Fold Holdings: A Capital Allocation Pickle Is Emerging

Impact · against what's priced in

Fold Holdings faces significant downward pressure due to a combination of stagnant account growth and a deteriorating mNAV. The potential for forced Bitcoin liquidations to fund operations creates a bearish catalyst that outweighs modest revenue growth.

FOLD−0.70

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In context

The company's basic mNAV has fallen below 1.0, creating an incentive to sell BTC for capital, while account growth remains slow relative to a 5x forward sales valuation.

Read from the article alone

• asset sale▲400%
• revenue growth
• valuation
• FOLD
• bitcoin
• btc
• capital raise

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