Fold disclosed in its Aug. 11 quarterly filing that its Bitcoin investment treasury shrank to 194 BTC worth $11.4 million as of June 30, after selling 832 BTC during the first half of 2026. The company sold 200 BTC for $14.4 million in February and 632 BTC for $44.7 million in June, using $20 million of the June proceeds to repay its Bitcoin-backed credit facility and keeping the remaining $24.7 million as cash. Fold also held 77 BTC in a rewards treasury, but that balance was matched by a Bitcoin-denominated customer rewards liability.
Fold reported a $15.6 million operating loss for the first six months of 2026 and had $28.4 million in cash and cash equivalents at June 30. Nasdaq notified the company on July 14 that its shares had closed below the $1 minimum bid for 30 consecutive business days, giving it a cure period through Jan. 11, 2027. Fold is seeking shareholder authority for a reverse split ranging from 1-for-2 to 1-for-50 to regain compliance, but has not selected or implemented a ratio. A failure to maintain its Nasdaq listing would trigger an event of default on a $13 million investor note.
Empery Digital sold 1,635 BTC for about $102.2 million between July 1 and Aug. 6, reducing total holdings to 1,279 BTC. Of those, only 325 BTC remain unrestricted after 954 BTC were pledged against $35 million in debt. A potential $62.1 million data center property commitment adds another funding requirement while unrestricted reserves remain sharply reduced. Combined, the two firms disclosed at least 2,467 BTC sold across the reported periods.
Bitcoin liquidation data from Coinglass showed repeated forced-position closures in February, March and around late May through June. Liquidation clusters were largest near May 30 and June 23, while July and August produced smaller forced closures. Bitcoin traded near $63,000 in early August after reaching the upper-$70,000 range in May. The combination of corporate treasury sales and reduced leveraged liquidations points to changing Bitcoin exposure across market structures.
