SCHEDULE: Fulgur Funds Boost Stake in Fold Holdings to 37.47%

Fulgur Frontier Capital LP and Fulgur Ventures I, L.P. have significantly increased their beneficial ownership in Fold Holdings, Inc. to 37.47% of outstanding common stock.

Summary

• Fulgur Frontier Capital LP and Fulgur Ventures I, L.P. (the "Reporting Persons") now beneficially own an aggregate of 18,100,406 shares of Fold Holdings, Inc. common stock.
• This represents 37.47% of the 48,307,642 shares outstanding as of November 10, 2025.
• On December 30, 2025, 7,191,631 shares were contributed to Fulgur Frontier by a limited partner for no consideration.
• These shares were originally purchased in open market transactions during 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 10,908,775 shares.
• The acquisition was based on the belief that Fold Holdings shares were undervalued and represented an attractive investment opportunity.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, indicating strong institutional confidence in Fold Holdings' valuation and future prospects, though it's an ownership change rather than operational news.

Positives

• Reporting Persons believe Fold Holdings shares are undervalued.
• The investment is considered an attractive opportunity.
• Significant increase in institutional ownership, potentially signaling confidence in the company's prospects.

Future Outlook

The Reporting Persons may endeavor to increase or decrease their position in Fold Holdings, Inc. through open market purchases or sales, 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 specific corporate actions.

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 significant increases in institutional ownership, particularly by private investment funds, often signal a belief in a company's long-term value or potential for strategic changes. This move by Fulgur Frontier and Fulgur Ventures could attract further investor attention to Fold Holdings, especially given their stated belief in the company's undervaluation.

Comparison to Industry Standards

• StockSavvy.ai observes that a 37.47% beneficial ownership stake is substantial, approaching levels that could enable significant influence over corporate decisions, similar to activist investor positions seen in companies like Starboard Value's stake in Salesforce or Elliott Management's involvement with various tech firms.
• While not explicitly activist, such a large stake often leads to increased engagement with management regarding strategic direction or operational improvements.
• The stated belief in undervaluation aligns with common investment theses for private funds seeking to unlock shareholder value.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased institutional ownership may be seen positively, potentially signaling confidence and attracting other investors. The large stake could also lead to increased influence on corporate strategy.

Next Steps

• Reporting Persons may increase or decrease their position in Fold Holdings common stock based on market conditions and investment opportunities.

Key Dates

Recommendation

The significant increase in beneficial ownership by Fulgur Frontier Capital LP and Fulgur Ventures I, L.P. to 37.47% of Fold Holdings, Inc. common stock, coupled with their stated belief that the shares are undervalued, provides a strong signal of institutional confidence. This could attract further investor interest and potentially support the stock price. However, as this filing primarily concerns an ownership change rather than new operational or financial performance data, a 'hold' recommendation is appropriate. Investors should monitor future company performance and any potential engagement from these large shareholders for further catalysts.

Keywords

Fold Holdings, Fulgur Frontier Capital, Fulgur Ventures, Schedule 13D, Beneficial Ownership, Institutional Investment, Equity Investment, Undervalued Stock, Common Stock, SEC Filing