Fold could use a reverse stock split to tackle Nasdaq’s minimum bid-price requirement after its shares stayed below $1 for 30 straight business days, but that step would not solve the separate issue of funding ongoing operations. As of June 30, the Bitcoin financial services firm held 194 BTC worth $11.4 million in its investment treasury and 77 BTC worth $4.5 million in a rewards treasury tied to a Bitcoin-denominated customer rewards liability, leaving the combined 271 BTC balances not fully interchangeable. The company sold 832 BTC during the six months ended June 30, including 200 BTC for $14.4 million in February and 632 BTC for $44.7 million in June. Fold used $20 million of the June proceeds to repay a Bitcoin-backed credit facility and kept the remaining $24.7 million as cash. It also reported $28.4 million in cash and cash equivalents at June 30 and raised $7.5 million by selling about 5.82 million shares under its equity facility in the first half. Nasdaq notified Fold on July 14 that it had fallen out of compliance with the exchange’s $1 minimum for 30 consecutive business days, giving it an initial cure period through Jan. 11, 2027. Fold is seeking shareholder approval for a reverse split of between 1-for-2 and 1-for-50, though no ratio has been selected and no split has been carried out. A reverse split could restore compliance without raising cash, issuing new shares or using Bitcoin, and the current notice did not trigger default under the company’s $13 million February investor note because it is not a delisting. The unresolved question is whether Fold can keep funding operations, after a $15.6 million operating loss in the first six months of 2026, without returning to stock sales or drawing down more of its investment treasury.