Fold Holdings Slumps 7% on Delay in Bitcoin Rewards Credit Card
Main Idea
Fold Holdings' stock dropped over 7% due to a delay in the rollout of its Bitcoin rewards credit card.
Key Points
1. Fold Holdings (FLD) announced a delay in the launch of its Fold Bitcoin Credit Card, causing shares to slump more than 7%.
2. The stock had previously declined from $10 per share in February to $2.51 in mid-April before the latest drop.
3. The delay was communicated to customers early Monday afternoon, leading to immediate market reaction.
Description
Fold Holdings (FLD) notified customers early Monday afternoon of a delay in the rollout of its Fold Bitcoin Credit Card. Shares quickly slumped more than 7% on the news. "A key infrastructure partner unexpectedly exited the credit card business, disrupting our planned rollout," said Fold in an email to customers. "As a result, the launch of the Fold Bitcoin Credit Card is delayed as we transition to a new partner better aligned with out long-term roadmap." Fold came public at around $10 per shar...
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