Week #55

USD/BTC = $81,437
Block 967,926

Here are the stocks I plan on buying this week:

🐂 = Bull Case
🐻 = Bear Case

Latest Updates:

DarkHorse Technologies (DRK)

• Rebrand & Ticker Change: Sphere 3D Corp. has officially rebranded to DarkHorse Technologies Inc., with shares now trading on Nasdaq under the ticker DRK (effective September 17, 2026), replacing the former ticker ANY.
• Strategic AI Pivot: Following its business combination with Cathedra Bitcoin, the rebrand marks the company's shift toward power-first, modular AI and high-performance computing (HPC) data center infrastructure across Tennessee and Kentucky.
• Financing & Assets: Finalized a $5M private placement and strategic asset sale agreements (including its Iowa site) to advance development across its ~53 MW operating footprint and 100+ MW pipeline.
• New IR Hub: Investor materials and updates have moved to their dedicated domain at darkhorse.inc.

Fold (FLD) Appears to be struggling. Why it is priced near bankruptcy. Not finding a credit source is hurting the credit card rollout!

Summary of the Filing

This document is a Form S-1 Registration Statement filed by Fold Holdings, Inc. (Nasdaq: FLD) with the SEC on September 18, 2026.

The primary purpose of this filing is to register up to 51,229,508 shares of common stock for resale by Roth Principal Investments, LLC in connection with a $25 million Committed Equity Facility (equity line of credit) entered into on September 4, 2026.

1. The $25 Million Committed Equity Facility (The Deal)

• Mechanism: Fold has the right, but not the obligation, to direct Roth Principal Investments to purchase up to $25,000,000 worth of newly issued shares of Fold common stock from time to time over a 36-month period.
• Control of Sales: Fold maintains sole discretion over the timing and volume of share sales; Roth is obligated to purchase shares when Fold delivers purchase notices, subject to standard conditions.
• Purchase Windows & Pricing:
  • Market Open & Intraday Purchases: Priced at a 3.0% discount to the volume-weighted average price (VWAP) during the valuation window.
  • Pre-Market & Post-Market Purchases: Priced at a 5.0% discount to the VWAP.
  • Floor Price: Fold cannot issue purchase notices if the closing share price on the preceding trading day is below $0.10.
• Restrictions & Dilution Caps:
  • Nasdaq Exchange Cap (19.99%): Fold cannot issue more than 10,942,804 shares (19.99% of outstanding shares prior to the agreement) unless Fold obtains stockholder approval or sales average at or above $0.5337 per share.
  • Beneficial Ownership Limit: Roth cannot hold more than 4.99% of Fold’s outstanding common stock at any given time.
  • Short-Sale Ban: Roth and its affiliates are contractually barred from engaging in short sales or hedging transactions establishing a net short position in Fold common stock during the agreement.
• Fees and Underwriting:
  • Commitment Fee: Up to $500,000 (2.0% of the total commitment), paid by withholding 10% of gross proceeds from each purchase until satisfied.
  • Legal Reimbursements: $75,000 upfront, plus up to $7,500 per fiscal quarter for bring-down due diligence.
  • Qualified Independent Underwriter (QIU): Compass Point Research & Trading was engaged as the independent underwriter (fee of $50,000) due to Roth Capital Partners’ affiliation conflict of interest.

2. Company Financial Position & Use of Proceeds

• Intended Use: Fold will not receive proceeds when Roth resells the shares on the open market, but Fold may receive up to $25,000,000 in gross proceeds from its direct sales to Roth, which will be allocated toward product development, working capital, and general corporate purposes.
• Historical Cash Burn:
  • Operating loss of $27.7 million in 2025 compared to $5.8 million in 2024.
  • Cash used in operating activities was $16.1 million in 2025 compared to $3.3 million in 2024.
  • Accumulated deficit stood at $209.8 million through June 30, 2026.
  • Cash and cash equivalents stood at $28.4 million as of June 30, 2026.

3. Key Risks & Current Business Headwinds

The prospectus highlights several operational, regulatory, and capital-markets risks currently impacting Fold:

• Nasdaq Delisting Warning:
  • On July 14, 2026, Fold received a deficiency notice from Nasdaq because its stock traded below the $1.00 minimum bid price for 30 consecutive business days.
  • Fold has until January 11, 2027, to regain compliance (share price must close at or above $1.00 for at least 10 consecutive business days) and is evaluating options, including a potential reverse stock split.
• Steep Stock Decline & Share Dilution:
  • Fold’s stock has fallen sharply from $3.88 (September 2025), $2.80 (December 2025), and $1.50 (March 2026) to $0.51 as of mid-September 2026.
  • The registered 51,229,508 shares represent roughly 48.3% of total outstanding common stock (and 65.0% of non-affiliate public float), meaning drawing substantially on the facility will cause significant shareholder dilution.
• Fold Credit Card Lacks Financing Partner:
  • Fold launched its credit card product on a limited basis in March 2026, but Fold has not yet secured a third-party lender to finance the credit card portfolio.
  • Without securing a lending facility, Fold will likely be unable to scale or broadly roll out the credit card program.
• Partner and Custody Reliance:
  • Fold relies heavily on BitGo for all bitcoin custody and exchange services (over 99% of Fold's Corporate Treasury is held at BitGo).
  • Its banking partner for checking and prepaid debit cards, Sutton Bank, entered into an FDIC enforcement order in February 2024 regarding anti-money laundering and compliance practices.
  • Fold also recently settled an adversary bankruptcy clawback proceeding in June 2026 stemming from the collapse of former partner Prime Trust (Prime Core Technologies).
• Bitcoin Treasury Volatility:
  • Fold held approximately $15.9 million in bitcoin in corporate treasury as of June 30, 2026.
  • Price volatility previously forced Fold to pledge an additional 50 BTC as collateral on February 5, 2026, to meet loan maintenance requirements under a credit facility with Two Prime.

Angel Studios (ANGX)

Membership and recurring revenue have doubled since August 2025

PROVO, Utah - Angel (NYSE: ANGX), a media and technology company pioneering an audience-driven studio model, today announced that the Angel Guild has surpassed 3 million paying members - doubling from 1.5 million members on August 23, 2025.

In addition to paying recurring membership fees to support stories that match their values, Guild members screen films and television series before release and vote on which projects Angel distributes in theaters and on the Angel platform.

"Three million Guild members, double where we stood just over a year ago, is an important early milestone," said Neal Harmon, co-founder and CEO of Angel. "Growth like this tells us audiences want something different. They want great entertainment, they want a voice in what gets made, and they want Angel's tech and marketing engine to spread the stories they choose to audiences everywhere. Together, Guild members now direct over half a billion dollars a year toward stories that match their values. And we're just warming up."

Angel continues to expand its slate of original and theatrical entertainment for the Guild. The company is bringing back Guild-favorite original series, including new seasons of The Wingfeather Saga, Homestead and Testament.

Angel's theatrical slate continues with Runner, an action thriller starring Owen Wilson and Alan Ritchson. Upcoming theatrical releases include Angel and the Badman, Drummer Boy, Hershey and Zero A.D.

The 3 million-member milestone represents another step in Angel's strategy to build a global entertainment platform in which audiences participate directly in determining which stories reach the screen.

Cipher Mining (CIFR)

Cipher Digital, Fluidstack, and Anthropic Commit $10 Million to Repair and Expand Colorado City's Water System

PDF Version

Sep 14, 2026 

City Leaders Chose the Projects After July Storm Damage Cut Residents' Water; Barber Lake Data Center Draws No Water from the City's System

COLORADO CITY, Texas, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR), a leading developer and operator of industrial-scale data centers, Fluidstack Ltd., an American builder of AI infrastructure, and Anthropic, the AI research and development company behind Claude, today committed a combined $10 million in repairs and upgrades to Colorado City's water system. The contribution will fund upgrades identified by Colorado City leaders to increase the availability and resilience of the city's water system following this summer's shortages. The companies will manage the funds in partnership with Colorado City leaders through the formation of the Colorado City Water Infrastructure Foundation, a newly established nonprofit organization funded exclusively by the companies to serve Colorado City.

Colorado City has faced chronic water outages due to aging infrastructure and severe weather. In July, storm damage at the city's well pump station left residents without reliable water for days. Cipher Digital, Fluidstack, and Anthropic are stepping forward to help their new neighbors address this issue.

Commentary:

Sphere 3D changes its name to Darkhorse and got a little bit of a pump. NAKA is on a run might approach $10 a share by the end of the week. Still thinking about adding SLE to the portfolio the growth on that stock could be great. Angel is growing like crazy doubling its membership. Things are looking up for this blend of bitcoin stocks.

Until next week.