Week #50

USD/BTC = $62,822
Block 962,803

Here are the stocks I plan on buying this week:

🐂 = Bull Case
🐻 = Bear Case

Latest Updates:

Sphere 3D (ANY)

None

Fold (FLD): Q2 Earnings

Revenues: $6.1 million
Eliminated $20 million of Secured Debt
Over 2,000 Fold Credit Cards Currently in Early Access; up over 100% from last quarter
Planned Expansion into Asset-Based Revenue Streams

PHOENIX, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”, “we”, or “our”), the first publicly traded bitcoin financial services company, today announced financial results for the second quarter ended June 30, 2026.

Q2 2026 Financial Highlights

• Revenue: $6.1 million
• Net Loss: ($9.7) million
• Adjusted EBITDA² (Loss): ($5.5) million
• Loss Per Share: ($0.19) per share
• Adjusted EBITDA (Loss) Per Share²: ($0.11) per share
• Bitcoin Investment Treasury Holdings¹: 194 BTC

Q2 2026 Key Operating Metrics

• Total Transaction Volume: $165 million
• Total Verified Accounts: more than 87,000; added over 1,000 new verified accounts in the quarter

CEO Commentary

“Fold enters the second half of the year with a stronger balance sheet, a growing Credit Card program, expanded banking and distribution capabilities, and much of the infrastructure needed to support our next generation of products,” said Fold Chairman and CEO Will Reeves. “Over the next few months, investors will begin to see these investments come together as we build toward our goal of becoming the most rewarding financial platform in America.”

Mr. Reeves continued, “Fold is evolving from a transaction business into a broader financial services platform. Going forward, we intend to not only be the place where customers spend, but also be the place where they hold and manage their assets. Through our own programs and our partnership with Lead Bank, we expect customer balances to generate recurring economics that can help fund richer rewards. The power of asset-driven revenues has been demonstrated across businesses from Starbucks and Venmo, and we believe it can become an important part of Fold’s economic model.”

He added, “Our proprietary bank-grade core ledger and Lead Bank partnership provide the foundation for this strategy, while expanding our addressable market beyond bitcoin-native customers to anyone looking for a more rewarding way to manage their money. Our conviction in bitcoin remains unchanged, but the opportunity for Fold is becoming significantly larger.”

Mr. Reeves concluded, “Q2 remained challenging across the broader Bitcoin industry, with lower bitcoin prices pressuring transaction activity and consumer engagement. These are temporal challenges and do not reflect the underlying health and vitality of this industry. We believe Fold is entering its next chapter with a stronger business model, broader market and the foundation needed to pursue significantly greater scale.”

Strategic & Business Updates

Fold Credit Card

• Currently in Early Access, with more than 2,000 cardholders as of August 11, 2026
• Cardholders more than doubled from last quarter
• Improved underwriting and operations ahead of broader rollout
• Interchange and financing economics meeting or exceeding expectations
• Positioned to become a customer acquisition engine

Platform Expansion

• Working to expand into financial services designed to deepen customer relationships and grow assets held across Fold
• Lead Bank partnership expands banking capabilities and enables Fold to participate in the economics of customer deposits
• Bank-grade core ledger provides the foundation for Fold’s multi-asset financial platform
• Customer balance economics expected to generate recurring revenues
• Platform expansion expected to broaden Fold’s total addressable market ("TAM") beyond bitcoin-native customers

Bitcoin Gift Card

• Expanded distribution through TikTok Shop, reaching millions of potential shoppers
• Kroger renewed its commitment to the Fold program

Capital & Balance Sheet

• Monetized a portion of the Company’s bitcoin treasury while maintaining a meaningful bitcoin position
• Eliminated approximately $20 million of secured debt and approximately $145 thousand of monthly interest expense
• Added approximately $25 million of unrestricted capital

Earnings Call and Webcast Information:

Fold will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question-and-answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: August 11, 2026
Time: 5:00 p.m. ET
Participant Call Links:

• Live Webcast: Link
• Dial-in Registration Link: Link
• A replay of the call will be archived at https://investor.foldapp.com

Footnotes

¹ Fold’s Bitcoin Investment Treasury was 194 BTC as of June 30, 2026.

LQWD Technologies (LQWD)

None

Nakamoto (NAKA) Q2 Earnings

First Full Quarter as an Integrated Bitcoin Company Highlights Early Execution, Product Innovation, and Growing Institutional Engagement

Nakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), a Bitcoin company that owns and operates a portfolio of Bitcoin-native enterprises, today announced its financial and operating results for the second quarter ended June 30, 2026.

“This was Nakamoto’s first full quarter operating as a combined company, with our media, asset management, and advisory businesses working together,” said David Bailey, Chairman and Chief Executive Officer of Nakamoto. “While our GAAP results reflect significant non-cash charges from goodwill impairment and the decline in Bitcoin’s price, this quarter we delivered the first positive adjusted operating income since Nakamoto became a Bitcoin operating company. We hosted the largest Bitcoin gathering in the world, guided the 210k Capital Fund to complete the first cleared Bitcoin Depositary Receipt trade through prime brokerage and DTCC settlement, and strengthened our capital structure by reducing debt by approximately $45 million. Nakamoto enters the second half with a stronger balance sheet, a focused strategy, and businesses built to lead the Bitcoin economy.”

Q2 2026 Financial Highlights

• Reported total operating revenue of $35.9 million, including:
  • $25.6 million from Media & Information Services and Asset Management businesses
  • $10.4 million from Bitcoin treasury and derivatives strategy
• Reported operating loss of $149.1 million, primarily driven by:
  • $105.2 million of non-cash goodwill impairment charges
  • The goodwill impairment is a non-cash charge reflecting a lower valuation of the acquired businesses amid the broader digital asset market decline. Even after this adjustment, the carrying value of the acquired businesses remains approximately in line with the consideration paid at acquisition.
  • $48.7 million of mark-to-market losses on our digital assets primarily associated with Bitcoin
• Reported adjusted operating income of $7.3 million, primarily driven by:
  • $10.4 million from Bitcoin derivatives revenue
  • $3.6 million of adjusted operating income from Media & Information Services related to the success of the Bitcoin 2026 flagship conference (“Bitcoin 2026”)
• Reported net loss of $133.0 million, or $6.65 per diluted share, due primarily to non-cash goodwill impairment and mark to market losses on digital assets
• Reduced outstanding debt by approximately 45 million USDT and extended approximately 105 million USDT of principal to June 30, 2027 under the Company’s refinanced loan terms
• Held 4,467 Bitcoin as of June 30, 2026, with an aggregate fair value of approximately $261.5 million at quarter-end

Q2 2026 Operational Highlights

• Nakamoto:
  • Completed the closure of the Company’s legacy healthcare clinics on June 19, 2026, marking Nakamoto’s full transition into a Bitcoin operating company
  • Reduced outstanding debt by approximately $45 million, and extended a portion of our loan to June 30, 2027
  • Authorized a share repurchase program of up to $25 million, reflecting the Board’s confidence in the Company’s intrinsic value and long-term growth prospects
  • Appointed Chief Investment Officer, Tyler Evans, to Nakamoto’s Board of Directors (“Board”), further strengthening the Board’s expertise in Bitcoin-native capital markets, asset management, and strategic capital allocation
• UTXO Management GP, LLC (“UTXO”):
  • Formed UTXO Preferred Income Strategies LP, UTXO’s first structured credit product, establishing a flexible institutional fund structure that expands the firm’s product capabilities and provides foundational infrastructure for the development of additional investment products
  • As investment manager, UTXO guided the 210k Capital Fund to complete the first cleared Bitcoin Depositary Receipt trade through traditional prime brokerage and DTCC settlement infrastructure, marking a historic milestone in integrating Bitcoin investment products into established financial markets and demonstrating UTXO’s ability to develop innovative institutional structures
  • UTXO’s actively managed Bitcoin fund, 210k Capital, generated a loss of 5% on assets under management during the quarter, compared with a 14% decline for Bitcoin over the same period, demonstrating the fund’s ability to preserve capital and outperform the underlying asset during a volatile market environment
• BTC Inc.
  • Bitcoin 2026 generated total revenue of $22.6 million. The Company notes that conference revenue has historically tracked the Bitcoin market cycle; the Company believes the appropriate benchmark is the Bitcoin 2023 flagship conference (“Bitcoin 2023”) which earned revenue of $13.1 million. Bitcoin 2023 was the last conference held during a comparable drawdown, when Bitcoin was trading at approximately 60% below the previous all-time high. Against that benchmark, 2026 revenue grew approximately 73%, representing a three-year compounded annual growth rate of approximately 20% across a full market cycle. In the Company’s view, this cycle-adjusted comparison better reflects the structural growth of the conference franchise.
  • Launched the inaugural Deal Day at this year’s Bitcoin Conference, creating a curated forum to connect institutional investors, bankers, and operators to strengthen relationships and facilitate actionable deal flow across the Bitcoin and broader digital asset ecosystem
  • Expanded Bitcoin for Corporations’ institutional events platform through the inaugural BFC in NYC symposium, which convened approximately 250 corporate executives, capital allocators, and Bitcoin-industry decision-makers
  • Announced BM TV (Bitcoin Magazine TV), a daily live broadcast network designed to expand Bitcoin Magazine’s video media capabilities, increase year-round sponsorship inventory, and deliver institutional-focused coverage of Bitcoin, global markets, geopolitics, and frontier technology across multiple digital platforms

Q2 2026 Financial Summary

Media & Information Services:

• Revenue of $25.1 million, including $24.4 million from media and $0.7 million from advisory services
• Operating loss of $75.8 million, $80.6 million of which was a non-cash goodwill impairment charge

Results reflect:

• $22.6 million of revenue generated by Bitcoin 2026
• Growth in Bitcoin for Corporations subscription revenue to $0.7 million
• Expanded institutional and year-round engagement through the inaugural Deal Day, two Bitcoin for Corporations Symposiums, and continued investment in Bitcoin Magazine TV and other recurring revenue opportunities

Asset Management:

• Revenue of $0.5 million; no performance fees were recognized during the quarter
• Operating loss of $25.6 million, $24.6 million of which was a non-cash goodwill impairment charge

Results reflect:

• Management fee revenue impacted by reduced asset values and volatile market conditions

Bitcoin Operations:

• Revenue of $10.4 million from the Company’s Bitcoin treasury and derivatives strategy; this includes both gains and losses from the active management of derivatives
• Operating loss of $41.1 million

Results reflect:

• Derivative revenue of $9.3 million from mitigating a portion of our downside exposure to Bitcoin through protective strategies and $1.2 million of derivative revenue from our ongoing strategy of capturing income from the volatility of Bitcoin
• Mark-to-market losses of $48.6 million associated with Bitcoin holdings and a loss of $2.2 million associated with strategic investments

Other:

• Primarily reflects corporate overhead and advisory-related services conducted through Nakamoto Advisory

Discontinued Operations:

• During the second quarter of 2026 we shut down our healthcare operations and reclassified current and prior year healthcare financial results to discontinued operations
• We do not expect there to be significant expenses in future quarters

Liquidity Highlights

During the second quarter of 2026, Nakamoto paid down 45 million USDT of its Bitcoin-backed loan. The repayment was funded mainly through $48 million of net proceeds from the sale of approximately 600 Bitcoin and certain derivative positions. The company was able to reduce its interest expense and reduce leverage while preserving the majority of its Bitcoin holdings. Nakamoto had a Net Leverage – Digital Assets Ratio as of June 30, 2026 of 56%, had cash and cash equivalents of $19.1 million, and total debt of $164.7 million.

During the quarter, Nakamoto actively managed its Bitcoin as both a long-term treasury reserve asset and a component of its operating, financing and income-generating strategies. As of June 30, 2026, the Company held approximately 4,467 Bitcoin with an aggregate fair value of approximately $261.5 million.

Enterprise Value: As of June 30, 2026, the Company’s enterprise value was $216.3 million, calculated as market capitalization of $70.7 million based on common shares outstanding and our stock price of $3.95, plus notes payable of $164.7 million, less cash and cash equivalents of $19.1 million. Enterprise value is a market-based valuation reference, is not a measure of financial position prepared in accordance with GAAP, and is not intended as a substitute for any GAAP measure.

Shares Issued and Outstanding: As of June 30, 2026, Nakamoto’s shares outstanding were 17,894,943 and fully diluted shares outstanding were 22,361,728.

Strive (ASST): Q2 Earnings No debt new dashboard

Strive, Inc. Announces Second Quarter 2026 Financial Results

August 10, 2026

• DOWNLOAD(OPENS IN NEW WINDOW)

DALLAS, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Strive, Inc. (Nasdaq: ASST; SATA) (“Strive” or the “Company”) today announced its financial results for the second quarter ended June 30, 2026.

Key Highlights:

• Acquired a total of 6,236 bitcoin during the second quarter ended June 30, 2026 and 12,237 bitcoin during the six months ended June 30, 2026. 
  • Achieved a Bitcoin Yield of 23.9% for the second quarter ended June 30, 2026 and 37.7% during the six months ended June 30, 2026.
• Acquired an additional 303 bitcoin during the period from July 1, 2026 through August 7, 2026.
• On June 16, 2026, began paying dividends on our Variable Rate Series A Perpetual Preferred Stock (the "SATA Stock") each business day. As of August 7, 2026, Strive has paid 44 consecutive dividends.
• Retired all outstanding short and long-term debt. As of August 7, 2026, the Company has no short or long-term debt outstanding.
• As of August 7, 2026, Strive's cash and cash equivalents totaled $154.9 million and our position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $48.0 million. Strive had 75,649,368 and 9,792,535 shares of Class A common stock and Class B common stock, respectively, and 7,829,502 shares of SATA Stock outstanding as of August 7, 2026.
• GAAP net loss of $257.6 million, for the three months ended June 30, 2026. $234.0 million (94.1%) of the GAAP net loss was attributable to the fair market value decrease of the Company's bitcoin and STRC Stock holdings.
• Non-GAAP adjusted net loss attributable to common stockholders¹ of $275.0 million, or $3.65 per diluted common share¹, for the three months ended June 30, 2026. $234.0 million (85.1%) of the $275.0 million non-GAAP adjusted net loss attributable to common stockholders was attributable to the fair market value decrease in the Company's bitcoin and STRC Stock holdings and $26.2 million (9.5%) was attributable to dividends declared on SATA Stock. Non-GAAP adjusted net loss attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.
• On August 10, 2026, launched an updated treasury dashboard at strive.com/treasury and website at strive.com to improve information to customers regarding our flagship product, SATA, as well as better reflect risk and valuation metrics to our common equity and preferred equity investors.

"SATA became the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day on June 16, 2026, at a current annualized rate of 13.00%. We believe this zero-to-one innovation will fuel long-term accretive Bitcoin yield to our common equity shareholders," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc. "Today, Strive stands debt-free, with zero margin requirements, and zero encumbered Bitcoin; a balance sheet purpose-built to thrive through Bitcoin volatility."

BTC Development Corp. (BDCI)

None

Securitize (SECZ) Q2 Earnings

Second Quarter 2026 Financial Highlights

● Record average tokenized AUM(2) in 2Q26 of $4.3 billion, up 16%, with total AUM(2) of $4.3

billion as of June 30, 2026, up 9%

● Total Revenue of $14.4 million, down 5% versus the prior-year period

● Net loss of $21.7 million, with a net loss per diluted share of $2.37

● Adjusted EBITDA(3) loss of $5.5 million, versus positive Adjusted EBITDA of $1.8 million in the

prior-year period

● Aggregate Transaction Volume(4) of $5.3 billion during the second quarter of 2026, up 147%

● 663 active funds were being serviced by Securitize Fund Services as of June 30, 2026● Securitize Fund Services total AUA(5) of $24.3 billion as of June 30, 2026, down approximately

20%

Percentage comparisons throughout this press release are calculated for the second quarter 2026 versus

the second quarter of 2025, unless otherwise specified.

Second Quarter 2026 Business Highlights

Leading transfer agents Computershare and Continental Stock Transfer & Trust selected Securitize

for tokenization: Securitize partnered with the world’s largest and third-largest transfer agents to support

issuer-sponsored tokenized shares for U.S. public companies. These relationships build on Securitize's

NYSE partnership announced in late 1Q26 to help them deliver a digital trading platform for tokenized

equities, acting as a design partner, transfer agent, and broker-dealer. Under this model, tokenized shares

remain connected to the issuer’s official shareholder register, corporate actions and existing transfer-agent

infrastructure. The relationships create opportunities for Securitize to support public companies, IPO

candidates, and SPAC issuers exploring tokenization strategies.

Announced a tokenized-equities collaboration with Jump Trading and Jupiter: The collaboration

combines Securitize’s regulated ownership and execution infrastructure with Jump’s institutional liquidity

capabilities and Jupiter’s distribution interface. Together, the companies are developing infrastructure to

support regulated public equities trading and accessing liquidity onchain.

Received FINRA approval for expanded broker-dealer capabilities: During the second quarter,

Securitize Markets received FINRA approval to custody tokenized securities, enabling atomic settlement

between tokenized securities and stablecoins. The approval also allows Securitize Markets to participate

in underwriting and selling groups for initial and secondary offerings, expanding Securitize’s capabilities

across issuance, ownership records, distribution, trading, custody and settlement.

Partnered with Cantor Fitzgerald & Co. to enable onchain IPOs and follow-on offerings for public

companies: Entered into shortly after 2Q26, the partnership builds on the recently approved expanded

capabilities for Securitize Markets to become part of IPOs and follow-on offerings using blockchain-

based infrastructure to tokenize securities.

Fractyl Health (GUTS) Q2 Earnings

Commercial Readiness

In June 2026, Fractyl strengthened its commercial leadership team with the appointment of Mike Zumdahl as Senior Vice President, Market Access and Commercial Strategy. Mr. Zumdahl brings experience building reimbursement and health economic infrastructure for breakthrough procedural therapies, most recently at Inari Medical, and joins Fractyl as the Company prepares for the anticipated REMAIN-1 Pivotal Cohort topline readout in early Q4 2026. Fractyl plans to provide additional detail on its commercial strategy and market opportunity at an upcoming Investor Day in September.

Fractyl Forward: Reiterating Path to Pivotal Readout and Potential Regulatory Submission

With one-year data now reported from both the REVEAL-1 Cohort and the REMAIN-1 Midpoint Cohort, and randomization of the REMAIN-1 Pivotal Cohort complete, Fractyl is advancing toward its two remaining anticipated 2026 milestones: pivotal readout and potential U.S. regulatory submission. The Company reiterates its previously announced cash runway into early 2027, beyond the anticipated pivotal data readout.

• Early Q4 2026: Topline 6-month randomized data from the REMAIN-1 Pivotal Cohort.
• Late Q4 2026: Potential U.S. Food and Drug Administration (FDA) De Novo marketing application submission in post-GLP-1 weight maintenance.
• Q1 2027: Topline one-year data from the REMAIN-1 Pivotal Cohort.

As in all applications, the FDA indicated that final pathway determinations will be made following review of the complete safety dataset, which the Company intends to include in its potential De Novo marketing application submission.

Rejuva^® Development Progress and Anticipated 2026 Rejuva Milestones

Rejuva is Fractyl’s gene therapy platform designed to enable long-term remission of T2D and obesity by durably reprogramming pancreatic islet cells to endogenously produce metabolic hormones. The lead product candidate, RJVA-001, is being advanced for patients with inadequately controlled T2D. The second candidate, RJVA-002, is a preclinical-stage dual GIP/GLP-1 gene therapy designed to treat obesity. In April 2026, Fractyl received clinical trial application (CTA) authorization for RJVA-001 in the Netherlands. Fractyl also plans to conduct the clinical trial for RJVA-001 at sites in Australia. In July 2026, Fractyl received ethics committee approval in Australia.

Fractyl reiterates its anticipated 2026 Rejuva milestone:

• H2 2026: First-in-human dosing of RJVA-001, subject to site activation, and expected reporting of preliminary data.

Second Quarter 2026 Financial Results

• Research and Development Expenses: R&D expenses were $13.8 million for the quarter ended June 30, 2026, compared to $21.2 million for the same period in 2025. The decrease of $7.3 million was primarily related to reduced spending on Fractyl’s Revita and Rejuva programs.
• Selling, General and Administrative Expenses: SG&A expenses were $5.3 million for the quarter ended June 30, 2026, compared to $4.9 million for the same period in 2025. The increase of $0.4 million was primarily driven by higher stock compensation expenses.
• Net Loss: For the quarter ended June 30, 2026, Fractyl reported a net loss of $25.5 million, compared to net loss of $27.9 million for the same period in 2025. The decrease in net loss of $2.4 million was driven by a $7.0 million reduction in operating expenses, $0.3 million lower non-cash loss from change in fair value of debt, $0.2 million higher interest income, partially offset by $5.1 million higher non-cash loss from change in fair value of warrant liabilities.
• Adjusted EBITDA: Adjusted EBITDA was negative $16.3 million for the quarter ended June 30, 2026, compared to negative $24.0 million for the same period in 2025. The decrease in the non-GAAP adjusted loss of $7.7 million was primarily due to reduced operating expenses excluding stock compensation expenses.
• Cash Position: As of June 30, 2026, Fractyl had approximately $47.1 million in cash and cash equivalents. Based on current business plans, the Company believes its cash position will fund operations into early 2027.

Bitcoin Infrastructure Acquisition Corp. Ltd. Class A (BIXI)

None

BitGo (BTGO) Q2 Earnings

• Q2 2026 Financial Performance: BitGo reported total revenue of $4,329.4 million (up 79.6% YoY and 14.7% QoQ), offset by direct costs of $4,286.9 million. The company posted a GAAP net loss of $19.0 million (an improvement from a $60.7 million loss in Q1 2026) and an Adjusted EBITDA loss of $4.2 million.
• Operational Scale & Platform Growth: Assets on Platform (AoP) reached $65.2B (+31.4% YoY), Assets Staked hit $11.9B, clients expanded to 5,833, and total users reached 1.2M.
• Cost Disciplines & Restructuring: Executed a 15% workforce reduction in June 2026 resulting in a $1.3M restructuring charge, expected to unlock ~$9 million in annualized cost savings starting in Q3 2026 (building on ~$15M in total annualized cash savings from platform optimization).
• Capital Structure & Balance Sheet: BitGo closed the quarter with $159.0 million in cash and cash equivalents, 2,523 BitGo-owned Bitcoin, and $0 corporate-level debt. All lock-up shares were successfully released as of May 15, 2026, and a $50 million share buyback program is authorized.
• Product & Ecosystem Innovations: Introduced BitGo Link for centralized cross-exchange capital management, Tokenized Equities and Quantum-Resistant Wallets with a Quantum Resistance Score for UTXO remediation, alongside new institutional integrations with Derive Labs for onchain derivatives.

Angel Studios (ANGX)

None

Cipher Mining (CIFR)

None

Space X (SPCX)

None

IREN Limited (IREN)

None

Commentary:

I am excited for ASST, FLD, and BTGO!! All had great Q2 reports left me feeling bullish for the future. NAKA has some headwinds but can come out ahead if the Bitcoin bull run starts this fall. SECZ dumped on the revenue fall. Not a good look for RWAs. They have a ong way to go. All purchases will be made at the top of the market open tomorrow. I am moving to update the stacker stocks portfolio to once a month. With the help of AI this weekly report is taking less time to put together. Thanks AI!