Fold Holdings (FLD) has received a new Buy rating, initiated by H.C. Wainwright analyst, Kevin Dede.
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Kevin Dede has given his Buy rating due to a combination of factors that highlight Fold Holdings’ innovative approach and growth potential. The company, which integrates bitcoin into its financial services, offers a unique alternative to traditional reward systems by allowing users to earn and manage bitcoin through various financial activities. This approach not only appeals to consumers familiar with bitcoin but also positions Fold as a pioneer in bridging traditional finance with cryptocurrency.
Fold’s recent public market entry through a SPAC deal, which left it with a clean balance sheet, enhances its credibility. The company’s growth is evident in its increasing user base, now exceeding 600,000 accounts. Additionally, Fold’s partnerships with major retailers and its upcoming credit card offering, which provides bitcoin rewards, further strengthen its market position. These factors, combined with the potential appreciation of bitcoin, underpin Dede’s optimistic outlook and the $7 price target accompanying his Buy rating.
According to TipRanks, Dede is an analyst with an average return of -0.9% and a 35.48% success rate. Dede covers the Technology sector, focusing on stocks such as Canaan, Ryvyl, and Exodus Movement, Inc. Class A.