Key insights
- Jones Trading initiated coverage on Fold Holdings (FLD) with a Buy rating and a $1.00 price target, representing an 85% upside. The firm cited multiple product catalysts, including a Bitcoin Gift Card on TikTok Shop, a Bitcoin Rewards Credit Card, Fold for Business SaaS, and an upcoming bill-pay launch. The Steak 'n Shake deployment was highlighted as evidence of a repeatable enterprise model. Jones Trading also noted the company's balance-sheet cleanup and strategic partnerships.
Investing.com - Jones Trading initiated coverage on Fold Holdings (NASDAQ:FLD) with a Buy rating and a price target of $1.00, the firm said on September 28, 2026. The target represents an 85% upside from the current stock price of $0.54, though shares remain down 85% over the past year.
The firm cited multiple product catalysts currently in motion, including the Bitcoin Gift Card now available on TikTok Shop, the Bitcoin Rewards Credit Card, the Fold for Business SaaS channel, and an upcoming bill-pay launch.
Jones Trading pointed to the 10,000-employee Steak ’n Shake deployment as evidence that the enterprise model is repeatable. The firm also noted Fold’s balance-sheet cleanup, which included retiring $66.3 million of convertible notes, selling Bitcoin to eliminate $20 million of collateralized debt, and securing $25 million of non-dilutive capital.
The analyst said the recent pullback, tied to depressed crypto markets, has brought shares to what the firm views as a fair entry point. According to InvestingPro analysis, the stock appears undervalued at current levels, with a Fair Value of $0.66—placing it among stocks on the platform’s Most Undervalued list. An InvestingPro tip notes the stock trades with high price volatility, having fallen nearly 59% over the past six months alone. Jones Trading highlighted Fold’s partnerships with Visa, Stripe, Sutton Bank, BitGo, and Blackhawk Network.
The $1.00 price target reflects Jones Trading’s view on the company’s product pipeline and enterprise expansion potential.
In other recent news, Fold Holdings reported a significant decline in its second-quarter revenue, which fell 26% compared to the previous year. The company generated $6.1 million in revenue, missing analysts’ forecasts of $8.83 million. Analysts had projected a loss of $0.1475 per share, although Fold Holdings did not disclose its actual earnings per share. In a separate development, the company decided to terminate its $250 million equity purchase facility. This facility, established in June 2025, allowed Fold Holdings to issue new common shares over time. Despite these financial challenges, Cantor Fitzgerald reiterated its Overweight rating on Fold Holdings. These developments highlight the pressures faced by the company in a weak crypto market.
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