The company's financial position is increasingly vulnerable, with a current ratio of 0.48 and accumulated deficits ballooning to $200.1M by 2026Q1.
Fold Holdings, Inc. (FLD) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash & Short Term Investments | 54.23M | 7.65M | 18.33M | 29.84K | 8.36M | 1.23M |
| Cash & Due from Banks | 28.39M | 7.65M | 18.33M | 29.84K | 5.35M | 1.23M |
| Short Term Investments | 0 | 0 | 0 | 0 | 3.01M | 0 |
| Total Investments | 11.36M | 133.66M | 93.57M | 82.63K | 3.19M | 0 |
| Investments Growth % | 38.16% | 42.85% | - | -97.41% | - | - |
| Long-Term Investments | 371.76M | 133.66M | 93.57M | 82.63K | 177.26K | 0 |
| Accounts Receivables | 614.8K | 728K | 451.45K | 624.9K | 1.65M | 0 |
| Goodwill & Intangibles | 1.99M | 1.39M | 1M | 553.77K | 471.53K | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.99M | 1.39M | 1M | 553.77K | 471.53K | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 131.77K | 299.31K | 2.78M | 165.02M | 0 | 223.53M |
| Total Current Assets | 39.02M | 18.12M | 28.3M | 306.06K | 11.77M | 1.64M |
| Total Non-Current Assets | 13.47M | 135.35M | 97.35M | 165.65M | 648.79K | 223.53M |
| Total Assets | 52.49M | 153.47M | 125.66M | 165.96M | 12.42M | 225.17M |
| Asset Growth % | 31.97% | 22.13% | -24.29% | 1236.56% | -94.49% | - |
| Return on Assets (ROA) | -61.4% | -49.86% | -1.28% | 4.98% | -10.08% | -0.05% |
| Accounts Payable | 698.56K | 704.79K | 533.2K | 114.66K | 302.14K | 77.13K |
| Total Debt | 12.45M | 78.68M | 5.74M | 2.02M | 0 | 0 |
| Net Debt | -15.94M | 71.03M | -12.59M | 2M | -5.35M | -1.23M |
| Long-Term Debt | 0 | 68.68M | 0 | 0 | 0 | 0 |
| Short-Term Debt | 12.45M | 10M | 5.74M | 2.02M | 0 | 0 |
| Other Liabilities | 0 | 689.68K | 171.08M | 166.88M | 8.73M | 8.86M |
| Total Current Liabilities | 21.24M | 21.11M | 9.29M | 3.39M | 4.31M | 93.58K |
| Total Non-Current Liabilities | 0 | 69.37M | 171.57M | 166.88M | 9.38M | 8.86M |
| Total Liabilities | 21.24M | 90.48M | 60.54M | 170.27M | 13.68M | 8.95M |
| Total Equity | 31.25M | 62.99M | -8.32M | -4.31M | -1.27M | 216.22M |
| Equity Growth % | 970.66% | 856.83% | -93.03% | -240.02% | -100.59% | - |
| Equity / Assets (Capital Ratio) | 59.53% | 41.04% | -6.62% | -2.6% | -10.21% | 96.03% |
| Return on Equity (ROE) | -129.54% | -254.59% | - | - | -11.14% | -0.06% |
| Book Value per Share | 0.60 | 1.49 | -0.56 | -0.13 | -0.03 | 36.06 |
| Tangible BV per Share | 0.56 | 1.46 | -0.62 | -0.15 | -0.04 | 36.06 |
| Common Stock | 5.54K | 4.85K | 959 | 959 | 707 | 222.2M |
| Additional Paid-in Capital | 241M | 233.92M | 6.01M | 6.98M | 27.82M | 0 |
| Retained Earnings | -209.76M | -170.94M | -14.33M | -11.3M | -29.09M | -5.98M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 1.02K | 0 | 1.24K | 0 |
Quick answers to the most common questions about buying FLD stock.
As of 2025, Fold Holdings, Inc. (FLD) had total assets of $153.5M including $18.1M in current assets.
Fold Holdings, Inc. (FLD) carries total debt of $78.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fold Holdings, Inc. (FLD) has total shareholders' equity (book value) of $63.0M ($1.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fold Holdings, Inc. (FLD) reported a current ratio of 0.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Losses
As reported in financial statements, Fold Holdings Inc's total assets have contracted from a peak of $191.0M in 2025Q3 to $78.3M by 2026Q1, reflecting a rapid depletion of the capital base as the company struggles to achieve operational scale while sustaining significant net losses.
The consistent decline in total assets suggests that the company is consuming its capital reserves to fund ongoing operations rather than reinvesting in productive capacity. This trajectory warrants close monitoring, as the shrinking asset base limits the company's flexibility to navigate future market volatility.
Liquidity Buffer Remains Critically Thin
According to recent SEC filings, the company's current ratio has deteriorated to 0.48 as of 2026Q1, indicating that current liabilities significantly outweigh liquid assets and leaving the firm with a precarious buffer against sudden shocks in its transactional business model.
A current ratio below 1.0 suggests that the company may face difficulty meeting its short-term obligations without continuous external capital injections. This liquidity profile appears highly sensitive to the timing of cash inflows from its transactional segments, which remain inherently unpredictable.
Equity Base Eroded by Deficits
Based on the reported figures, the company's equity position has been severely impacted by accumulated deficits, which reached $200.1M in 2026Q1, signaling that historical losses have effectively consumed the majority of the capital previously provided by investors and stakeholders.
The persistent negative retained earnings highlight a structural inability to generate internal capital, forcing a reliance on external financing to maintain operations. Investors should consider whether the current equity structure can support the company's long-term ambitions without further dilutive events.
Hidden Risks in Asset Composition
As evidenced by the provided balance sheet data, the absence of significant PPE or tangible assets suggests that the company's value is almost entirely tied to intangible factors, which may be subject to rapid impairment if the core rewards-based engagement model fails to gain traction.
The lack of hard assets implies that the company's book value is highly sensitive to the valuation of its intangible assets and potential goodwill. This composition makes the balance sheet particularly vulnerable to shifts in market sentiment regarding the long-term viability of its proprietary rewards engine.