of amortization of the debt premium and debt issuance costs.

The March 2025 Investor Note


	June 30, 2026		December 31, 2025
March 2025 Investor Note	$	-	$	46,279,500
Fair value adjustment		-		928,056
March 2025 investor note - related party	$	-	$	47,207,556

On March 6, 2025, Fold entered into a Securities Purchase Agreement (the “March 2025 SPA”) with a related party investor, SATS, pursuant to which Fold issued to the investor (i) a Convertible Note in an aggregate principal amount of $46.3 million (the "March 2025 Investor Note"), (ii) warrants exercisable for 925,590 shares of Common Stock with an exercise price of $15.00 per share (the “March 2025 Warrants”), and (iii) an aggregate of 750,000 shares of Common Stock (the “Closing Shares”). The March 2025 Investor Note was funded with 475 bitcoin, net of 25 bitcoin paid to the investor as prepayment for the first year of interest, with 500 bitcoin held as collateral to secure the note.

The Company elected to account for the March 2025 Investor Note using the fair value option. As of the date of issuance, the fair value of the March 2025 Investor Note was $59.0 million which exceeded the proceeds received of $46.3 million. The $12.7 million excess

of the fair value over the net proceeds received was recorded as a loss within the condensed statements of operations for the six months ended June 30, 2025. The Company separately valued the March 2025 Warrants and Closing Shares at $3.8 million and $5.8 million, respectively, and expensed the full $9.6 million immediately as issuance costs given the related party nature of the instrument. The March 2025 Warrants were determined to meet the requirements for equity classification under ASC 815-40.

On February 26, 2026, the Company repaid and extinguished the March 2025 Investor Note by transferring the 500 bitcoin held as collateral against this note to the investor. Prior to extinguishment, the Company remeasured the note to fair value, recognizing a gain of $13.2 million during the six months ended June 30, 2026, which brought the carrying value to approximately $34.0 million, approximating the fair value of the bitcoin transferred. During the three months ended and six months ended June 30, 2025, the Company recorded a $5.3 million loss and $0.9 million gain due to changes in fair value of the March 2025 Investor Note. The Company accounted for the repayment as an extinguishment of debt in accordance with ASC 470. As the fair value of the note approximated the value of the consideration transferred, no gain or loss on extinguishment was recognized. The Company recognized a $0.2 million loss on extinguishment related to unamortized prepaid interest remaining as of the extinguishment date.

Total interest expense recognized related to the March 2025 Investor Note for the six months ended June 30, 2026 was $0.3 million. Total interest expense recognized related to the March 2025 Investor Note for the three and six months ended June 30, 2025 was $0.5 million and $0.7 million, respectively. The March 2025 Investor Note accrued interest at 7.0% per annum, payable quarterly in shares of Common Stock valued at $12.50 per share.

Two Prime Credit Facility

On October 1, 2025, the Company entered into the Credit Facility, as subsequently amended in November 2025. The Credit Facility permits the Company to request, and Two Prime to make available at its discretion, USD-denominated loans up to an aggregate commitment amount of $45.0 million, subject to the execution of individual loan term sheets. Loans issued under the Credit Facility are secured by bitcoin posted by the Company as collateral and held in segregated cold storage with a qualified digital asset custodian. The Company is required to maintain aggregate collateral levels within specified thresholds, and failure to do so may result in margin calls or liquidation of collateral.

Under the Amendment, each loan bears interest at a rate of 8.5%, is repayable in USD, and matures on September 30, 2026 with a prepayment option. This loan may be renewed with substantially similar terms upon mutual agreement between the parties prior to the maturity date. The Credit Facility contains customary representations, covenants, collateral requirements, tax and indemnification provisions, and events of default.

During the six months ended June 30, 2026, the Company borrowed an additional $10.0 million under the Credit Facility pursuant to Loan Utilization Request #3 under the Amendment. On June 3, 2026, the Company repaid in full the $20.0 million of outstanding principal balance under the Master Loan Agreement with cash received from the sale of bitcoin. Of the 430 bitcoin previously pledged as collateral under the Credit Facility, 281 bitcoin were sold to repay in full the $20.0 million outstanding balance, and the remaining 149 bitcoin of excess collateral were returned to the Company's unrestricted Investment Treasury.

As of June 30, 2026, the outstanding principal balance under the Master Loan Agreement was $0 million, and no bitcoin is being held as collateral under this Credit Facility. As of December 31, 2025, the outstanding principal balance under the Master Loan Agreement was $10.0 million, secured by 200 bitcoin. The Company classified the outstanding balance as a current liability as of December 31, 2025. Total interest expense related to the Two Prime Credit Facility was $0.3 million and $0.5 million for the three and six months ended June 30, 2026, respectively. There was no comparable activity for the three or six months ended June 30, 2025. The Company was in compliance with all collateral maintenance requirements as of the date of extinguishment and December 31, 2025.

February 2026 Investor Note

On February 25, 2026, the Company entered into a purchase agreement with SATS, a related party, and issued the February 2026 Investor Note, which has a principal amount of $13.0 million. The February 2026 Investor Note bears interest at 10% per annum, payable monthly, and matures on February 25, 2027. The maturity date may be extended for one additional year upon mutual consent, subject to the issuance of 520,000 additional shares of Fold's Common Stock (the "Renewal Commitment Shares"). The note is voluntarily prepayable at any time without penalty.

The Company accounts for the February 2026 Investor Note at amortized cost using the effective interest method and it is classified as a current liability as of the balance sheet date.

In connection with the issuance of the February 2026 Investor Note, the Company issued 520,000 shares of its Common Stock (the “Initial Commitment Shares”). The Company determined the Initial Commitment Shares represent freestanding equity instruments. The fair value of the Initial Commitment Shares was $0.8 million on the issuance date. After allocating proceeds to the bifurcated derivative liability and the Initial Commitment Shares, the residual proceeds were allocated to the debt host in accordance with ASC 470. The Company has registered on a Form S-3 the Initial Commitment Shares and an additional 520,000 shares that could be issued to SATS upon renewal of the promissory note in accordance with the terms of a Registration Rights Agreement by and between the Company and SATS entered into on February 25, 2026.

The February 2026 Investor Note includes mandatory repayment triggers that require prepayment in increments of 25% to 100%, without penalty, upon the occurrence of specified bitcoin price thresholds between $37 thousand and $45 thousand, measured using volume-weighted average prices over specified time periods. The Company determined that these provisions represent an embedded derivative that is not clearly and closely related to the debt host and meets the definition of a derivative instrument under ASC 815. Accordingly, the Company bifurcated the embedded derivative and recorded it as a separate liability at fair value, with subsequent changes in fair value recognized in earnings. The fair value of the embedded derivative was a nominal amount as of June 30, 2026. Other embedded features, including change-of-control and term extension provisions, were determined not to require bifurcation. Refer to Note 14 for further information regarding the fair value measurement of the bifurcated derivative.

Total interest expense recognized related to the February 2026 Investor Note for the three months ended June 30, 2026 was $0.6 million, comprised of $0.3 million of contractual interest and $0.3 million of amortized debt discount. For the six months ended June 30, 2026 total interest expense was $0.7 million, comprised of $0.4 million of contractual interest and $0.3 million of amortized debt discount.

The February 2026 Investor Note provides for certain events of default. In connection with an event of default, SATS may declare all outstanding principal, accrued and unpaid interest, and other amounts payable to be immediately due and payable. The Company is also subject to certain customary affirmative and negative covenants, including a restriction on the incurrence of additional indebtedness above a specified threshold. As of June 30, 2026, the Company was in compliance with all covenants and there have been no events of default during the period.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Revenue - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue - Additional Information (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue rewards	$ 400,000	$ 500,000	$ 700,000	$ 1,000,000
Contract liability related to deferred subscription revenues	200,000		200,000		$ 300,000
Contract liability related to unearned portion of bonus	$ 100,000		100,000		$ 100,000
Incremental costs			$ 0	$ 0

Fair Value Measurements - Summary of Changes in Fair Value Associated With Level 3 Convertible Note Financial Instruments Held (Parenthetical) (Details)	Jun. 30, 2026 Bitcoin
Fair Value Disclosures [Abstract]
Delivery of bitcoin	500

Digital Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Digital Assets

4. DIGITAL ASSETS

The Company holds digital assets, comprised solely of bitcoin, for two purposes: (1) to fulfill bitcoin rewards to customers in accordance with the terms and conditions of the Fold Rewards Program (“Rewards Treasury”); and (2) as a treasury asset to support our operating business with the option to hold as a near- to long-term investment to preserve potential upside in the value of that bitcoin (“Investment Treasury”). The Company purchases bitcoin for its Rewards Treasury to maintain a balance that is equal to or greater than its customer rewards liability and disburses bitcoin from its Rewards Treasury when customers redeem their rewards and the liability is satisfied.

The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:


	June 30, 2026		December 31, 2025
Rewards treasury (USD)	$	4,504,290	$	6,872,869
Investment treasury (USD)		11,356,023		133,658,791
Total bitcoin treasury (USD)	$	15,860,313	$	140,531,660


	June 30, 2026		December 31, 2025
Rewards treasury (BTC)		77		79
Investment treasury (BTC)		194		1,527
Total bitcoin treasury (BTC)		271		1,606

As of June 30, 2026 and December 31, 2025, the Company held 271 and 1,606 bitcoin, respectively, with an aggregate cost of $25.7 million and $118.8 million, respectively. During June 2026, the Company sold 632 bitcoin from its Investment Treasury for proceeds of $44.7 million, of which $20.0 million was used to repay in full the outstanding balance under the Company's Credit Facility (as defined below) and the remaining $24.7 million was retained as unrestricted cash for general corporate purposes. As of June 30, 2026, no amounts remained outstanding under the Credit Facility and no bitcoin was held as collateral. Refer to Note 9 for further details.

A reconciliation, in the aggregate, of beginning and ending balances of the Company’s digital assets as of the dates shown is as follows:


	Rewards Treasury			Investment Treasury			Digital Assets
Bitcoin held at January 1, 2025	$	8,569,651		$	93,568,700		$	102,138,351
Purchases of bitcoin		1,011,941			1,362,089			2,374,030
Bitcoin received from March 2025 Investor Note (2)	-				43,965,525			43,965,525
Disbursements of bitcoin (1)		(1,536,385	)	-				(1,536,385	)
Remeasurement gain (loss) on bitcoin (4)		1,324,091			20,965,072			22,289,163
Bitcoin held at June 30, 2025	$	9,369,298		$	159,861,386		$	169,230,684
Purchases of bitcoin		1,640,528			4,000,711			5,641,239
Disbursements of bitcoin (1)		(2,418,595	)		-			(2,418,595	)
Remeasurement gain (loss) on bitcoin		(1,718,362	)		(30,203,306	)		(31,921,668	)
Bitcoin held at December 31, 2025	$	6,872,869		$	133,658,791		$	140,531,660
Purchases of bitcoin		1,748,759			-			1,748,759
Bitcoin repayment for March 2025 Investor Note		-			(34,007,466	)		(34,007,466	)
Sale of bitcoin (3)		-			(59,120,684	)		(59,120,684	)
Disbursements of bitcoin (1)		(1,958,815	)	-				(1,958,815	)
Transfers of bitcoin from investment treasury		650,320			(650,320	)		-
Remeasurement gain (loss) on bitcoin (4)		(2,808,843	)		(28,524,298	)		(31,333,141	)
Bitcoin held at June 30, 2026	$	4,504,290		$	11,356,023		$	15,860,313

(1) Disbursements of bitcoin represent amounts that were distributed to customers to fulfill customer rewards obligations or to satisfy other current obligations.

(2) The bitcoin received from the March 2025 Investor Note is net of prepaid interest. Refer to Note 9 for additional details.

(3) Proceeds from the sale of bitcoin during the six months ended June 30, 2026 were used to pay off the June 2025 Amended Investor Note, repay in full the outstanding balance under the Company's Credit Facility (as defined below), and fund unrestricted cash for general corporate purposes. Refer to Note 9 for additional details.

(4) The remeasurement loss of $1.0 million recognized on the digital assets balances for the three months ended June 30, 2026 consisted of a realized loss of $4.4 million and an unrealized gain of $3.4 million. The remeasurement gain of $38.9 million recognized on the digital assets balance for the three months ended June 30, 2025 consisted of a realized gain of $0.6 million and an unrealized gain of $38.3 million.

The remeasurement loss of $31.3 million recognized on the digital assets balances for the six months ended June 30, 2026 consisted of a realized gain of $0.2 million and an unrealized loss of $31.5 million. The remeasurement gain of $22.3 million recognized on the digital assets balance for the six months ended June 30, 2025 consisted of a realized gain of $1.1 million and an unrealized gain of $21.2 million.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Capitalized Software Development Costs

Capitalized software development costs consisted of the following:


	June 30, 2026			December 31, 2025
Capitalized software, gross	$	3,038,489		$	2,314,121
Less: accumulated amortization		(1,052,238	)		(920,369	)
Capitalized software, net	$	1,986,251		$	1,393,752

Schedule of Gross Carrying Amount of Capitalized Internally Developed Software Costs

The gross carrying amount of internally developed software costs that had been capitalized but not placed into service is as follows:


	June 30, 2026		December 31, 2025
Capitalized software not placed into service	$	544,770	$	594,096

Recapitalization - Schedule of Number of Shares of Common Stock (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Common stock, shares outstanding	55,021,701	48,419,266
Shares issued for Fold Common Stock	55,407,302	48,477,883

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid interest	$ 0	$ 542,065
Prepaid expenses	1,680,529	1,636,223
Other receivables	161,141	200,034
Interest receivable	72,311	6,362
Total	$ 1,913,981	$ 2,384,684

Digital Assets - Schedule of Reconciliation in the Aggregate Balances of the Company's Digital Assets (Details) - USD ($)

6 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Jun. 30, 2025

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin held, beginning balance

$ 140,531,660

Bitcoin held, ending balance

15,860,313

$ 140,531,660

Rewards Treasury [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin held, beginning balance

6,872,869

9,369,298

$ 8,569,651

Purchases of bitcoin

1,748,759

1,640,528

1,011,941

Sale of bitcoin

^[1]

Disbursements of bitcoin

^[2]

(1,958,815)

(2,418,595)

(1,536,385)

Transfers of bitcoin from investment treasury

650,320

Remeasurement gain (loss) on bitcoin

(2,808,843)

^[3]

(1,718,362)

1,324,091

^[3]

Bitcoin held, ending balance

4,504,290

6,872,869

9,369,298

Rewards Treasury [Member] | March 2025 Investor Note [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin received from March 2025 Investor Note

^[4]

Bitcoin repayment for March 2025 Investor Note

Investment Treasury [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin held, beginning balance

133,658,791

159,861,386

93,568,700

Purchases of bitcoin

4,000,711

1,362,089

Sale of bitcoin

^[1]

(59,120,684)

Disbursements of bitcoin

^[2]

Transfers of bitcoin from investment treasury

(650,320)

Remeasurement gain (loss) on bitcoin

(28,524,298)

^[3]

(30,203,306)

20,965,072

^[3]

Bitcoin held, ending balance

11,356,023

133,658,791

159,861,386

Investment Treasury [Member] | March 2025 Investor Note [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin received from March 2025 Investor Note

^[4]

43,965,525

Bitcoin repayment for March 2025 Investor Note

(34,007,466)

Digital Assets [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin held, beginning balance

140,531,660

169,230,684

102,138,351

Purchases of bitcoin

1,748,759

5,641,239

2,374,030

Sale of bitcoin

^[1]

(59,120,684)

Disbursements of bitcoin

^[2]

(1,958,815)

(2,418,595)

(1,536,385)

Transfers of bitcoin from investment treasury

Remeasurement gain (loss) on bitcoin

(31,333,141)

^[3]

(31,921,668)

22,289,163

^[3]

Bitcoin held, ending balance

15,860,313

$ 140,531,660

169,230,684

Digital Assets [Member] | March 2025 Investor Note [Member]

Indefinite-Lived Intangible Assets [Line Items]

Bitcoin received from March 2025 Investor Note

^[4]

$ 43,965,525

Bitcoin repayment for March 2025 Investor Note

$ (34,007,466)

[1]	Proceeds from the sale of bitcoin during the six months ended June 30, 2026 were used to pay off the June 2025 Amended Investor Note, repay in full the outstanding balance under the Company's Credit Facility (as defined below), and fund unrestricted cash for general corporate purposes. Refer to Note 9 for additional details.
[2]	Disbursements of bitcoin represent amounts that were distributed to customers to fulfill customer rewards obligations or to satisfy other current obligations.
[3]	The remeasurement loss of $1.0 million recognized on the digital assets balances for the three months ended June 30, 2026 consisted of a realized loss of $4.4 million and an unrealized gain of $3.4 million. The remeasurement gain of $38.9 million recognized on the digital assets balance for the three months ended June 30, 2025 consisted of a realized gain of $0.6 million and an unrealized gain of $38.3 million. The remeasurement loss of $31.3 million recognized on the digital assets balances for the six months ended June 30, 2026 consisted of a realized gain of $0.2 million and an unrealized loss of $31.5 million. The remeasurement gain of $22.3 million recognized on the digital assets balance for the six months ended June 30, 2025 consisted of a realized gain of $1.1 million and an unrealized gain of $21.2 million.
[4]	The bitcoin received from the March 2025 Investor Note is net of prepaid interest. Refer to Note 9 for additional details.

Recapitalization - Additional Information (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Feb. 14, 2025	Dec. 31, 2024
Share Repurchase Program [Line Items]
Common stock, shares outstanding	55,021,701	48,419,266
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.0001
Common Stock [Member]
Share Repurchase Program [Line Items]
Common stock, shares outstanding	55,021,701	48,477,883	46,571,343		5,836,882

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

17. SUBSEQUENT EVENTS

The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s financial statements or require disclosure in the notes to the financial statements through August 11, 2026, the date the financial statements were issued. Where applicable, the notes to these financial statements have been updated to discuss significant subsequent events which have occurred.

Additionally, the Company identified the following subsequent events for disclosure:

The Board has approved seeking stockholder approval for a reverse stock split with a possible ratio from 2-for-1 to 50-for-1, with the exact ratio to be determined by the Board at a later date, and with the Board retaining the discretion to decide not to pursue a reverse stock split.

Net Income (Loss) Per Share - Summary of Calculation of Diluted Net Income (Loss) Per Share (Parenthetical) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares converted in to notes	2,222,222
Number of shares converted in to option			3,702,260
Warrants exercisable price per share			$ 15
March 2025 Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants outstanding			925,590
Series A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of warrants related to legacy		869,565
Warrants exercisable price per share		$ 12.5
Series C [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of warrants related to legacy		869,565
Warrants exercisable price per share		$ 9
FTAC Emerald [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of warrants related to legacy		12,434,658
Warrants exercisable price per share		$ 11.5

Digital Assets - Schedule of Reconciliation in the Aggregate Balances of the Company's Digital Assets (Parenthetical) (Details) - Digital Assets [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Indefinite-Lived Intangible Assets [Line Items]
Remeasurement gain (loss) on bitcoin	$ (1.0)	$ 38.9	$ (31.3)	$ 22.3
Realized gain (loss)	(4.4)	0.6	0.2	1.1
Unrealized gain (loss)	$ 3.4	$ 38.3	$ (31.5)	$ 21.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Share-Based Compensation Expense - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Feb. 14, 2025	Feb. 13, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Terms of Award					Following the Merger, no further awards may be granted under the 2019 Equity Plan; however, awards granted under that plan will remain subject to the terms and conditions of the 2019 Equity Plan. Under the 2025 Equity Plan, an aggregate number of shares equal to the sum of (i) 10% of the fully-diluted shares of Fold Holdings, Inc. Common Stock as of the Closing, (ii) the number of shares that remained available for issuance under the 2019 Equity Plan as of the Closing and (iii) the number of shares that were subject to awards under the 2019 Equity Plan as of the Closing and which, following the Closing, became available for grant under the 2025 Equity Plan, were initially reserved under the 2025 Equity Plan.
Share-Based payment award, description modified	a service condition that is typically satisfied based on the grantee's continuous service over 48 months with a one-year cliff vesting requirement (though some RSUs have been granted with different service-vesting schedules, including without the one-year cliff), and a performance condition related to the consummation of a liquidity event defined in the award agreements as the first to occur of a change of control or the first sale of Common Stock pursuant to an IPO. The Merger with FTAC Emerald on February 14, 2025 was deemed to have satisfied the performance condition criteria. Following the Merger, the Company's RSUs are subject to vesting requirements of each individual Award grant, which will typically include only a service condition based on the grantee's continuous service over 48 months with a one-year cliff vesting requirement.
Service period		48 months
vesting period		1 year
Compensation expense	$ 4,400,000		$ 1,700,000	$ 1,700,000	$ 3,400,000	$ 6,900,000
Unrecognized compensation expense recognized on a straight-line basis					2.86 years
Share-based compensation expense					$ 3,353,459	$ 6,895,480
FTAC Emerald [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Service period	48 months
vesting period	1 year
Conversion Percentage	82.50%
Compensation expense	$ 4,400,000
2019 Equity Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of fully-diluted shares of new fold common stock					10.00%
Employee Stock Option Member
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares, issued			0		0
RSUs [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Additional RSAs granted in period					2,843,562	3,064,628
RSUs [Member] \| FTAC Emerald [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
RSU awards vested	$ 1,400,000
Weighted average per share fair value of options, vesting	$ 3.37
RSA [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense					$ 0	$ 0
Material unrecognized compensation expense					$ 0	$ 0
Additional RSAs granted in period					0	0
Stock Appreciation Rights SARSMember
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares, issued			0		0
Other Stock Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares, issued			0		0
Unvested Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense					$ 14,100,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. FAIR VALUE MEASUREMENTS

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2, and Level 3 as follows:


	As of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Digital assets	$	15,860,313	$	15,860,313	$	-	$	-
Total assets	$	15,860,313	$	15,860,313	$	-	$	-

Liabilities:
Customer rewards liability	$	4,504,290	$	-	$	-	$	4,504,290
February 2026 Investor Note - embedded derivative		85,214		-		-		85,214
Total liabilities	$	4,589,504	$	-	$	-	$	4,589,504


	As of December 31, 2025
	Total		Level 1			Level 2			Level 3
Assets:
Digital assets	$	140,531,660		$	140,531,660		$	-		$	-
Total assets	$	140,531,660		$	140,531,660		$	-		$	-

Liabilities:
Customer rewards liability	$	6,872,869		$	-		$	-		$	6,872,869
March 2025 Investor Note		47,207,556			-			-			47,207,556
Total liabilities	$	54,080,425		$	-		$	-		$	54,080,425

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivables, accounts payable and accrued liabilities, and deferred revenue approximate their fair values due to their short-term nature.

The fair value of our digital assets was determined using the Level 1 input of bitcoin prices in the market we determined to be the principal market as of June 30, 2026 and December 31, 2025.

Customer rewards liability

The customer rewards liability is classified as a Level 3 financial instrument within the fair value hierarchy primarily due to the reward forfeiture rate applied to the value of the bitcoin obligation, which is an unobservable input to the fair value measurement. The Company has determined the bitcoin price based on its value in the market we determined to be the principal market for the related digital asset as of June 30, 2026 and December 31, 2025, which is considered a Level 1 input. The forfeiture rate is then applied to reflect an estimated

breakage rate of rewards that have been forfeited based on the contractual terms and conditions of our Rewards Program and historical trends of forfeiture rates on a three-year trailing basis. The estimated forfeiture rate applied to our customer rewards liability for the periods ended June 30, 2026 and 2025 was 10%.

Convertible Note

In February 2026, the Company repaid the March 2025 Investor Note through the delivery of 500 bitcoin. Because the note was extinguished via a fixed delivery of bitcoin, the Company determined that the spot price of bitcoin on the repayment date represented the best estimate of fair value immediately prior to settlement. The resulting fair value adjustment, measured as the difference between the December 31, 2025 fair value and the settlement-date fair value, was recorded in the change in fair value of the convertible note within the condensed consolidated statements of operations.

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:


	Convertible Note
Balance at January 1, 2025	$	-
Additions		46,279,500
Fair value adjustment - day one loss on issuance of debt		12,753,994
Fair value adjustment - change in fair value		(910,243	)
Balance at June 30, 2025	$	58,123,251
Fair value adjustment - change in fair value		(10,915,695	)
Balance at December 31, 2025	$	47,207,556
Fair value adjustment - change in fair value		(13,200,089	)
Settlement - delivery of 500 bitcoin		(34,007,467	)
Balance at June 30, 2026	$	-

Embedded Derivative

The fair value of the bifurcated derivative liability associated with the February 2026 Investor Note (refer to Note 9) was determined using a Monte Carlo simulation model, which requires the use of several inputs and significant assumptions, including the risk-free rate, bitcoin price volatility, the Company's enterprise value volatility, and the correlation between bitcoin returns and the Company's enterprise value returns.

Fair value measurements associated with the bifurcated derivative were determined based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy. Increases and decreases in the fair value of the derivative can result from updates to assumptions such as the price of bitcoin, the probability and timing of the mandatory prepayment triggers being exercised, or changes in the risk-free rate, among other assumptions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) Segment Bitcoin	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) Bitcoin
Accounting Policies [Abstract]
Number of operating segments \| Segment			1
Number of reportable segments \| Segment			1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description			The primary financial measure used by the CODM to evaluate performance is operating income (loss) as shown on the statements of operations. Segment expenses and other segment items are provided to the CODM on the same basis as disclosed in the statements of operations.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
Amortization expense on capitalized software development costs	$ 200,000	$ 100,000	$ 300,000	$ 200,000
Amortization expense write-offs				0
Notional amount of customer rewards liability outstanding \| Bitcoin			77		79
Derivative instruments within customer rewards liability	4,504,290		$ 4,504,290		$ 6,872,869
Gain (loss) on remeasurement of derivative liability	$ 700,000	$ (2,100,000)	$ 2,300,000	$ (1,000,000)

Prepaid Expenses and other Current assets

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	June 30, 2026		December 31, 2025
Prepaid interest	$	-	$	542,065
Prepaid expenses		1,680,529		1,636,223
Other receivables		161,141		200,034
Interest receivable		72,311		6,362
Total	$	1,913,981	$	2,384,684

SAFEs

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

SAFEs

8. SAFEs

On February 14, 2025, in connection with the Closing of the Merger, all SAFE notes held by Fold Predecessor converted into 16.6 million shares of Fold Holdings, Inc. Common Stock. The fair value of the SAFEs on the date of conversion was $177.6 million. Prior to conversion, Fold Predecessor’s SAFEs were recorded as a liability in the accompanying balance sheets and the Company recorded subsequent remeasurements in “Changes in fair value of SAFEs” in the statements of operations. However, because Fold’s SAFEs were structured to be settled via the delivery of common and/or preferred shares upon execution of an equity financing or liquidity event, these amounts were reclassified to equity upon conversion.

During the three and six months ended June 30, 2025, the Company recognized an increase in the SAFE liability of $0 million and $6.5 million, respectively, related to fair value remeasurements prior to conversion. As of June 30, 2026 and December 31, 2025, no SAFEs remained outstanding.

Customer Rewards Liability

6 Months Ended

Jun. 30, 2026

Customer Advances or Deposits, Noncurrent [Abstract]

Customer Rewards Liability

6. CUSTOMER REWARDS LIABILITY

A reconciliation, in the aggregate, of beginning and ending balances of the Company’s customer rewards liability as of the dates shown is as follows:


	Customer Rewards Liability
Balance at January 1, 2025	$	8,569,651
Rewards earned by customers		1,464,921
Reward fulfillments (1)		(1,489,430	)
Expired rewards		(146,492	)
Remeasurement (gain) loss on customer rewards liability		970,648
Balance at June 30, 2025	$	9,369,298
Rewards earned by customers		1,185,157
Reward fulfillments (1)		(1,793,929	)
Expired rewards		(118,516	)
Remeasurement (gain) loss on customer rewards liability		(1,769,141	)
Balance at December 31, 2025	$	6,872,869
Rewards earned by customers		837,253
Reward fulfillments (1)		(869,038	)
Expired rewards		(83,725	)
Remeasurement (gain) loss on customer rewards liability		(2,253,069	)
Balance at June 30, 2026	$	4,504,290

(1) Rewards fulfillments represent amounts that were distributed to customers to fulfill customer rewards obligations.

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

3. REVENUE

Disaggregation of revenue

We disaggregate revenue by service type and by platform as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
Revenue stream	2026			2025			2026			2025
Banking and payments revenues	$	5,293,820		$	7,921,556		$	10,225,033		$	14,843,181
Custody and trading revenues		772,379			241,600			1,437,573			393,455
Other revenues		27,685			36,116			27,782			62,151
Less: Sales returns and allowances		(3,975	)		(23,346	)		(8,170	)		(35,024	)
Revenues, net	$	6,089,909		$	8,175,926		$	11,682,218		$	15,263,763

The above amounts are net of reductions in revenue related to Revenue Rewards totaling $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $1.0 million for the six months ended June 30, 2026 and 2025, respectively.

Deferred revenue

Contract liabilities are classified as deferred revenue in our balance sheets. As of June 30, 2026 and December 31, 2025, the contract liability related to our deferred subscription revenues was $0.2 million and $0.3 million, respectively, and the contract liability related to an unearned portion of a bonus paid to us by Visa was $0.1 million and $0.1 million, respectively.

The activity in deferred revenue for the six months ended June 30, 2026 and the year ended December 31, 2025, was as follows:


	Six Months Ended June 30, 2026			Year Ended December 31, 2025
Beginning of the period contract liability	$	366,252		$	875,466
Revenue recognized from the contract liabilities included in the beginning balance		(244,332	)		(771,669	)
Increases due to cash received net of amounts recognized in revenue during the period		106,228			262,455
End of period contract liability	$	228,148		$	366,252

Contract costs

For the six months ended June 30, 2026 and 2025, we did not incur any incremental costs to obtain and/or fulfill contracts with customers.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Income (Loss) Per Share - Summary of Calculation of Diluted Net Income (Loss) Per Share (Details) - shares

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities

20,329,911

21,023,960

20,315,580

24,584,014

Unvested Restricted Stock Units [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities

^[1]

5,184,633

3,560,054

Convertible Notes [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities

^[2]

5,924,582

Investor Warrants [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities

^[3]

15,099,378

Employee Stock Purchase Plan [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities

^[4]

45,900

31,569

[1]	Potentially dilutive securities attributable to outstanding unvested restricted stock units are excluded from the calculation of diluted loss per share as the effect of the incremental Common Stock would be anti-dilutive and are therefore excluded from the loss per share calculation.
[2]	The June 2025 Amended Note contained a conversion feature that allowed the investor the option to convert the June 2025 Amended Note in exchange for 2,222,222 shares of Common Stock. The March 2025 Investor Note contained a conversion feature that allowed the investor the option to convert in exchange for 3,702,260 shares of Common Stock. The effect of the incremental Common Stock issuable upon a conversion of these notes was anti-dilutive based on Fold's average share price for the three and six months ended June 30, 2026 and was therefore excluded from the loss per share calculation.
[3]	As of June 30, 2026 and 2025, the Company had (1) 12,434,658 public warrants related to legacy FTAC Emerald at an exercise price of $11.50; (2) 869,565 Series A and 869,565 Series C Warrants, at an exercise price of $12.50 and $9.00, respectively; and (3) 925,590 March 2025 Warrants outstanding at an exercise price of $15.00. These warrants are considered anti-dilutive based on Fold's average share price for the three and six months ended June 30, 2026 and are therefore excluded from the income (loss) per share calculation.
[4]	Potentially dilutive securities attributable to the employee stock purchase plan are excluded from the calculation of diluted shares outstanding as of June 30, 2026. The effect of the incremental Common Stock would be anti-dilutive and therefore excluded from the loss per share calculation.

Digital Assets - Summary of Company's Bitcoin Held in Treasury (Details)	Jun. 30, 2026 USD ($) Btcoin	Dec. 31, 2025 USD ($) Btcoin	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Indefinite-Lived Intangible Assets [Line Items]
Total bitcoin treasury \| $	$ 15,860,313	$ 140,531,660
Total bitcoin treasury \| Btcoin	271	1,606
Rewards Treasury [Member]
Indefinite-Lived Intangible Assets [Line Items]
Total bitcoin treasury \| $	$ 4,504,290	$ 6,872,869	$ 9,369,298	$ 8,569,651
Total bitcoin treasury \| Btcoin	77	79
Investment Treasury [Member]
Indefinite-Lived Intangible Assets [Line Items]
Total bitcoin treasury \| $	$ 11,356,023	$ 133,658,791	$ 159,861,386	$ 93,568,700
Total bitcoin treasury \| Btcoin	194	1,527

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SAFEs - Additional Information (Details) - SAFEs [Member] - USD ($) shares in Millions		3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 14, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]
Conversion amount	$ 177,600,000
SAFEs outstanding			$ 0		$ 0
Increasing in liabilities fair value		$ 0		$ 6,500,000
Common Stock [Member]
Debt and Equity Securities, FV-NI [Line Items]
Debt outstanding converted to common stock	16.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

401(k) Plan

We sponsor a 401(k) defined contribution plan covering all eligible U.S. employees. Both Company and employee contributions to the 401(k) plan are discretionary. For the three months ended June 30, 2026 and 2025, we recorded a nominal amount of expense related to the 401(k) plan, which is included in compensation and benefits in the accompanying statements of operations. For the six months ended June 30, 2026 and 2025, we recorded $0.1 million and $0.1 million of expense related to the 401(k) plan, which is included in compensation and benefits in the accompanying statements of operations.

Litigation

In connection with the chapter 11 bankruptcy proceeding of Prime Core Technologies, Inc. (“Prime Core”), on August 14, 2025, the Company was named as a defendant in a proceeding pending in the United States Bankruptcy Court for the District of Delaware (PCT Litigation Trust v. Fold Holdings, Inc., Adv. Pro. No. 25-52024 (JKS)), pursuant to which the litigation trust for Prime Core (“PCT Litigation Trust”) sought avoidance and recovery of alleged preferential transfers.

On June 30, 2026, the Company entered into a settlement agreement with the PCT Litigation Trust, without any admission of liability by the Company. Under the terms of the settlement, the Company agreed to pay 23.5 bitcoin in full and final satisfaction of the claims asserted, with payment due within 30 days of the agreement's effective date. The PCT Litigation Trust agreed to dismiss its proceeding against us with prejudice upon receipt of payment, and the parties provided each other with mutual releases. As of June 30, 2026, the Company recorded an accrued liability of approximately $1.4 million, representing the U.S. dollar value of the settlement payment based on the closing price of bitcoin as of the agreement's execution date, consistent with the valuation methodology specified in the settlement agreement. Subsequent to June 30, 2026, on July 6, 2026, the Company remitted 23.5 bitcoin to the PCT Litigation Trust in satisfaction of the accrued liability described above.

From time to time, the Company may be subject to, or pursue, other claims, inquiries, or legal proceedings arising in the ordinary course of business. While the outcome of any future matter is inherently uncertain, we do not currently expect that any such matters, if they were to arise, would have a material adverse effect on our condensed consolidated financial position, liquidity, capital resources, or results of operations.

Custody of Digital Assets - Additional Information (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Crypto Asset, Activity [Line Items]
Fair value of customer digital assets	$ 15,860,313	$ 140,531,660
Unrecorded liability	16,800,000	21,300,000
Contingent liability	0	0
Qualified Custodian [Member]
Crypto Asset, Activity [Line Items]
Fair value of customer digital assets	$ 16,800,000	$ 21,300,000

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues, net	$ 6,089,909	$ 8,175,926	$ 11,682,218	$ 15,263,763
Operating expenses
Banking and payments costs	5,108,245	7,682,621	9,914,619	14,441,545
Custody and trading costs	739,039	142,811	1,337,454	188,596
Compensation and benefits	3,790,067	3,676,657	7,824,334	10,134,597
Marketing expenses	728,338	620,923	996,446	1,020,721
Professional fees	1,255,832	1,270,345	2,923,246	3,058,850
Amortization expense	173,985	106,837	330,064	197,908
(Gain) loss on customer rewards liability	(745,598)	2,071,505	(2,253,069)	970,648
(Gain) loss on digital assets - rewards treasury	(1,119,388)	2,334,677	(2,808,843)	1,324,091
Other selling, general and administrative expenses	1,689,247	1,264,422	3,399,228	2,400,876
Total operating expenses	13,858,543	14,501,444	27,281,165	31,089,650
Operating loss	(7,768,634)	(6,325,518)	(15,598,947)	(15,825,887)
Gain (loss) on digital assets - investment treasury	105,167	36,582,224	(28,524,298)	20,965,072
Change in fair value of SAFEs	0	0	0	(6,503,113)
Change in fair value of convertible note	0	(5,309,608)	13,200,089	(11,843,751)
Convertible note issuance costs and fees	0	0	0	(9,569,109)
Legal settlements	(1,374,828)	0	(1,374,828)	0
Loss on extinguishment of debt	0	(9,612,199)	(4,005,132)	(9,612,199)
Interest expense	(921,881)	(1,974,849)	(3,195,709)	(3,246,487)
Other income	308,619	66,398	682,833	186,701
Other income (expense), net	(1,882,923)	19,751,966	(23,217,045)	(19,622,886)
Net income (loss) before income taxes	(9,651,557)	13,426,448	(38,815,992)	(35,448,773)
Income tax expense (benefit)	0	881	3,471	4,859
Net income (loss)	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Basic	(9,651,557)	13,425,567	(38,819,463)	(35,453,632)
Diluted	(9,651,557)	13,425,567	(38,819,463)	(35,453,632)
Net income (loss) attributable to common stockholders:
Basic	$ (0.19)	$ 0.29	$ (0.76)	$ (0.98)
Diluted	$ (0.19)	$ 0.28	$ (0.76)	$ (0.98)
Weighted-average shares used to compute net income (loss) per share:
Basic	51,825,321	46,503,358	50,746,857	36,062,784
Diluted	51,825,321	47,561,116	50,746,857	36,062,784

Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary of the convertible notes for the Respective Periods

A summary of the Company’s convertible notes for the respective periods presented is as follows:

The June 2025 Amended Investor Note


	June 30, 2026		December 31, 2025
June 2025 Amended Investor Note		-		20,000,000
Convertible debt, gross	$	-	$	20,000,000
Less:
Debt issuance costs, net of amortization		-		90,260
Add:
Amended debt premium, net of amortization		-		1,559,935
Convertible debt, net	$	-	$	21,469,675
Less: Current portion of long-term debt		-		-
Amended December 2024 convertible note, net - long-term	$	-	$	21,469,675


	June 30, 2026		December 31, 2025
March 2025 Investor Note	$	-	$	46,279,500
Fair value adjustment		-		928,056
March 2025 investor note - related party	$	-	$	47,207,556

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company.

Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. These condensed financial statements and accompanying notes should be read in conjunction with the audited financial statements and accompanying notes for the years ended December 31, 2025 and 2024. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for the periods presented are not necessarily indicative of the results to be expected for the year ended December 31, 2026, or for any future periods.

Use of estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The

Company bases its estimates on historical experience and on assumptions that the Company believes are reasonable; however, actual results could significantly differ from those estimates. The Company evaluates these estimates on an ongoing basis.

Estimates, judgments, and assumptions in these financial statements include, but are not limited to, those related to the determination of the recognition, measurement, and valuation of current and deferred income taxes; the useful lives and impairment assessment of long-lived assets; the fair value of convertible notes; allowance for credit losses; the fair value of customer reward liability derivative instruments; and loss contingency identification and valuation, including assessing the likelihood of adverse outcomes from positions, claims, and disputes, recoveries of losses recorded, and associated timing.

Segment information

Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the Chief Operating Decision Maker (“CODM”), who is our Chief Executive Officer, in deciding how to allocate resources and assessing performance. During the six months ended June 30, 2026 and 2025, all operations were within the United States. The CODM allocates resources and assesses performance based upon financial information at the entity-wide level. Since the CODM makes operating decisions and allocates resources on an entity-wide basis, Fold operates as one operating segment and one reportable segment.

The primary financial measure used by the CODM to evaluate performance is operating income (loss) as shown on the statements of operations. Segment expenses and other segment items are provided to the CODM on the same basis as disclosed in the statements of operations.

The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.

Capitalized software development costs, net

The Company capitalizes significant costs incurred in the acquisition or development of the internal software for use in the Company's various service offerings. The Company incurs costs in developing software inclusive of direct external costs and internal payroll costs. Internal payroll costs typically include salaries and wages. Capitalized software costs are stated at cost net of accumulated amortization. Amortization is provided utilizing the straight-line method over the estimated useful life of the software, which is three years. Costs incurred in the preliminary and post-implementation phases of the Company's internal use software are expensed as incurred. The Company also capitalizes intangible assets acquired in connection with asset acquisitions where the nature and useful life of the acquired assets are consistent with internally developed software costs.

Capitalized software development costs consisted of the following:


	June 30, 2026			December 31, 2025
Capitalized software, gross	$	3,038,489		$	2,314,121
Less: accumulated amortization		(1,052,238	)		(920,369	)
Capitalized software, net	$	1,986,251		$	1,393,752

The gross carrying amount of internally developed software costs that had been capitalized but not placed into service is as follows:


	June 30, 2026		December 31, 2025
Capitalized software not placed into service	$	544,770	$	594,096

The Company recorded amortization expense on capitalized software development costs placed into service in the amount of $0.2 million and $0.1 million during the three months ended June 30, 2026 and 2025, respectively, and $0.3 million and $0.2 million during the six months ended June 30, 2026 and 2025, respectively. During the three months ended March 31, 2026, the Company recorded a nominal amount of amortization expense related to the write-off and abandonment of projects, which is included within the six-month amortization expense noted above. There were no comparable write-offs during the six months ended June 30, 2025.

Customer rewards liability

The Company offers certain rewards to its users through the Fold Rewards Program. This program allows the Company's users to earn promotional credits denominated in bitcoin by engaging in various actions, either by engaging in qualifying spend transactions (the “Revenue Rewards”) or performing certain actions designated by the Company as primarily for marketing, growth, and retention purposes (the “Marketing Rewards”). Revenue Rewards are defined as those that are earned in direct relation to a qualifying spend transaction such as spending on the Fold Debit Card or the Fold Credit Card, purchasing bitcoin, purchasing merchant offers, etc. Marketing Rewards are defined as those that are earned for behaviors unrelated to qualifying spend transactions such as sign-up bonuses, referral bonuses, spinning the daily spin wheel, etc. For accounting purposes, any reward that derives from a transaction where Fold receives revenue constitutes a Revenue Reward, whereas all other rewards constitute Marketing Rewards.

Revenue Rewards are considered earned at the time of the qualifying spend transaction. Revenue Rewards are immediately available for redemption by the user, except for those related to Fold Debit Card and Fold Credit Card transactions which cannot be redeemed until after a 30-day settlement period. Marketing Rewards are earned and available immediately upon the performance of a qualifying action by the user. To redeem available rewards, a user may request a withdrawal to a personal bitcoin wallet.

The Company accrues both Revenue Rewards and Marketing Rewards (collectively, the "Rewards") within ‘Customer rewards liability’ in our accompanying balance sheets at the time the Reward is earned, with the corresponding impact on our statements of operations dependent on the type of Reward. Revenue Rewards are recorded as a reduction in the transaction price of the related revenue earned. Marketing Rewards are recorded as a marketing expense within operating expenses. The liability is initially recorded at the fair value of the bitcoin earned upon the action by the user and subsequently marked to fair value until redeemed or reversed, with gains and losses on this liability recorded within gain (loss) on customer rewards liability in our accompanying statements of operations. The liability is derecognized when the Reward is redeemed by the user and delivered to the user's bitcoin wallet.

Per the terms and conditions of the Fold Rewards Program, Rewards are subject to adjustment for chargebacks, returns, refunds, or other circumstances. In addition, Rewards are subject to expiry if users fail to maintain an active account for more than twelve consecutive months. The Company estimates the amount of Rewards that will expire based on historical data, current user trends, and other factors and records those estimated amounts in the period those Rewards were earned. These accruals are accounted for as an adjustment to the transaction price of the original revenue transaction if the expiration relates to Revenue Rewards, or as contra-expense within marketing expense if the expiration relates to Marketing Rewards.

Derivatives

As our customer rewards liability results in an obligation to deliver a fixed amount of digital assets in the future, the Company has determined that it meets the definition of a derivative and marked it to fair value as discussed above. The Company has not designated this derivative instrument as a hedging instrument. As of June 30, 2026 and December 31, 2025, the notional amount of the customer rewards liability outstanding was 77 and 79 bitcoin, respectively, and the derivative instrument was valued at $4.5 million and $6.9 million, respectively, within 'Customer rewards liability' on our accompanying balance sheets. The Company recorded a gain of $0.7 million and a loss of $2.1 million during the three months ended June 30, 2026 and 2025, respectively, and a gain of $2.3 million and a loss of $1.0 million during the six months ended June 30, 2026 and 2025, respectively. For more detail on the fair value measurement of this derivative instrument, refer to Note 14.

Exchange or Modification of Debt

We consider modifications or exchanges of debt as extinguishments in accordance with Accounting Standards Codification ("ASC") No. 470, Debt, with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different. If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt is initially recorded at fair value. When freestanding instruments, such as equity-classified shares or bifurcated derivative liabilities, are issued in connection with the new debt, the total proceeds are allocated among the instruments using a combination of the with-and-without method and the relative fair value method. Under this approach, proceeds equal to the fair value of any instruments required to be measured at fair value on a recurring basis, such as bifurcated derivative liabilities accounted for under ASC 815, are first allocated to those instruments using the with-and-without method. The remaining proceeds are then allocated among any remaining freestanding instruments, such as equity-classified shares, using the relative fair value method, with the debt host recorded at its allocated amount.

The difference between the carrying amount of the extinguished debt and the consideration transferred is recognized as an

extinguishment gain or loss. Under an exchange or modification accounted for as a debt extinguishment, fees paid to the lender are included in the gain or loss on extinguishment of debt. Costs incurred with third parties, such as legal fees, directly related to the exchange or modification are capitalized as deferred financing costs and amortized over the initial term of the new debt. Previously deferred fees and costs for existing debt are included in the calculation of gain or loss on extinguishment.

Under an exchange or modification not accounted for as a debt extinguishment, fees paid to the lenders are reflected as additional debt discount and amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt. Costs incurred with third parties, such as legal fees, directly related to the exchange or modification, are expensed as incurred, and previously deferred fees and costs are amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt.

Certain debt instruments may be designated at fair value under the fair value option election in accordance with ASC 825-10, with changes in fair value recognized in earnings each period. Upon extinguishment of a debt instrument carried at fair value, the carrying value equals its fair value on the reacquisition date. Any cumulative changes in fair value attributable to instrument-specific credit risk previously recognized in accumulated other comprehensive income are reclassified to earnings upon extinguishment, while changes attributable to other factors are recognized directly in net income as they occur.

Fold Credit Card Program

In partnership with a credit card issuing bank (the “Issuing Bank”), the Company offers the Fold Credit Card to cardholders. Credit card receivables represent amounts due from cardholders for purchases, fees, and other charges incurred through the use of the Fold Credit Card. Pursuant to the program agreements, the Company is obligated to purchase all receivables arising under the program, and accordingly, bears the risk of loss associated with cardholder nonpayment following purchase of the receivables. This commitment has been evaluated in accordance with ASC 860 and Fold has determined they are the owner of all purchased receivables from the Issuing Bank. The Company has an ongoing commitment to fund future receivable purchases as cardholder activity occurs. The amount of future receivable purchases will fluctuate based on cardholder spending volumes, credit utilization, and repayment behavior. As the owner of the receivables, the Company records credit card receivables, net of an allowance for expected credit losses in credit card receivables, net on the condensed balance sheets.

The allowance for expected credit losses is estimated in accordance with ASC 326 and reflects management’s estimate of lifetime expected losses based on historical loss experience, delinquency, market trends, charge off trends by FICO cohort and aging trends, and other relevant portfolio-level factors. The Company uses a roll-rate methodology, which applies historical delinquency migration and loss patterns to the outstanding receivable balance, to estimate expected losses. The provision for expected credit losses related to credit card receivables is recorded within other selling, general and administrative expenses in the condensed statement of operations and is nominal for both the three and six months ended June 30, 2026.

Debt and related instruments

In February 2026, the Company extinguished all previously outstanding convertible notes and separately entered into the February 2026 Investor Note (as defined below). The Company accounts for the February 2026 Investor Note at amortized cost using the effective interest method.

The Company evaluates its debt instruments for embedded features requiring bifurcation in accordance with ASC 815. Embedded features that are not clearly and closely related to the debt host, are not remeasured at fair value under otherwise applicable GAAP, and that would qualify as derivatives on a standalone basis, are bifurcated and recorded as derivative liabilities at fair value, with subsequent changes in fair value recognized in earnings. The bifurcated derivative liability is remeasured at each reporting date, with changes in fair value recognized in the condensed statements of operations. Refer to Note 9 for further information.

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Topic 220), which requires entities to include more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization, in commonly presented expense captions such as cost of sales, research and development, and selling, general and administrative expenses. In January 2025, the FASB issued ASU 2025-01 “Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”) which clarifies the effective date of Accounting Standards Update 2024-03 “Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) to stipulate that ASU 2024-03 is

effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 will be effective for the Company beginning January 1, 2027 for the Company’s annual financial statements on Form 10-K and January 1, 2028 for the Company’s quarterly financial statements on Form 10-Q. The Company is currently evaluating the impact of this standard on its financial statement presentation and disclosures, but it is not expected to have a significant impact on the Company’s financial statements.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). ASU 2025-06 clarifies and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for the Company for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-06 on its financial statements.

We do not believe that any other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on our financial statements.

Recently adopted accounting pronouncements

In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides the option to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. ASU 2025-05 is effective for the Company for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years. The Company adopted ASU 2025-05 effective January 1, 2026. The adoption did not have a material impact on the Company's condensed financial statements.

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
us-gaap:NetIncomeLoss	$ (9,651,557)	$ 13,425,567	$ (38,819,463)	$ (35,453,632)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense			330,064	197,908
Loss (gain) on digital assets - rewards treasury	1,119,388	(2,334,677)	2,808,843	(1,324,091)
Loss (gain) on digital assets - investment treasury	(105,167)	(36,582,224)	28,524,298	(20,965,072)
(Gain) loss on customer rewards liability	(745,598)	2,071,505	(2,253,069)	970,648
Change in fair value of convertible note	0	5,309,608	(13,200,089)	11,843,751
Convertible note issuance costs and fees	0	0	0	9,569,109
Loss on extinguishment of debt	0	9,612,199	4,005,132	9,612,199
Amortization of debt issuance costs			6,638	112,187
Amortization of debt discount and premium			179,929	953,404
Change in fair value of SAFEs	0	0	0	6,503,113
Share-based compensation expense			3,353,459	6,895,480
Other non-cash adjustments			(551,717)	0
Increase (decrease) in cash resulting from changes in:
Accounts receivable, net			113,200	(246,105)
Credit card receivable, net			(2,753,588)	0
Inventories			(369,263)	(67,489)
Prepaid expenses and other current assets			270,655	(603,030)
Accounts payable			(6,233)	195,286
Accrued expenses and other current liabilities			1,017,227	1,376,866
Accrued legal settlement			1,374,828	0
Customer rewards liability			753,528	1,318,429
Deferred revenue			(138,104)	(133,156)
Other non-current liabilities			(689,680)	293,114
Net cash used in operating activities			(16,043,405)	(8,951,081)
Cash flows from investing activities
Purchases of digital assets			(1,748,759)	(2,374,030)
Proceeds from sales of digital assets			59,120,684	0
Payments for capitalized software development costs			(740,184)	(434,820)
Net cash provided by (used in) investing activities			56,631,741	(2,808,850)
Cash flows from financing activities
Proceeds from issuance of note			13,000,000	0
Repayment of convertible note			(25,166,667)	0
Proceeds from recapitalization			0	804,624
Payments of deferred IPO costs			0	(652,013)
Payment of debt issuance costs			0	(113,320)
Proceeds from issuance of common stock			3,262,213	0
Proceeds from credit facility			10,000,000	0
Repayment of credit facility			(20,000,000)	0
Common stock withheld for employee tax obligations			(949,300)	0
Net cash provided by (used in) financing activities			(19,853,754)	39,291
Net increase (decrease) in cash and cash equivalents			20,734,582	(11,720,640)
Cash and cash equivalents, beginning of period			7,652,203	18,330,359	$ 18,330,359
Cash and cash equivalents, end of period	$ 28,386,785	$ 6,609,719	28,386,785	6,609,719	$ 7,652,203
Non-cash investing and financing activities
Non-cash payment of interest with common stock			613,334	646,667
Distributions of digital assets to fulfill customer reward redemptions			869,038	1,489,430
Distributions of digital assets to satisfy other current obligations			1,089,777	46,955
Non-cash payment for intellectual property acquisition with common stock			182,379
Non-cash repayment of convertible note via transfer of digital assets - related party			34,007,466
Non-cash amortization of deferred issuance costs			167,539
Non-cash allocation of convertible note proceeds to embedded derivative			63,418	0
Non-cash allocation of note proceeds to commitment shares			785,200	0
Recapitalization			0	173,019,904
Proceeds from convertible debt received in digital assets - related party			0	43,965,525
Change in fair value of Series C Warrants included in loss on extinguishment				498,771
Distributions of digital assets for prepaid interest - related party			0	2,313,975
Supplemental disclosure of cash flow information
Cash paid during the period for interest expense			$ 3,408,749	$ 0

Fair Value Measurements - Additional Information (Details) - Btcoin	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Feb. 28, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of bitcoin held	271			1,606
March 2025 Investor Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of bitcoin held			500
Customer Rewards Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forfeiture rates on trailing duration	3 years
Percentage of estimated forfeiture rate	10.00%	10.00%

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

10. STOCKHOLDERS' EQUITY

Common stock

Pursuant to the Third Amended and Restated Certificate of Incorporation of the Company dated February 14, 2025, the Board is authorized to issue 600,000,000 shares of Common Stock at a par value of $0.0001 per share. As of June 30, 2026, the Company had 55.4 million shares of Common Stock issued and 55.0 million shares of Common Stock outstanding. As of December 31, 2025, the Company had 48.5 million shares of Common Stock issued and 48.4 million shares of Common Stock outstanding. Any dividends declared on Common Stock will be subordinated to dividends on any outstanding preferred shares. Holders of Common Stock are entitled to one vote per share.

Preferred stock

Pursuant to the Third Amended and Restated Certificate of Incorporation of the Company dated February 14, 2025, the Board is authorized to issue 20,000,000 shares of preferred stock at a par value of $0.0001 per share. As of June 30, 2026 and December 31, 2025, the Company had no shares of convertible preferred stock issued and outstanding.

Warrants

As of June 30, 2026 and December 31, 2025, Fold had the following equity-classified warrants: (1) 12,434,658 public warrants related to legacy FTAC Emerald at an exercise price of $11.50; (2) 869,565 Series A and 869,565 Series C Warrants outstanding related to the June 2025 Amended Investor Note, at an exercise price of $12.50 and $9.00, respectively; and (3) 925,590 March 2025 Warrants outstanding related to the March 2025 Investor Note at an exercise price of $15.00.

The Series B warrants issued under the December 2024 SPA were exercised in connection with the Merger. The Series A and Series C warrants remain outstanding following the extinguishment of the June 2025 Amended Investor Note in February 2026, and expire on February 14, 2033, and August 14, 2026, respectively. The March 2025 Warrants remain outstanding following the extinguishment of the March 2025 Investor Note in February 2026, and expire on March 11, 2030.

2025 Employee Share Purchase Plan

Effective as of the Merger, the Board of Directors adopted the Fold Holdings, Inc. 2025 Employee Stock Purchase Plan (the "ESPP"), pursuant to which 1,216,254 shares of the Company's Common Stock were initially reserved for issuance; such amount increases annually pursuant to an evergreen provision within the ESPP by a number of shares equal to 1% of the shares of Common Stock outstanding as of the end of the fiscal year. The ESPP allows eligible employees to purchase shares of Common Stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan or offering limitations. On August 1, 2025, the Compensation Committee of the Board of Directors (the "Compensation Committee") approved a series of successive offerings under the ESPP, each consisting of consecutive six-month offering periods. Our initial offering period began on September 1, 2025 and ended on February 28, 2026. A new offering period commenced on March 1, 2026. Subsequent offering periods will automatically commence every six months thereafter, unless cancelled or modified.

On the purchase date of each offering (that is, the last date of the offering period), eligible employees have the option to purchase (with accumulated payroll deductions) Common Stock at a price per share equal to 85% of the lesser of (i) the fair market value of the Common Stock on the enrollment date (that is, the first date of the offering period) or (ii) fair market value of a share of Common Stock on the purchase date of the offering. The estimated fair value of shares to be issued under our ESPP is calculated under the Black-Scholes model, as of the grant date.

As of June 30, 2026, employee payroll deductions had begun for the new offering period commencing March 1, 2026. The purchase date for the initial offering period occurred on February 28, 2026, at which time approximately 57,485 shares of Common Stock were purchased by eligible employees at a purchase price of $1.27 per share, representing 85% of the lower of the fair market value of Common Stock on the enrollment date or the purchase date. Total stock-based compensation expense recognized in connection with the ESPP was nominal for the six months ended June 30, 2026.

2025 Equity Line of Credit

On June 16, 2025, the Company entered into the Facility and a Registration Rights Agreement, each with SZOP Opportunities I LLC ("SZOP"). Pursuant to the Facility, the Company has the right to sell to SZOP up to the lesser of (i) $250.0 million of newly issued Fold Common Stock, par value $0.0001 per share, and (ii) the Exchange Cap (as defined in the Facility), from time to time during the 24-month term of the Facility. The execution and timing of sales of Common Stock pursuant to the Facility are solely at the option of the Company, and the Company is under no obligation to sell any securities to SZOP under the Facility. The total number of shares to be sold to the investor is limited to the extent that the shares would not result in SZOP and its affiliates having shares in excess of the beneficial ownership limitation of 9.99%. The purchase price of shares sold to SZOP will be equal to 97% or 92% of the volume weighted average price on the trading day the shares are put to SZOP with a Regular Advance Notice or an Accelerated Advance Notice, respectively (in each case as defined in the Facility). The Company determined that the right to sell shares of the Company’s Common Stock to SZOP pursuant to the Facility represents a freestanding put option under ASC 815, Derivatives and Hedging. The fair value of the put option was determined to be zero as the shares to be issued and the purchase price is settled within one to two business days. The Company began delivering Advance Notices (as defined in the Facility) under the Facility in September 2025. During the three and six months ended June 30, 2026, the Company sold 4.23 million and 4.40 million shares of Common Stock to SZOP, respectively, pursuant to the Facility for gross proceeds of $2.9 million and $3.2 million. During the three and six months ended June 30, 2026, the Company recognized $0.2 million and $0.2 million of amortization related to deferred issuance costs, respectively.

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Net income (losses) before income taxes	$ (9,651,557)	$ 13,426,448	$ (38,815,992)	$ (35,448,773)
Income tax benefit from federal tax rate	21.00%	21.00%	21.00%	21.00%
Ownership change percentage	50.00%		50.00%
Shareholders percentage	5.00%		5.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Subsequent Events - Additional Information (Details)	Aug. 11, 2026
Subsequent Event [Member]
Subsequent Event [Line Items]
Reverse stock split	2-for-1 to 50-for-1

Summary of Significant Accounting Policies - Schedule of Gross Carrying Amount of Capitalized Internally Developed Software Costs (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Capitalized Cost, Software to be Sold, Leased, or Marketed, after Accumulated Amortization [Abstract]
Capitalized software not placed into service	$ 544,770	$ 594,096

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Feb. 14, 2025	Feb. 14, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock , shares authorized	20,000,000		20,000,000		20,000,000
Preferred stock , shares issued	0		0
Preferred stock , shares outstanding		0	0
Common stock, par value	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000		600,000,000	600,000,000
Common stock, shares issued	55,407,302		48,477,883
Common stock, shares outstanding	55,021,701		48,419,266

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	The Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) are permitted to trade in the Company’s securities pursuant to a prearranged trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Plan”). During the three months ended June 30, 2026, one of the Company’s officers, our Chief Technology Officer, Tom Dickman, adopted a Rule 10b5-1 Plan. The applicable Rule 10b5-1 Plan was entered into during an open trading window, on June 12, 2026, in accordance with the Company’s Insider Trading Policy. Up to 50,000 shares can be sold under Mr. Dickman's 10b5-1 Plan from October 14, 2026 through June 11, 2027.
Tom Dickman
Trading Arrangements, by Individual
Name	Tom Dickman
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2026
Expiration Date	June 11, 2027
Arrangement Duration	240 days
Aggregate Available	50,000

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 28,386,785	$ 7,652,203
Accounts receivable, net	614,801	728,001
Credit card receivable, net	2,753,588	0
Inventories	847,308	478,045
Digital assets - rewards treasury	4,504,290	6,872,869
Prepaid expenses and other current assets	1,913,981	2,384,684
Total current assets	39,020,753	18,115,802
Digital assets - investment treasury	11,356,023	133,658,791
Capitalized software development costs, net	1,986,251	1,393,752
Other non-current assets	131,770	299,309
Total assets	52,494,797	153,467,654
Current liabilities
Accounts payable	698,556	704,789
Accrued expenses and other current liabilities	1,992,004	3,166,186
Accrued legal settlement	1,374,828	0
February 2026 note - related party, net	12,446,041	0
Credit facility	0	10,000,000
Customer rewards liability	4,504,290	6,872,869
Deferred revenue	228,148	366,252
Total current liabilities	21,243,867	21,110,096
June 2025 convertible note, net	0	21,469,675
March 2025 convertible note - related party	0	47,207,556
Other non-current liabilities	0	689,680
Total liabilities	21,243,867	90,477,007
Commitments and contingencies (Note 12)
Stockholders' equity
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and 0 shares issued and outstanding at December 31, 2025	0	0
Common stock, $0.0001 par value; 600,000,000 shares authorized, 55,407,302 shares issued and 50,021,701 shares outstanding at June 30, 2026 and 48,477,883 shares issued and 48,419,266 shares outstanding at December 31, 2025	5,542	4,849
Additional paid-in-capital	241,003,835	233,924,782
Accumulated deficit	(209,758,447)	(170,938,984)
Total stockholders' equity	31,250,930	62,990,647
Total liabilities and stockholders' equity	$ 52,494,797	$ 153,467,654

Organization and Description of Business - Additional Information (Details) $ / shares in Units, shares in Thousands			1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 01, 2026 USD ($) Bitcoin	Feb. 26, 2026 USD ($) Btcoin	Feb. 28, 2026 USD ($) Btcoin	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) Btcoin $ / shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) Btcoin Bitcoin $ / shares shares	Jun. 30, 2025 USD ($)	Feb. 27, 2026 Btcoin	Feb. 25, 2026	Dec. 31, 2025 USD ($) Btcoin $ / shares	Oct. 01, 2025	Feb. 14, 2025 $ / shares	Dec. 31, 2024 USD ($)
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents					$ 28,386,785		$ 28,386,785				$ 7,652,203
Common stock, par value \| $ / shares					$ 0.0001		$ 0.0001				$ 0.0001		$ 0.0001
Working capital					$ 17,800,000		$ 17,800,000
Operating loss					7,768,634	$ 6,325,518	15,598,947	$ 15,825,887
Accumulated deficit					209,758,447		209,758,447				$ 170,938,984
SAFE notes					98,700,000		98,700,000
Loss on extinguishment of debt					$ 0	9,612,199	$ 4,005,132	9,612,199
Crypto asset, number of units \| Btcoin					271		271				1,606
Fair value adjustments on the Company's digital assets					$ 15,860,313		$ 15,860,313				$ 140,531,660
Bitcoin investment treasury					25,700,000		25,700,000				118,800,000
Proceeds from sale of treasury stock	$ 44,700,000
Repayments of lines of credit							20,000,000	0
Newly issues share value of stock							3,009,021
Gross proceeds from sale of common stock							3,262,213	0
Amount borrowed					$ 0		$ 0				$ 10,000,000
Equity Purchase Facility [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate value available from purchase agreement				$ 250,000,000
Newly issues share value of stock				250,000,000
Sale of common stock \| shares							5,820
Gross proceeds from sale of common stock							$ 7,500,000
Amortization of deferred issuance costs							$ 200,000
March 2025 Investor Note [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin			500
December 2024 Senior Secured Investor Note [Member]
Subsidiary, Sale of Stock [Line Items]
Loss on extinguishment of debt				9,600,000
Two Prime Credit Facility [Member]
Subsidiary, Sale of Stock [Line Items]
Interest rate												8.50%
Two Prime Credit Facility [Member] \| Master Loan Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					281		281				200
Amount borrowed					$ 45,000,000		$ 45,000,000
Interest rate					8.50%		8.50%
Two Prime Credit Facility [Member] \| Fold's Assets as Collateral [Member] \| Master Loan Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					430		430
February 2026 Investor Note [Member]
Subsidiary, Sale of Stock [Line Items]
Interest rate										10.00%
Fold Holdings [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, par value \| $ / shares													$ 0.0001
Bitcoin [Member]
Subsidiary, Sale of Stock [Line Items]
Number of Units sold \| Btcoin			200
Bitcoin sold			$ 14,400,000
Number of bitcoins sold \| Bitcoin	632						632
Proceeds from sale of treasury stock							$ 44,700,000
Proceeds from treasury stock \| $ / shares							$ 70.8
Repayments of lines of credit	$ 20,000,000						$ 20,000,000
Unrestricted cash					$ 24,700,000		$ 24,700,000
Bitcoin [Member] \| March 2025 Investor Note [Member] \| Fold's Assets as Collateral [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin		500							200
Fair value adjustments on the Company's digital assets		$ 34,000,000
Repayment of note		27,500,000
Bitcoin [Member] \| February 2026 Investor Note [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of debt securities		$ 13,000,000
Investment Treasury [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					194		194				1,527
Fair value adjustments on the Company's digital assets				159,861,386	$ 11,356,023	159,861,386	$ 11,356,023	159,861,386			$ 133,658,791			$ 93,568,700
Investment Treasury [Member] \| Bitcoin [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					194		194
Bitcoin investment treasury					$ 11,400,000		$ 11,400,000
Rewards Treasury [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					77		77				79
Fair value adjustments on the Company's digital assets				9,369,298	$ 4,504,290	9,369,298	$ 4,504,290	9,369,298			$ 6,872,869			8,569,651
Rewards Treasury [Member] \| Bitcoin [Member]
Subsidiary, Sale of Stock [Line Items]
Crypto asset, number of units \| Btcoin					77		77
Bitcoin investment treasury					$ 4,500,000		$ 4,500,000
Digital Assets [Member]
Subsidiary, Sale of Stock [Line Items]
Fair value adjustments on the Company's digital assets				$ 169,230,684	$ 15,860,313	$ 169,230,684	$ 15,860,313	$ 169,230,684			$ 140,531,660			$ 102,138,351

Customer Rewards Liability - Company's Customer Rewards Liability (Details) - USD ($)

6 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Jun. 30, 2025

Customer Advances or Deposits, Noncurrent [Abstract]

Beginning balance

$ 6,872,869

$ 9,369,298

$ 8,569,651

Rewards earned by customers

837,253

1,185,157

1,464,921

Reward fulfilments

^[1]

(869,038)

(1,793,929)

(1,489,430)

Expired rewards

(83,725)

(118,516)

(146,492)

Remeasurement (gain) loss on customer rewards liability

(2,253,069)

(1,769,141)

970,648

Ending balance

$ 4,504,290

$ 6,872,869

$ 9,369,298

[1]	Rewards fulfillments represent amounts that were distributed to customers to fulfill customer rewards obligations.

Related Parties	6 Months Ended
Related Parties	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Parties	7. RELATED PARTIES During the six months ended June 30, 2026, the Company entered into a Purchase Agreement (the "Purchase Agreement") with SATS Credit Fund LP ("SATS"), pursuant to which SATS purchased a senior unsecured promissory note in the principal amount of $13.0 million (the "February 2026 Investor Note"), and the Company issued 520,000 shares of the Company's Common Stock as additional consideration (the "Initial Commitment Shares"). Concurrently, the Company repaid the outstanding March 2025 Investor Note by transferring 500 bitcoin to SATS. Refer to Note 9 for further details. As SATS is a private investment fund raised and managed by Ten31, LLC, an affiliate of Dr. Jonathan Kirkwood, a member of Fold's Board of Directors, these actions constituted related party transactions and were approved by our Audit Committee.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Organization and Description Of Business

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Unless otherwise indicated or the context otherwise requires, references to “Fold,” “we,” “us,” “our,” and the “Company” refer to the business of Fold, Inc., a Delaware corporation, prior to the Closing of the Merger, and Fold Holdings, Inc. after the Closing of the Merger (as such terms are defined below). For any given valuation of bitcoin used herein, unless otherwise indicated, we use the market price of bitcoin on the Coinbase exchange at 11:59:59 pm UTC on the date stated.

Background and Business Combination

Fold Holdings, Inc. is a financial services company that operates across both U.S. dollars ("USD") and bitcoin, and is designed to connect these systems in a seamless manner. Fold’s consumer offerings include an FDIC-insured checking account, a Visa debit card (the "Fold Debit Card"), a Visa credit card (the "Fold Credit Card"), bill payment services, a bitcoin gift card, and an extensive catalog of merchant reward offers. The Company also offers various forms of bitcoin buying and selling with low-to-zero fees and insured custody. By integrating both dollars and bitcoin across traditional financial services, the Company aims to act as a key point of entry for consumers to engage with and integrate bitcoin into their everyday lives. The Company's products and services are available in the United States through the Fold mobile application (the “Fold App”).

On July 24, 2024, Fold, Inc. ("Fold Predecessor") entered into a definitive agreement (the “Merger Agreement”) with FTAC Emerald Acquisition Corp. (“FTAC Emerald”), a publicly-traded special purpose acquisition company, providing for a proposed business combination (the “Merger”). The Merger was consummated on February 14, 2025 (the "Closing"). Following the Merger, FTAC Emerald changed its name to Fold Holdings, Inc. and effectively assumed all of Fold Predecessor's material operations. The combined company now operates under the name Fold Holdings, Inc., and its common stock, par value $0.0001 per share ("Common Stock") and warrants trade on the Nasdaq under the ticker symbols “FLD” and “FLDDW,” respectively. The Company is a remote-first company and does not designate a physical headquarters.

Liquidity and capital resources

As of June 30, 2026, the Company had cash and cash equivalents of $28.4 million and positive working capital of $17.8 million. The Company has a history of net operating losses, including an operating loss of $7.8 million for the three months ended June 30, 2026 and $15.6 million for the six months ended June 30, 2026. The Company has an accumulated deficit of $209.8 million as of June 30, 2026. Of that amount, $98.7 million relates to historical fair value adjustments on the Company's SAFE notes which converted to Common Stock upon the closing of the Merger, $9.6 million relates to the loss on extinguishment of the December 2024 Initial Investor Note in June 2025, and $4.0 million relates to loss on extinguishment of debt recognized during the six months ended June 30, 2026.

As of June 30, 2026, the Company held 194 bitcoin in our Investment Treasury (as defined below), valued at $11.4 million based on the price of bitcoin as of that date. During February 2026, the Company sold 200 bitcoin for approximately $14.4 million, with the proceeds used in connection with the extinguishment of the June 2025 Amended Investor Note, as discussed below. During June 2026, the Company sold 632 bitcoin from its Investment Treasury for proceeds of $44.7 million, or approximately $70.8 thousand per bitcoin. From those proceeds, $20.0 million was used to repay in full the outstanding balance under the Company's Credit Facility (as defined below), and the remaining $24.7 million was retained as unrestricted cash for general corporate purposes. As of June 30, 2026, we do not have any bitcoin held as collateral and restricted from operating use.

As of June 30, 2026, we held 77 bitcoin in our Rewards Treasury (as defined below), valued at $4.5 million, which matched our existing customer rewards liability, which is denominated in bitcoin. The Company anticipates being able to cover the costs for future rewards via future revenues and operational capital on hand.

The Company maintains a revolving credit facility (the "Credit Facility") with Two Prime Lending Limited ("Two Prime"), pursuant to which the Company, upon the deposit of bitcoin as collateral, may borrow from Two Prime up to $45.0 million at an interest rate of 8.5% per annum. As of June 30, 2026, the Company has repaid in full the outstanding balance pursuant to the Credit Facility, and no bitcoin is held as collateral under this Credit Facility. The Credit Facility has an initial one-year term from October 1, 2025, which automatically renews for successive one-year periods unless either party provides termination notice, and remains available for future borrowings, subject to its terms. Refer to Note 9 for further information.

On February 26, 2026, the Company closed on a transaction pursuant to which the March 2025 Investor Note was extinguished, at which time the 500 bitcoin that had been reserved as collateral for this note, valued at approximately $34.0 million, were returned to the investor. In conjunction with the extinguishment of the March 2025 Investor Note, the Company issued the February 2026 Investor Note

(as defined in Note 9) for $13.0 million. On February 27, 2026, the June 2025 Amended Investor Note was extinguished with a cash repayment of $27.5 million, which included cash proceeds from the aforementioned sale of 200 bitcoin and additional cash proceeds received from the February 2026 Investor Note. Refer to Note 9 for further information regarding these transactions.

In June 2025, the Company entered into an agreement for a $250 million equity purchase facility (the “Facility”). Pursuant to the Facility, the Company, in its sole discretion, has the right, but not the obligation, to issue and sell up to $250 million in newly issued shares of the Company’s Common Stock, subject to certain conditions. The Company is not required to use the Facility and controls the timing and amount of any drawdown on the Facility, subject to certain restrictions under the Facility. The Company expects that any proceeds received by it from the Facility will be used for, without limitation, working capital, general corporate purposes, and purchasing additional bitcoin for the Company’s corporate treasury should the conditions to do so align with our treasury strategy. As of June 30, 2026, the Company sold 5.82 million shares of Common Stock pursuant to the Facility for gross proceeds of $7.5 million, and recognized $0.2 million of amortization related to deferred issuance costs. Refer to Note 10 for further information.

The Company performs an evaluation to determine whether there are conditions or events (known and reasonably knowable), considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed financial statements are available to be issued. Management expects that the Company’s existing cash and cash equivalents, accounts receivable, financing available from the Credit Facility and the Facility, and digital assets on hand through the date of filing, will be sufficient to enable the Company to fund its anticipated level of operations through one year from the date of this report.

There is limited historical financial information about the Company upon which to base an evaluation of its performance. The business is subject to risks inherent in the establishment of an emerging growth enterprise, including limited capital resources, possible delays in product development, and possible cost overruns due to price and cost increases in services. The Company may require additional capital to pursue certain business opportunities or respond to technological advancements, competitive dynamics or technologies, customer demands, challenges, or unforeseen circumstances.

We may continue to pursue additional capital via various capital instruments in the future; however, such funding may not be available on terms acceptable to us or at all. Although management believes that such capital sources will continue to be available, there can be no assurances that financing will be available to the Company when needed, or if available, on terms acceptable to the Company. If the Company is unable to obtain adequate financing on terms that are satisfactory to the Company, when the Company requires it, the Company’s ability to continue to grow or support the business and to respond to business challenges could be significantly limited, which may adversely affect the Company’s business plan.

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

16. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of Common Stock outstanding adjusted for the dilutive effect of all potential shares of Common Stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.

As described in Note 1, the Company consummated the Merger on February 14, 2025. The Company accounted for the Merger as a reverse recapitalization. Net income (loss) per share calculations for all periods prior to the Merger have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares of Common Stock outstanding immediately after the Merger to effect the reverse recapitalization. The Exchange Ratio was calculated as the quotient of (a) the Aggregate Merger Consideration, divided by (b) the number of shares of Fold Fully Diluted Capital Stock as defined in the Merger Agreement. Subsequent to the Merger, net income (loss) per share is calculated based on the weighted average number of shares of Common Stock outstanding.


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)
Net income (loss) attributable to common stockholders, basic	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)

Denominator:
Weighted-average shares used to compute net income (loss) per share, basic		51,825,321			46,503,358		50,746,857			36,062,784
Net income (loss) per share attributable to common stockholders, basic	$	(0.19	)	$	0.29	$	(0.76	)	$	(0.98	)

Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)
Net loss attributable to common stockholders, diluted	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)

Denominator:
Weighted-average shares used to compute net income (loss) per share, diluted		51,825,321			46,503,358		50,746,857			36,062,784
Weighted-average effect of potentially dilutive shares:
Non-vested restricted stock units		-			1,057,758		-			-
Weighted-average shares used to compute net income (loss) per share, diluted		51,825,321			47,561,116		50,746,857			36,062,784
Net income (loss) per share attributable to common stockholders, diluted	$	(0.19	)	$	0.28	$	(0.76	)	$	(0.98	)

The following potential Common Stock were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Unvested restricted stock units (1)		5,184,633		-		5,184,633		3,560,054
Convertible notes (2)		-		5,924,582		-		5,924,582
Investor warrants (3)		15,099,378		15,099,378		15,099,378		15,099,378
Employee stock purchase plan (4)		45,900		-		31,569		-
Total anti-dilutive securities		20,329,911		21,023,960		20,315,580		24,584,014

(1)

Potentially dilutive securities attributable to outstanding unvested restricted stock units are excluded from the calculation of diluted loss per share as the effect of the incremental Common Stock would be anti-dilutive and are therefore excluded from the loss per share calculation.

(2)

The June 2025 Amended Note contained a conversion feature that allowed the investor the option to convert the June 2025 Amended Note in exchange for 2,222,222 shares of Common Stock. The March 2025 Investor Note contained a conversion feature that allowed the investor the option to convert in exchange for 3,702,260 shares of Common Stock. The effect of the incremental Common Stock issuable upon a conversion of these notes was anti-dilutive based on Fold's average share price for the three and six months ended June 30, 2026 and was therefore excluded from the loss per share calculation.

(3)

As of June 30, 2026 and 2025, the Company had (1) 12,434,658 public warrants related to legacy FTAC Emerald at an exercise price of $11.50; (2) 869,565 Series A and 869,565 Series C Warrants, at an exercise price of $12.50 and $9.00, respectively; and (3) 925,590 March 2025 Warrants outstanding at an exercise price of $15.00. These warrants are considered anti-dilutive based on Fold's average share price for the three and six months ended June 30, 2026 and are therefore excluded from the income (loss) per share calculation.

(4)

Potentially dilutive securities attributable to the employee stock purchase plan are excluded from the calculation of diluted shares outstanding as of June 30, 2026. The effect of the incremental Common Stock would be anti-dilutive and therefore excluded from the loss per share calculation.

Debt and Financing Arrangements - Summary of the Debt for the Respective Periods (Details) - USD ($)	Jun. 30, 2026	Feb. 27, 2026	Dec. 31, 2025
December 2024 Initial Investor Note and June 2025 Amended Investor Note
Short-Term Debt [Line Items]
Convertible debt, gross	$ 0		$ 20,000,000
Less: Debt issuance costs, net of amortization	0		90,260
Add: Amended debt premium, net of amortization	0		1,559,935
Convertible debt, net	0		21,469,675
Less: Current portion of long-term debt	0		0
Convertible note, net	0		21,469,675
June 2025 Amended Investor Note [Member]
Short-Term Debt [Line Items]
Convertible debt, gross	0		20,000,000
Add: Amended debt premium, net of amortization		$ 1,300,000
March 2025 Investor Note [Member]
Short-Term Debt [Line Items]
Convertible debt, gross	0		46,279,500
Fair value adjustment	0		928,056
Convertible note, net	$ 0		$ 47,207,556

Revenue - Summary of activity in Deferred Revenue (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Beginning of the period contract liability	$ 366,252	$ 875,466
Revenue recognized from the contract liabilities included in the beginning balance	(244,332)	(771,669)
Increases due to cash received net of amounts recognized in revenue during the period	106,228	262,455
End of period contract liability	$ 228,148	$ 366,252

Share-Based Compensation Expense - Summary of RSU and RSA Share Activity under the Equity Plans (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares nonvested, Beginning Balance	3,590,873	2,098,620
Granted	2,843,562	3,064,628
Vested	(1,180,940)	(1,565,160)
Forfeited	(68,862)	(38,034)
Shares nonvested, Ending Balance	5,184,633	3,560,054
RSA [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares nonvested, Beginning Balance	0	17,270
Granted	0	0
Vested	0	(17,270)
Forfeited	0	0
Shares nonvested, Ending Balance	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Weighted Average Number of Shares of Common Stock Outstanding


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)
Net income (loss) attributable to common stockholders, basic	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)

Denominator:
Weighted-average shares used to compute net income (loss) per share, basic		51,825,321			46,503,358		50,746,857			36,062,784
Net income (loss) per share attributable to common stockholders, basic	$	(0.19	)	$	0.29	$	(0.76	)	$	(0.98	)

Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)
Net loss attributable to common stockholders, diluted	$	(9,651,557	)	$	13,425,567	$	(38,819,463	)	$	(35,453,632	)

Denominator:
Weighted-average shares used to compute net income (loss) per share, diluted		51,825,321			46,503,358		50,746,857			36,062,784
Weighted-average effect of potentially dilutive shares:
Non-vested restricted stock units		-			1,057,758		-			-
Weighted-average shares used to compute net income (loss) per share, diluted		51,825,321			47,561,116		50,746,857			36,062,784
Net income (loss) per share attributable to common stockholders, diluted	$	(0.19	)	$	0.28	$	(0.76	)	$	(0.98	)

Summary of Calculation of Diluted Net Income (Loss) Per Share

The following potential Common Stock were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Unvested restricted stock units (1)		5,184,633		-		5,184,633		3,560,054
Convertible notes (2)		-		5,924,582		-		5,924,582
Investor warrants (3)		15,099,378		15,099,378		15,099,378		15,099,378
Employee stock purchase plan (4)		45,900		-		31,569		-
Total anti-dilutive securities		20,329,911		21,023,960		20,315,580		24,584,014

(1)

(2)

(3)

(4)

Debt and Financing Arrangements - Additional Information (Details)							3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 03, 2026 USD ($)	Feb. 27, 2026 USD ($) CryptoAsset	Feb. 26, 2026 USD ($) Btcoin	Feb. 25, 2026 USD ($) shares	Oct. 01, 2025 USD ($)	Mar. 06, 2025 USD ($) CryptoAsset $ / shares shares	Jun. 30, 2026 USD ($) Btcoin $ / shares	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) CryptoAsset Bitcoin	Jun. 30, 2026 USD ($) Btcoin $ / shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) Btcoin $ / shares	Jun. 16, 2025 USD ($) $ / shares	Feb. 14, 2025 $ / shares
Short-Term Debt [Line Items]
Loss on extinguishment of debt							$ 0	$ 9,612,199		$ 4,005,132	$ 9,612,199
Additional paid-in-capital							$ 241,003,835			$ 241,003,835		$ 233,924,782
Number of bitcoin held \| Btcoin							271			271		1,606
Common stock issued							$ 5,542			$ 5,542		$ 4,849
Warrants exercisable price \| $ / shares							$ 0.0001			$ 0.0001		$ 0.0001		$ 0.0001
June 2025 Amended Investor Note [Member]
Short-Term Debt [Line Items]
Principal amount		$ 20,000,000											$ 20,000,000
Conversion price \| $ / shares													$ 9
Loss on extinguishment of debt												$ 9,600,000
Maturity date												Feb. 14, 2028
Cash payment		27,500,000
Special interest expense		2,400,000
Special interest due as a result of early repayment		7,500,000
Additional interest expense of debt		1,700,000
Remaining of special interest		5,100,000
Unamortized debt issuance costs		3,800,000
Amended debt premium		1,300,000
Issue of discount													12.00%
Interest expense recognized								600,000			1,300,000
Contractual interest expense accrual								600,000			1,300,000
Amortization of the debt discount and debt issuance costs								0			0
Proceeds from the sale		$ 14,400,000
June 2025 Amended Investor Note [Member] \| Bitcoin
Short-Term Debt [Line Items]
Crypto asset number of units funded \| CryptoAsset		200
February 2026 Investor Note [Member]
Short-Term Debt [Line Items]
Maturity date				Feb. 25, 2027
Initial Commitment Shares \| shares				520,000
Fair value of initial commitment shares				$ 800,000
Issuance of additional shares \| shares				520,000
Shares issued \| shares				520,000
Aggregate principal amount				$ 13,000,000
Interest rate				10.00%
Interest expense recognized							$ 600,000			$ 700,000
Contractual interest expense accrual							300,000			400,000
Amortization of the debt discount and debt issuance costs							300,000			300,000
Proceeds from the sale		$ 13,000,000
February 2026 Investor Note [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Prepayment increments stated percentage				100.00%
Weighted average price of bitcoin price thresholds				$ 45,000
February 2026 Investor Note [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Prepayment increments stated percentage				25.00%
Weighted average price of bitcoin price thresholds				$ 37,000
March 2025 Investor Note [Member]
Short-Term Debt [Line Items]
Principal amount						$ 46,300,000
Shares issued \| shares						750,000
Remeasured fair value, recognized as gain										13,200,000	900,000
Remeasured fair value, recognized as loss								5,300,000
Carrying value of bitcoin transferre							34,000,000			34,000,000
Gain (Loss) on Extinguishment Related to Unamortized Prepaid Interest			$ (200,000)
Excess of fair value over net proceeds received									$ 12,700,000
Warrants issued						$ 3,800,000
Common stock issued						5,800,000
Fee and cost expenses						$ 9,600,000
Accrued interest rate						7.00%
Quarterly payment of common stock par value \| $ / shares						$ 12.5
Interest expense recognized								$ 500,000		300,000	$ 700,000
Warrants exercisable \| shares						925,590
Warrants exercisable price \| $ / shares						$ 15
Fair value						$ 59,000,000
March 2025 Investor Note [Member] \| Bitcoin
Short-Term Debt [Line Items]
Number of bitcoin held \| Btcoin			500
Number of bitcoin repaid \| Bitcoin									500
Crypto asset number of units funded \| CryptoAsset									475
Crypto asset number of units paid \| CryptoAsset						25
Two Prime Credit Facility [Member]
Short-Term Debt [Line Items]
Maturity date					Sep. 30, 2026
Additional paid-in-capital							10,000,000			10,000,000
Outstanding principal repaid	$ 20,000,000
Aggregate commitment amount					$ 45,000,000
Interest rate					8.50%
Interest expense recognized							300,000			500,000
Two Prime Credit Facility [Member] \| Master Loan Agreement [Member]
Short-Term Debt [Line Items]
Principal amount							$ 0			$ 0		$ 10,000,000
Interest rate							8.50%			8.50%
Number of bitcoin held \| Btcoin							281			281		200
Two Prime Credit Facility [Member] \| Master Loan Agreement [Member] \| Pledged as collateral [Member]
Short-Term Debt [Line Items]
Number of bitcoin held \| Btcoin							430			430
Two Prime Credit Facility [Member] \| Master Loan Agreement [Member] \| Excess pledged collateral [Member]
Short-Term Debt [Line Items]
Number of bitcoin held \| Btcoin							149			149

Digital Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Summary of Company's Bitcoin Held in Treasury

The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:


	June 30, 2026		December 31, 2025
Rewards treasury (USD)	$	4,504,290	$	6,872,869
Investment treasury (USD)		11,356,023		133,658,791
Total bitcoin treasury (USD)	$	15,860,313	$	140,531,660


	June 30, 2026		December 31, 2025
Rewards treasury (BTC)		77		79
Investment treasury (BTC)		194		1,527
Total bitcoin treasury (BTC)		271		1,606

Schedule of Reconciliation in the Aggregate Balances of the Company's Digital Assets

A reconciliation, in the aggregate, of beginning and ending balances of the Company’s digital assets as of the dates shown is as follows:


	Rewards Treasury			Investment Treasury			Digital Assets
Bitcoin held at January 1, 2025	$	8,569,651		$	93,568,700		$	102,138,351
Purchases of bitcoin		1,011,941			1,362,089			2,374,030
Bitcoin received from March 2025 Investor Note (2)	-				43,965,525			43,965,525
Disbursements of bitcoin (1)		(1,536,385	)	-				(1,536,385	)
Remeasurement gain (loss) on bitcoin (4)		1,324,091			20,965,072			22,289,163
Bitcoin held at June 30, 2025	$	9,369,298		$	159,861,386		$	169,230,684
Purchases of bitcoin		1,640,528			4,000,711			5,641,239
Disbursements of bitcoin (1)		(2,418,595	)		-			(2,418,595	)
Remeasurement gain (loss) on bitcoin		(1,718,362	)		(30,203,306	)		(31,921,668	)
Bitcoin held at December 31, 2025	$	6,872,869		$	133,658,791		$	140,531,660
Purchases of bitcoin		1,748,759			-			1,748,759
Bitcoin repayment for March 2025 Investor Note		-			(34,007,466	)		(34,007,466	)
Sale of bitcoin (3)		-			(59,120,684	)		(59,120,684	)
Disbursements of bitcoin (1)		(1,958,815	)	-				(1,958,815	)
Transfers of bitcoin from investment treasury		650,320			(650,320	)		-
Remeasurement gain (loss) on bitcoin (4)		(2,808,843	)		(28,524,298	)		(31,333,141	)
Bitcoin held at June 30, 2026	$	4,504,290		$	11,356,023		$	15,860,313

(1) Disbursements of bitcoin represent amounts that were distributed to customers to fulfill customer rewards obligations or to satisfy other current obligations.

(2) The bitcoin received from the March 2025 Investor Note is net of prepaid interest. Refer to Note 9 for additional details.

Summary of Significant Accounting Policies - Schedule of capitalized software development (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Capitalized software, gross	$ 3,038,489	$ 2,314,121
Less: accumulated amortization	(1,052,238)	(920,369)
Capitalized software, net	$ 1,986,251	$ 1,393,752

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 05
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets:
Total assets	$ 15,860,313	$ 140,531,660
Liabilities:
Increase in fair value of liability	4,589,504	54,080,425
March 2025 Investor Note [Member]
Liabilities:
Increase in fair value of liability		47,207,556
February 2026 Investor Note - embedded derivative [Member]
Liabilities:
Increase in fair value of liability	85,214
Customer Rewards Liability [Member]
Liabilities:
Increase in fair value of liability	4,504,290	6,872,869
Digital Assets [Member]
Assets:
Total assets	15,860,313	140,531,660
Level 1 [Member]
Assets:
Total assets	15,860,313	140,531,660
Liabilities:
Increase in fair value of liability	0	0
Level 1 [Member] \| March 2025 Investor Note [Member]
Liabilities:
Increase in fair value of liability		0
Level 1 [Member] \| February 2026 Investor Note - embedded derivative [Member]
Liabilities:
Increase in fair value of liability	0
Level 1 [Member] \| Customer Rewards Liability [Member]
Liabilities:
Increase in fair value of liability	0	0
Level 1 [Member] \| Digital Assets [Member]
Assets:
Total assets	15,860,313	140,531,660
Level 2 [Member]
Assets:
Total assets	0	0
Liabilities:
Increase in fair value of liability	0	0
Level 2 [Member] \| March 2025 Investor Note [Member]
Liabilities:
Increase in fair value of liability		0
Level 2 [Member] \| February 2026 Investor Note - embedded derivative [Member]
Liabilities:
Increase in fair value of liability	0
Level 2 [Member] \| Customer Rewards Liability [Member]
Liabilities:
Increase in fair value of liability	0	0
Level 2 [Member] \| Digital Assets [Member]
Assets:
Total assets	0	0
Level 3 [Member]
Assets:
Total assets	0	0
Liabilities:
Increase in fair value of liability	4,589,504	54,080,425
Level 3 [Member] \| March 2025 Investor Note [Member]
Liabilities:
Increase in fair value of liability		47,207,556
Level 3 [Member] \| February 2026 Investor Note - embedded derivative [Member]
Liabilities:
Increase in fair value of liability	85,214
Level 3 [Member] \| Customer Rewards Liability [Member]
Liabilities:
Increase in fair value of liability	4,504,290	6,872,869
Level 3 [Member] \| Digital Assets [Member]
Assets:
Total assets	$ 0	$ 0

Customer Rewards Liability (Tables)

6 Months Ended

Jun. 30, 2026

Customer Advances or Deposits, Noncurrent [Abstract]

Company's Customer Rewards Liability

A reconciliation, in the aggregate, of beginning and ending balances of the Company’s customer rewards liability as of the dates shown is as follows:


	Customer Rewards Liability
Balance at January 1, 2025	$	8,569,651
Rewards earned by customers		1,464,921
Reward fulfillments (1)		(1,489,430	)
Expired rewards		(146,492	)
Remeasurement (gain) loss on customer rewards liability		970,648
Balance at June 30, 2025	$	9,369,298
Rewards earned by customers		1,185,157
Reward fulfillments (1)		(1,793,929	)
Expired rewards		(118,516	)
Remeasurement (gain) loss on customer rewards liability		(1,769,141	)
Balance at December 31, 2025	$	6,872,869
Rewards earned by customers		837,253
Reward fulfillments (1)		(869,038	)
Expired rewards		(83,725	)
Remeasurement (gain) loss on customer rewards liability		(2,253,069	)
Balance at June 30, 2026	$	4,504,290

(1) Rewards fulfillments represent amounts that were distributed to customers to fulfill customer rewards obligations.

Revenue - Schedule of Disaggregation of Revenue by Sercvice type and by Platform (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenues, net	$ 6,089,909	$ 8,175,926	$ 11,682,218	$ 15,263,763
Sales returns and allowances	(3,975)	(23,346)	(8,170)	(35,024)
Banking and payments revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	5,293,820	7,921,556	10,225,033	14,843,181
Custody and Trading Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	772,379	241,600	1,437,573	393,455
Other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	$ 27,685	$ 36,116	$ 27,782	$ 62,151

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) Btcoin	Jun. 30, 2025 USD ($)	Jul. 06, 2026 Btcoin	Dec. 31, 2025 Btcoin
Loss Contingencies [Line Items]
Expense related to 401(k) plan \| $	$ 0.1	$ 0.1
Crypto Asset, Number of Units, Total	271			1,606
PCT Litigation
Loss Contingencies [Line Items]
Crypto Asset, Number of Units, Total	23.5
Other Accrued Liabilities \| $	$ 1.4
Loss Contingency, Management's Assessment and Process	Under the terms of the settlement, the Company agreed to pay 23.5 bitcoin in full and final satisfaction of the claims asserted, with payment due within 30 days of the agreement's effective date.
PCT Litigation \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Crypto Asset, Number of Units, Total			23.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2026		December 31, 2025
Prepaid interest	$	-	$	542,065
Prepaid expenses		1,680,529		1,636,223
Other receivables		161,141		200,034
Interest receivable		72,311		6,362
Total	$	1,913,981	$	2,384,684

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company.

Use of estimates

Segment information

The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.

Capitalized software development costs, net

Capitalized software development costs consisted of the following:


	June 30, 2026			December 31, 2025
Capitalized software, gross	$	3,038,489		$	2,314,121
Less: accumulated amortization		(1,052,238	)		(920,369	)
Capitalized software, net	$	1,986,251		$	1,393,752

The gross carrying amount of internally developed software costs that had been capitalized but not placed into service is as follows:


	June 30, 2026		December 31, 2025
Capitalized software not placed into service	$	544,770	$	594,096

Customer rewards liability

Derivatives

Exchange or Modification of Debt

The difference between the carrying amount of the extinguished debt and the consideration transferred is recognized as an

Fold Credit Card Program

Debt and related instruments

Recently issued accounting pronouncements not yet adopted

We do not believe that any other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on our financial statements.

Recently adopted accounting pronouncements

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 09, 2026
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity File Number	001-41168
Entity Registrant Name	Fold Holdings, Inc.
Entity Central Index Key	0001889123
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Tax Identification Number	86-2170416
Entity Address, Address Line One	2942 North 24th Street
Entity Address, Address Line Two	Suite 115
Entity Address, Address Line Three	42035
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	866
Local Phone Number	365-3277
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Amendment Flag	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,077,187
Common stock, par value $0.0001 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	FLD
Security Exchange Name	NASDAQ
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share
Entity Listings [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol	FLDDW
Security Exchange Name	NASDAQ

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Convertible Preferred Stock [Member]	Preferred Stock [Member] Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2024	$ (67,808,929)		$ 1,020	$ 584	$ 33,537,989	$ (101,348,522)
Beginning balance preferred stock, shares at Dec. 31, 2024			10,204,880
Beginning balance common stock , shares at Dec. 31, 2024				5,836,882
Net loss	(35,453,632)					(35,453,632)
Reverse recapitalization, net of expenses, shares			(10,204,880)	39,163,783
Reverse recapitalization, net of expenses, amount	173,824,439		$ (1,020)	$ 3,916	173,821,543
Share based compensation expense	6,895,495			$ 15	6,895,480
Share based compensation expense,shares				142,785
Exercise of Series B warrants				$ 50	(50)
Exercise of Series B warrants, shares				500,000
Issuance of March 2025 Closing Shares and Warrants	9,569,184			$ 75	9,569,109
Issuance of March 2025 Closing Shares and Warrants, shares				750,000
Change in fair value of Series C Warrants	498,771				498,771
Issuance of interest shares	646,667			$ 10	646,657
Issuance of interest shares , shares				102,893
Issuance of placement shares	353,250			$ 8	353,242
Issuance of Placement Shares				75,000
Ending balance common stock, shares at Jun. 30, 2025				46,571,343
Ending Balance at Jun. 30, 2025	88,525,245			$ 4,658	225,322,741	(136,802,154)
Beginning Balance at Dec. 31, 2025	$ 62,990,647			$ 4,849	233,924,782	(170,938,984)
Beginning balance preferred stock, shares at Dec. 31, 2025	0
Beginning balance common stock , shares at Dec. 31, 2025	48,419,266			48,477,883
Net loss	$ (38,819,463)					(38,819,463)
Share based compensation expense	3,353,459			$ 158	3,353,301
Share based compensation expense,shares				1,580,161
Common stock withheld for employee tax obligations	(949,300)				(949,300)
Common stock withheld for employee tax obligations , shares				(385,601)
Issuance of interest shares	613,334			$ 25	613,309
Issuance of interest shares , shares				247,785
Issuance of Employee Stock Purchase Plan shares	85,653			$ 6	85,647
Issuance of Employee Stock Purchase Plan shares, shares				57,485
Issuance of common stock	3,009,021			$ 440	3,008,581
Issuance of common stock, shares				4,402,410
Issuance of commitment shares	785,200			$ 52	785,148
Issuance of commitment shares, shares				520,000
Issuance of common stock for intellectual property acquisition	$ 182,379			$ 12	182,367
Issuance of common stock for intellectual property acquisition, shares				121,578
Ending balance preferred stock, shares at Jun. 30, 2026		0
Ending balance common stock, shares at Jun. 30, 2026	55,021,701			55,021,701
Ending Balance at Jun. 30, 2026	$ 31,250,930			$ 5,542	241,003,835	(209,758,447)
Beginning balance preferred stock, shares at Mar. 31, 2026	0
Net loss	$ (9,651,557)
Ending balance preferred stock, shares at Jun. 30, 2026		0
Ending balance common stock, shares at Jun. 30, 2026	55,021,701			55,021,701
Ending Balance at Jun. 30, 2026	$ 31,250,930			$ 5,542	$ 241,003,835	$ (209,758,447)

Share-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of RSU and RSA Share Activity Under the Equity Plans

The following table summarizes RSU and RSA share activity under the Equity Plans for the six months ended June 30, 2026 and 2025:


	RSUs			RSAs
Shares nonvested at January 1, 2026		3,590,873			-
Granted		2,843,562			-
Vested		(1,180,940	)		-
Forfeited		(68,862	)		-
Shares nonvested at June 30, 2026		5,184,633			-

	RSUs			RSAs
Shares nonvested at January 1, 2025		2,098,620			17,270
Granted		3,064,628			-
Vested		(1,565,160	)		(17,270	)
Forfeited		(38,034	)		-
Shares nonvested at June 30, 2025		3,560,054			-

Stockholders' Equity - Additional Information (Details) - USD ($)					3 Months Ended		6 Months Ended
	Feb. 28, 2026	Aug. 01, 2025	Jun. 16, 2025	Mar. 06, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Mar. 31, 2025	Feb. 14, 2025	Dec. 31, 2024	Feb. 14, 2024
Class of Stock [Line Items]
Common stock, shares authorized					600,000,000		600,000,000		600,000,000		600,000,000
Common stock, par value					$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Common stock, shares issued					55,407,302		55,407,302		48,477,883
Common stock, shares outstanding					55,021,701		55,021,701		48,419,266
Common Stock, Voting Rights							one vote per share
Preferred stock , shares authorized					20,000,000		20,000,000		20,000,000				20,000,000
Preferred stock, par value					$ 0.0001		$ 0.0001		$ 0.0001				$ 0.0001
Preferred stock , shares issued					0		0		0
Preferred stock , shares outstanding						0			0
Warrants exercisable price per share										$ 15
Gross proceeds from sale of common stock							$ 3,262,213	$ 0
2025 Equity Line of Credit [Member]
Class of Stock [Line Items]
Common stock, par value			$ 0.0001
Sale of common stock					4,230,000		4,400,000
Gross proceeds from sale of common stock					$ 3,200,000	$ 2,900,000
Equity line of credit facility, term			24 months
Beneficial ownership limitation percentage			9.99%
Amortization Of Deferred Issuance Costs					$ 200,000		$ 200,000
2025 Equity Line of Credit [Member] \| Put Option [Member]
Class of Stock [Line Items]
Fair value of the put option			$ 0
Put option settlement date, description			The fair value of the put option was determined to be zero as the shares to be issued and the purchase price is settled within one to two business days.
2025 Equity Line of Credit [Member] \| Maximum [Member]
Class of Stock [Line Items]
Percentage of volume weighted average price			97.00%
2025 Equity Line of Credit [Member] \| Minimum [Member]
Class of Stock [Line Items]
Percentage of volume weighted average price			92.00%
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding					55,021,701		55,021,701	46,571,343	48,477,883			5,836,882
Shares issued							4,402,410
Common Stock [Member] \| 2025 Equity Line of Credit [Member]
Class of Stock [Line Items]
Shares issued			250,000,000
2025 Employee Share Purchase Plan [Member]
Class of Stock [Line Items]
Common stock were initially reserved for issuance		1,216,254
Percentage of outstanding shares of Ccmmon stock as of end of fiscal year		1.00%
Percentage of eligible compensation per employee to purchase shares of common stock		15.00%
Initial offering period		the ESPP, each consisting of consecutive six-month offering periods. Our initial offering period began on September 1, 2025 and ended on February 28, 2026. A
Employee purchase price, percentage of fair market value of common stock	85.00%	85.00%
Common stock purchased by eligible employees	57,485
Purchase price per share	$ 1.27
March 2025 Investor Note [Member]
Class of Stock [Line Items]
Common stock, par value				$ 15
Number of warrants related to legacy				925,590
Warrants exercisable price per share					$ 15		$ 15		$ 15
Warrants expiration date					Mar. 11, 2030		Mar. 11, 2030
Warrants outstanding					925,590		925,590		925,590
Shares issued				750,000
Series A [Member]
Class of Stock [Line Items]
Number of warrants related to legacy					869,565		869,565
Warrants exercisable price per share					$ 12.5		$ 12.5
Series A [Member] \| June 2025 Amended Investor Note [Member]
Class of Stock [Line Items]
Number of warrants related to legacy					869,565		869,565		869,565
Warrants exercisable price per share					$ 12.5		$ 12.5		$ 12.5
Warrants expiration date					Feb. 14, 2033		Feb. 14, 2033
Series C [Member]
Class of Stock [Line Items]
Number of warrants related to legacy					869,565		869,565
Warrants exercisable price per share					$ 9		$ 9
Series C [Member] \| June 2025 Amended Investor Note [Member]
Class of Stock [Line Items]
Number of warrants related to legacy					869,565		869,565		869,565
Warrants exercisable price per share					$ 9		$ 9		$ 9
Warrants expiration date					Aug. 14, 2026		Aug. 14, 2026
FTAC Emerald [Member]
Class of Stock [Line Items]
Number of warrants related to legacy					12,434,658		12,434,658		12,434,658
Warrants exercisable price per share					$ 11.5		$ 11.5		$ 11.5
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock , shares issued									0
Preferred stock , shares outstanding					0		0

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of Revenue by service type and platform

We disaggregate revenue by service type and by platform as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
Revenue stream	2026			2025			2026			2025
Banking and payments revenues	$	5,293,820		$	7,921,556		$	10,225,033		$	14,843,181
Custody and trading revenues		772,379			241,600			1,437,573			393,455
Other revenues		27,685			36,116			27,782			62,151
Less: Sales returns and allowances		(3,975	)		(23,346	)		(8,170	)		(35,024	)
Revenues, net	$	6,089,909		$	8,175,926		$	11,682,218		$	15,263,763

Summary of activity deferred revenue

The activity in deferred revenue for the six months ended June 30, 2026 and the year ended December 31, 2025, was as follows:


	Six Months Ended June 30, 2026			Year Ended December 31, 2025
Beginning of the period contract liability	$	366,252		$	875,466
Revenue recognized from the contract liabilities included in the beginning balance		(244,332	)		(771,669	)
Increases due to cash received net of amounts recognized in revenue during the period		106,228			262,455
End of period contract liability	$	228,148		$	366,252

Digital assets - Additional Information (Details)		6 Months Ended
Digital assets - Additional Information (Details)	Jun. 01, 2026 USD ($) Bitcoin	Jun. 30, 2026 USD ($) Btcoin Bitcoin	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) Btcoin
Indefinite-Lived Intangible Assets [Line Items]
Number of bitcoin held \| Btcoin		271		1,606
Aggregate cost of bitcoin		$ 25,700,000		$ 118,800,000
Proceeds from sale of treasury stock	$ 44,700,000
Repayments of lines of credit		20,000,000	$ 0
Bitcoin [Member]
Indefinite-Lived Intangible Assets [Line Items]
Proceeds from sale of treasury stock		$ 44,700,000
Number of bitcoins sold \| Bitcoin	632	632
Repayments of lines of credit	$ 20,000,000	$ 20,000,000
Unrestricted cash		$ 24,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details