Fold Holdings Slumps 7% on Delay in Bitcoin Rewards Credit Card

Fold Holdings (FLD) notified customers early Monday afternoon of a delay in the rollout of its Fold Bitcoin Credit Card.

Shares quickly slumped more than 7% on the news.

“A key infrastructure partner unexpectedly exited the credit card business, disrupting our planned rollout,” said Fold in an email to customers. “As a result, the launch of the Fold Bitcoin Credit Card is delayed as we transition to a new partner better aligned with out long-term roadmap.”

Fold came public at around $10 per share in February this year, but quickly slumped lower, bottoming in mid-April at $2.51. Shares are now changing hands at $4.25.