Fold Q2 revenue falls, misses estimates as bitcoin prices pressure activity

Fold said second-quarter revenue declined and missed analyst expectations as lower bitcoin prices pressured transaction activity and consumer engagement.

The bitcoin financial services firm reported Q2 revenue of $6.1 million, below the consensus estimate of $7.67 million from three analysts. Q2 adjusted EBITDA loss widened to $5.50 million, also missing the $5.42 million estimate.

Fold posted a Q2 loss per share of $0.19 and a net loss of $9.7 million.

Fold said the number of Fold Credit Card holders more than doubled from the previous quarter.

The current average analyst rating on the shares is buy, with three strong buy or buy recommendations, no hold ratings and no sell or strong sell ratings.

Wall Street's median 12-month price target for Fold Holdings Inc is $3.00, about 564.7% above its August 10 closing price of .