SCHEDULE: Fulgur Capital Boosts Fold Holdings Stake to 37.5%

Fulgur Frontier Capital LP and Fulgur Ventures I LP have increased their beneficial ownership in Fold Holdings, Inc. to 37.5% through a contribution of shares, citing undervaluation.

Summary

• Fulgur Frontier Capital LP (Bahamas) and Fulgur Ventures I LP (Delaware), collectively the Reporting Persons, now beneficially own 18,100,406 shares of Fold Holdings, Inc. common stock.
• This aggregate ownership represents 37.5% of Fold Holdings, Inc.'s outstanding common stock, based on 48,307,642 shares reported as outstanding on November 10, 2025.
• On December 30, 2025, 7,191,631 shares were contributed by a limited partner to Fulgur Frontier Capital LP for no consideration.
• These contributed shares were originally purchased by the limited partner in open market transactions during calendar year 2025 for approximately $27,557,381, at a volume-weighted average price of $3.83 per share.
• Prior to this contribution, the Reporting Persons held an aggregate of 10,908,775 shares of Common Stock.
• The acquisition of shares was based on the belief that Fold Holdings, Inc. shares were undervalued and presented an attractive investment opportunity.
• The Reporting Persons may, depending on market conditions and other opportunities, increase or decrease their position in Fold Holdings, Inc. in the future.
• This Amendment No. 1 to the Schedule 13D was filed solely to correct a ministerial error in the signature block of the original report.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a significant institutional investor has increased its stake and explicitly stated a belief in the company's undervaluation, suggesting potential future upside.

Positives

• A significant institutional investor, Fulgur Capital, has increased its stake, demonstrating strong conviction in Fold Holdings, Inc.'s long-term prospects.
• Fulgur Capital explicitly stated its belief that Fold Holdings, Inc. shares are undervalued, suggesting potential upside for the stock.

Risks

• The Reporting Persons may endeavor to increase or decrease their position in Fold Holdings, Inc. through purchases or sales, which could introduce volatility to the share price.

Future Outlook

The Reporting Persons may endeavor to increase or decrease their position in Fold Holdings, Inc. through open market or private transactions, depending on overall market conditions, other investment opportunities, and the availability of shares at desirable prices. No present plan or proposal exists for other matters typically set forth in Item 4 of Schedule 13D.

Management Comments

• "The Shares were acquired based on the belief that the Shares were undervalued and represented an attractive investment opportunity."

Industry Context

StockSavvy.ai notes that a significant Schedule 13D filing, particularly one indicating a substantial increase in ownership and an explicit belief in undervaluation by an institutional investor, often signals heightened institutional interest or potential activist engagement. This could attract further investor attention to Fold Holdings, Inc. within the broader market.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential positive sentiment due to increased institutional ownership and the investor's stated belief in undervaluation, which could influence market perception and share price.

Next Steps

• The Reporting Persons may increase or decrease their position in Fold Holdings, Inc. through open market or private transactions, or otherwise, as deemed advisable.

Key Dates

Recommendation

The significant increase in beneficial ownership by Fulgur Capital, coupled with their explicit belief that Fold Holdings shares are undervalued, provides a positive signal for the company. However, without additional financial performance data from the issuer, a 'hold' recommendation is prudent, acknowledging the institutional conviction while awaiting further fundamental catalysts.

Keywords

Fold Holdings, Fulgur Frontier Capital, Fulgur Ventures, Schedule 13D, beneficial ownership, equity investment, undervalued stock, institutional investor, common stock