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Investing.com - Cantor Fitzgerald initiated coverage on Fold Holdings (NASDAQ:FLD) with an Overweight rating and a price target of $6.50 on Monday. The stock, currently trading at $4.33, has seen significant volatility this year, trading between $2.51 and $14.00. According to InvestingPro data, the company has a market capitalization of $205 million.
The financial services company, which caters to the Bitcoin ecosystem, offers a Bitcoin debit card as its core product and plans to launch Bitcoin gift cards and a Bitcoin credit card soon.
Cantor Fitzgerald described FLD as "a Bitcoin treasury company with a legit underlying business" and highlighted its dual focus on driving Bitcoin adoption through its core business while executing treasury operations.
The firm noted that Fold Holdings recently announced a $250 million equity facility to purchase Bitcoin, which will add to the 1,490 Bitcoin (approximately $120 million) it currently owns.
Cantor Fitzgerald analyst Brett Knoblauch stated the firm likes "the risk/reward at current levels" given the company’s combination of Bitcoin-focused services and treasury capabilities.
In other recent news, Fold Holdings, Inc. has secured a $250 million equity purchase facility, primarily intended for acquiring additional bitcoin for its corporate treasury. This move allows the company to issue and sell up to $250 million in newly issued common stock, with control over the timing and amount of any drawdowns. In another development, Northland Securities began coverage of Fold Holdings, assigning an Outperform rating and setting a price target of $10.00, noting the company’s unique integration of Bitcoin into consumer financial products.
Additionally, Fold Holdings announced the appointment of Matthew McManus as its new Chief Operating Officer. McManus, with extensive experience in product strategy and operational leadership, aims to drive the company’s growth strategy. The company also disclosed the termination of Nicolleta Goncalves, the former vice president of risk and compliance, without providing further details on the reason or a replacement. These developments highlight significant changes and strategic moves within Fold Holdings.
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