Fold Holdings ($FLD) files for IPO — a bitcoin financial services company offering an FDIC-insured checking account, prepaid Visa debit card, bill pay, and low-to-zero fee bitcoin buying, all through

Use of proceeds: buying more bitcoin for the corporate treasury, plus working capital and general corporate purposes. A bitcoin company raising public money to buy bitcoin. Key risk: sales of Common Stock to SZOP could dilute existing stockholders, and resales of those shares could push the price down. The facility's actual share count and gross proceeds aren't predictable either. 2025 was a record year for crypto IPOs — 11 listings, ~$14.6B raised. But post-IPO life has been rough: Bullish reportedly down ~52% since listing, and Gemini, BitGo, Kraken, and Grayscale are all queuing up. Bottom line: $FLD pairs everyday banking with bitcoin exposure, but dilution risk and a crowded, volatile crypto listing pipeline mean the debut deserves a close read before chasing it.

Use of proceeds: buying more bitcoin for the corporate treasury, plus working capital and general corporate purposes. A bitcoin company raising public money to buy bitcoin.