Fold Holdings, Inc. (NASDAQ: FLD), the bitcoin financial services company behind a range of consumer rewards products, Announce A series of capital transactions designed to eliminate secured debt, strengthen its balance sheet, and fund the next phase of its growth strategy.
The company generated approximately $45 million worth of bitcoin at an average price of about $71,000 per coin, used $20 million of those proceeds to pay down debt collateralized by bitcoin, and directed the remaining $25 million toward growth initiatives across its consumer and enterprise platforms.
The moves are leaving fold Debt-free on the collateralized side while maintaining a Bitcoin treasury of approximately 1,492 BTC – worth approximately $95 million at current prices.
Fold stock rose to $1.50 in early trading, up more than 130% on the day. Since then, the stock has fallen below $1, up just 30% on the day.
The main deal is related to a broader debt restructuring. Fold has repaid approximately $66.3 million of convertible notes, a position it originally built in March 2025 when the company added 475 bitcoins to its treasury through those same instruments. Terminating the debt freed up 521 bitcoins that were held as collateral, giving management more flexibility regarding the company’s bitcoin holdings in the future.
“We reduced financing risk, strengthened our balance sheet, and ensured that short-term market volatility could not stand in the way of executing our roadmap,” said Will Reeves, Chairman and CEO. “As we approach multiple product launches, we believe Fold is entering one of the most important periods of growth in the company’s history.”
Fold Credit Card and New Products
Fold’s flagship product is Bitcoin Rewards Credit Cardis located at the center of the growth thesis of management.
Eliminating debt removes monthly cash interest payments from the expense base and, in Reeves’ terms, gives the company financing flexibility to support a larger base of cardholders and pursue financing relationships that participate in the economics of the card program as it expands.
The company also has a $45 million revolving credit facility backed by bitcoin collateral and $250 million worth of equity. buying A facility aimed at future Bitcoin accumulation — instruments that mirror the playbook of corporate treasury that Fold has committed to since going public on February 19, 2025, through its SPAC merger with FTAC Emerald Acquisition Corp.
The restructuring process comes against the backdrop of real business momentum. Fold’s fiscal 2025 revenue reached $31.8 million, an increase of 34% year over year, driven by transaction volume of approximately $960 million for the period.
Since its launch in 2019, the company has processed more than $2 billion in total transactions and distributed more than $45 million in Bitcoin rewards to users, the company said.
The combination of a debt-free balance sheet, an efficient revenue engine, and a treasury that holds exposure to bitcoin’s rising value, gives Fold a capital structure that management says is designed for the current environment — one in which bitcoin-native financial products are gaining traction with both consumers and institutional financing partners.
“Over the past year, we have built one of the strongest product roadmaps in our history,” Reeves said. “Increased liquidity and reduced debt ensure we have the resources and flexibility to execute on our plans during this pivotal moment for Fold.”
