Week #37

USD/BTC = $77,061
Block 949,879

Here are the stocks I plan on buying this week:Here are the stocks I plan on buying this week:

🐂 = Bull Case
🐻 = Bear Case

Latest Updates:Latest Updates:

FoldFold

Revenues: $5.6 million, 21.1% YoY decrease
Transaction Volumes down 32% YoY
More than 1,000 Fold Bitcoin Credit Cards in Circulation
Restructuring fees on Bitcoin Gift Card to Drive Distribution

PHOENIX, May 12, 2026 (GLOBE NEWSWIRE) -- Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”, “we”, or “our”), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial Highlights

• Revenue: $5.6 million; 21.1% YoY decrease
• Net Loss: ($29.2) million
• Adjusted EBITDA² (Loss): ($5.8) million
• Loss Per Share: ($0.59) per share
• Adjusted EBITDA (Loss) Per Share²: ($0.12) per share
• Bitcoin Investment Treasury Holdings¹: 826 BTC

Q1 2026 Key Operating Metrics

• Total Transaction Volume: $172 million; 32% YoY decrease
• Total Verified Accounts: nearly 85,000, added close to 2,000 new verified accounts in the quarter

NakamotoNakamoto

Nakamoto Reports First Quarter 2026 ResultsNakamoto Reports First Quarter 2026 Results

Completed Creation of Bitcoin Operating Company with February Acquisitions of BTC Inc and UTXO Management

Nakamoto Inc. (NASDAQ: NAKA) (“Nakamoto” or the “Company”), today announced its results for the first quarter ended March 31, 2026.

Q1 Operational & Financial Highlights

• Completion of the acquisitions of BTC Inc. and UTXO Management GP, LLC (“UTXO Management”) on February 20, 2026, establishing Nakamoto’s foundational operating businesses across media, asset management, and advisory.
• Launched an actively managed Bitcoin derivatives strategy designed to generate yield on treasury assets and enhance capital efficiency while managing downside exposure.
• Reported total operating revenue of $2.7 million, including:
  • $1.6 million from operating businesses.
  • $1.1 million from Bitcoin treasury and derivatives strategy.
• Reported a net loss of $238.8 million, primarily driven by non-cash and transaction-related items, including:
  • $102.5 million mark-to-market loss resulting from the decline in Bitcoin price during the quarter.
  • $107.7 million non-cash reduction in the cumulative gain from the Company’s pre-acquisition call option.
  • Approximately $8.0 million of transaction-related and integration related costs.
• Held more than 5,000 Bitcoin as of March 31, 2026, with an aggregate fair value of approximately $345 million at quarter-end.

“The first quarter marked a transformational period for Nakamoto as we formally transitioned into a Bitcoin operating company,” said David Bailey, Chief Executive Officer of Nakamoto. “During the quarter, we completed the acquisitions of BTC Inc. and UTXO Management and began integrating the foundational businesses we believe position Nakamoto for long-term growth across the Bitcoin ecosystem. While our reported results reflect only a partial quarter of contribution from these businesses, as well as softer Bitcoin pricing during the period, we remain highly confident in the long-term earnings power of the company we are building. Our focus for the remainder of 2026 is execution — scaling our operating businesses, expanding revenue opportunities, and continuing to build durable shareholder value through disciplined capital allocation and long-term conviction in Bitcoin.”

Strive (The Daily Dividend Company)Strive (The Daily Dividend Company)

Strive, Inc. Announces Daily Dividends on SATA Stock and First Quarter 2026 Financial ResultsStrive, Inc. Announces Daily Dividends on SATA Stock and First Quarter 2026 Financial Results

May 14, 2026

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DALLAS, May 14, 2026 (GLOBE NEWSWIRE) -- Strive, Inc. (Nasdaq: ASST; SATA) (“Strive” or the “Company”) today announced that it will begin paying dividends on its Variable Rate Series A Perpetual Preferred Stock (the "SATA Stock") on a daily basis. This change will take effect on June 16, 2026, with dividends paid each business day to stockholders of record on the immediately preceding business day. Dividend, if and when declared, will be declared on a monthly basis for the following month's monthly dividend period. The Company's board of directors maintained the regular dividend rate per annum on the Company's SATA Stock at 13.00%, effective for the monthly periods commencing on or after May 16, 2026. The Company also announced its financial results for the first quarter ended March 31, 2026.

Key Highlights:

• Acquired a total of 6,001 bitcoin during the first quarter ended March 31, 2026, including 5,048 bitcoin from the acquisition of Semler Scientific, Inc. and 953 bitcoin from open market purchases.
• Acquired an additional 1,381 bitcoin during the period from April 1, 2026 through May 12, 2026.
  • Since Strive's announcement on May 4, 2026, Strive has acquired an additional 9 bitcoin, bringing our total bitcoin treasury to 15,009 bitcoin.
• Achieved a Bitcoin Yield of 11.1% in Q1 2026 and 4.6% QTD (as of May 12, 2026) in Q2 2026.
• Generated a Bitcoin Gain of ₿848 BTC in Q1 2026 and ₿621 QTD (as of May 12, 2026) in Q2 2026.
• Generated a Bitcoin $ Gain of $57.8 million in Q1 2026 and $50.1 million QTD (as of May 12, 2026) in Q2 2026.
• As of May 12, 2026, Strive's cash and cash equivalents totaled $87.6 million and our position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $50.5 million. Strive had 63,211,995 and 9,870,636 shares of Class A common stock and Class B common stock, respectively, and 4,959,536 shares of SATA Stock outstanding as of May 12, 2026.
• During the period from April 1, 2026 to May 12, 2026, the Company repurchased the remaining balance of long-term notes payable, at fair value. As of May 12, 2026, the Company has no short or long-term debt outstanding.
• Consummated the acquisition of Semler Scientific, Inc. ("Semler Scientific") in an all-stock transaction, resulting in Strive acquiring the approximately 5,048 bitcoin held by Semler Scientific. Strive intends to monetize the business as it remains focused on its bitcoin accumulation strategy.
• On January 27, 2026, the Company completed a follow-on registered public offering of 1,320,000 shares of its SATA Stock at a price to the public of $90.00 per share, resulting in net proceeds of approximately $109.3 million, after deducting the underwriting discounts and commissions and the Company’s offering expenses. Strive utilized these proceeds, along with cash on hand, to retire the $20 million loan with Coinbase Credit Inc., which Strive assumed as part of the acquisition of Semler Scientific. Concurrent with the above public offering, Strive exchanged approximately 929,999 shares of SATA Stock, with a $93.0 million notional balance, for $90.0 million of the principal balance of the convertible notes assumed as part of the acquisition of Semler Scientific, representing 90.0% of the principal balance of the convertible debt principal balance assumed from Semler Scientific.
• GAAP net loss of $265.9 million, for the three months ended March 31, 2026. $295.8 million (96.6%) of the GAAP net loss was attributable to the fair market value decrease in bitcoin holdings.
• Non-GAAP adjusted net loss attributable to common stockholders¹ of $319.7 million, or $5.19 per diluted common share¹, for the three months ended March 31, 2026. $295.8 million (92.5%) of the $319.7 million non-GAAP adjusted net loss attributable to common stockholders was attributable to the fair market value decrease in bitcoin holdings and $13.7 million (7.5%) was attributable to other business operations. Non-GAAP adjusted net loss attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.

"SATA will be the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day, beginning June 16, 2026, at a current annualized rate of 13.00%. This is a true zero-to-one innovation," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc. "Today, Strive stands debt-free, with zero margin requirements, and zero encumbered Bitcoin; a balance sheet purpose-built to thrive through Bitcoin volatility. We're thrilled to unveil the next chapter for Strive: The Daily Dividend Company."

GUTSGUTS

Next anticipated Revita^® clinical data readouts are 1-year data from the REVEAL-1 Cohort in Q2 2026 and 1-year randomized data from the REMAIN-1 Midpoint Cohort in Q3 2026

Early Q4 2026 timing for topline 6-month randomized data from the REMAIN-1 Pivotal Cohort and late Q4 2026 timing for potential FDA De Novo marketing application submission in post-GLP-1 weight maintenance reaffirmed

Clinical Trial Application authorization of RJVA-001 first-in-human study in the Netherlands for T2D; first-in-human dosing anticipated in second half of 2026 reiterated

Cash runway guidance into early 2027, beyond anticipated Pivotal data readout reiterated

Conference call today at 4:30 p.m. ET

BURLINGTON, Mass., May 12, 2026 (GLOBE NEWSWIRE) -- Fractyl Health, Inc. (Nasdaq: GUTS) (the Company or Fractyl), a clinical stage metabolic therapeutics company focused on pioneering novel approaches to treat obesity and type 2 diabetes (T2D), today announced first quarter 2026 financial results and provided business updates. The Company also reiterated all previously disclosed 2026 Revita^® clinical and regulatory milestones, including topline 6-month randomized data from the REMAIN-1 Pivotal Cohort expected in early Q4 2026, and its cash runway guidance into early 2027.

“We believe Revita has the potential to offer a transformational new approach to durable weight maintenance and a clinically needed off ramp from GLP-1 therapy. Our first quarter results reflect continued execution across every dimension of our business toward that goal,” said Harith Rajagopalan, M.D., Ph.D., Co-Founder and Chief Executive Officer of Fractyl. “Topline 6-month randomized data from the REMAIN-1 Pivotal Cohort remains on track for early Q4 2026. This registrational study is prospectively designed and statistically powered to demonstrate Revita’s potential effect across the full cohort, with enrichment in participants with higher run-in weight loss and longer ablation length. Ahead of that readout, we expect to report 1-year REVEAL-1 Cohort data in Q2 2026 and 1-year REMAIN-1 Midpoint Cohort randomized data in Q3 2026. Fractyl stands alone in developing the first potential procedural option for post-GLP-1 weight maintenance, and with cash runway into early 2027, we are funded beyond the anticipated pivotal data readout.”

Select Recent Revita Clinical Highlights

The Company is studying Revita in the REMAIN-1 weight maintenance program, which is designed to evaluate Revita's potential to maintain weight loss following GLP-1 based therapy discontinuation. The REMAIN-1 program includes three distinct participant cohorts that are conducted under a single IDE: the REVEAL-1 Cohort, the REMAIN-1 Midpoint Cohort and the REMAIN-1 Pivotal Cohort.

• In January 2026, Fractyl announced compelling 6-month randomized REMAIN-1 Midpoint Cohort data showing durable weight maintenance with Revita after GLP-1 discontinuation. Participants with above median GLP-1-associated weight loss experienced approximately 70% less post-GLP-1 weight regain with Revita versus sham at 6 months. These pilot study results support the pivotal study design and further substantiate Revita’s potential to be the first durable procedural therapy for post-GLP-1 weight maintenance.
• In February 2026, Fractyl completed participant randomization in the REMAIN-1 Pivotal Cohort.
• In March 2026, Fractyl reported post-hoc analyses from the REMAIN-1 Midpoint Cohort showing a statistically significant ablation length (i.e., dose)-dependent treatment effect on post-GLP-1 weight maintenance at 6 months. In participants with above median GLP-1-induced weight loss who received greater than 14 cm duodenal ablation, Revita participants retained 88% of GLP-1-induced weight loss at six months compared to only 60% in sham participants.
• In March 2026, Fractyl also reported that it had received pre-submission feedback from the U.S. Food and Drug Administration (FDA) acknowledging that the safety profile of the Revita DMR System, based on clinical data from over 300 procedures, is consistent with a Class II device classification.

Fractyl Forward: Reiterating Anticipated 2026 Revita Milestones

With randomization of the REMAIN-1 Pivotal Cohort complete, Fractyl is advancing toward multiple anticipated clinical and regulatory milestones toward pivotal readout and potential U.S. regulatory submission. The Company reiterates its previously announced cash runway into early 2027, beyond the anticipated pivotal data readout.

• Q2 2026: 1-year REVEAL-1 Cohort data.
• Q3 2026: 1-year REMAIN-1 Midpoint Cohort randomized data.
• Early Q4 2026: Topline 6-month randomized data from REMAIN-1 Pivotal Cohort.
• Late Q4 2026: Potential FDA De Novo marketing application submission in post-GLP-1 weight maintenance.

As in all applications, the FDA indicated that final pathway determinations will be made following review of the complete safety dataset, which the Company intends to include in its potential De Novo marketing application submission.

Rejuva^® Development Progress and Anticipated 2026 Rejuva Milestones

Rejuva is Fractyl’s gene therapy platform designed to enable long-term remission of T2D and obesity by durably reprogramming pancreatic islet cells to endogenously produce metabolic hormones. The lead product candidate, RJVA-001, is being advanced for patients with inadequately controlled T2D. The second candidate, RJVA-002, is a preclinical-stage dual GIP/GLP-1 gene therapy designed to treat obesity.

In April 2026, we received CTA authorization in the Netherlands for RJVA-001, enabling initiation of the anticipated Phase 1/2 first-in-human study evaluating RJVA-001 in adults with inadequately controlled T2D. Subject to site activation, we expect to dose the first patient with RJVA-001 and report preliminary data in the second half of 2026. We also plan to conduct the study at sites in Australia, where a CTA has been submitted and regulatory feedback is expected in the third quarter of 2026.

• H2 2026: First-in-human dosing of RJVA-001, subject to site activation, and expected reporting of preliminary data.

First Quarter 2026 Financial Results

• Research and Development Expenses: R&D expenses were $15.6 million for the quarter ended March 31, 2026, compared to $19.4 million for the same period in 2025. The decrease was primarily related to reduced spending on our Revita and Rejuva programs, as well as lower personnel-related expenses.
• Selling, General and Administrative Expenses: SG&A expenses were $5.2 million for the quarter ended March 31, 2026, consistent with $5.3 million for the same period in 2025.
• Net Income (Loss): For the quarter ended March 31, 2026, Fractyl reported a net income of $9.2 million, compared to net loss of $23.7 million for the same period in 2025. The shift was primarily driven by a $30.1 million non-cash accounting change in fair value related to our warrant liabilities and does not reflect a change in our underlying operating performance. Operating expenses for the quarter ended March 31, 2026 were $3.9 million lower compared to the same period in 2025.
• Adjusted EBITDA: Adjusted EBITDA was negative $18.0 million for the quarter ended March 31, 2026, compared to negative $23.0 million for the same period in 2025. The decrease in the non-GAAP adjusted loss was primarily due to the decrease in operating expenses.
• Cash Position: As of March 31, 2026, Fractyl had approximately $63.2 million in cash and cash equivalents. Based on current business plans, the Company believes its cash position will fund operations into early 2027.

BitGoBitGo

Consolidated Financial Highlights

• Total Revenue of $3.8 billion increased 112.6% year-over-year, driven by higher digital asset sales activity and a broader contribution from Stablecoin-as-a-Service revenue relative to Q1 2025. Sequentially, total revenue declined 38.7%, reflecting a weaker crypto market environment, as well as lower digital asset sales revenue resulting from a shift in client activity from spot trading to derivatives products following the launch of BitGo’s derivatives offering at the beginning of the quarter. Because derivatives revenue is recognized on a net basis, while spot trading revenue is recognized on a gross basis, reported revenue comparisons to prior periods are not directly comparable. Despite this accounting impact within digital asset sales, BitGo continued to see improving margins and take rates across digital asset sales, staking, and stablecoin-as-a-service during the quarter.
• Net Loss of $(60.7) million compared to net loss of $(25.7) million in Q1 2025 and net loss of $(50.0) million in Q4 2025, was primarily driven by non-cash mark-to-market impacts related to the Company’s Bitcoin treasury, as well as elevated IPO-related stock-based compensation expense. The Company expects stock-based compensation expense to normalize from Q1 20226 levels going forward.
• Adjusted EBITDALoss of $(1.7) million compared to $3.9 million gain in Q1 2025 and $12.1 million gain in Q4 2025, reflecting weaker market conditions, approximately $3.0 million of one-time legal and professional costs associated with the IPO and other strategic initiatives, and continued investment in product, platform and go-to-market capabilities.
• Basic and Diluted EPS of $(0.62) compared to $(0.69) in the prior year, primarily driven by non-cash mark-to-market impacts related to the Company’s Bitcoin treasury, as well as elevated IPO-related stock-based compensation expense.
• Balance Sheet of $186.6 million of cash and cash equivalents and a digital assets treasury, inclusive of 2,449 Bitcoin, with a fair value of approximately $167.1 million as of March 31, 2026.

Commentary:Commentary:

A lot of Q1 reports coming in. With this bear market many of these companies are reporting depressed numbers but it appears the fundamentals remain strong. Adding shares at these lower prices is a gift!