Fold Holdings, Inc., the first publicly traded bitcoin financial services company, has entered into a four-year senior secured revolving credit facility with Encina Lender Finance, LLC.
The facility has an uncommitted accordion feature that limits the maximum size to $150 million and is secured by a pool of consumer credit card receivables.
The deal gives Fold a dedicated source of funding to grow its Bitcoin credit card program without issuing new equity — a structure that avoids diluting existing shareholders. CEO and co-founder Will Reeves said the capital will allow the company to “meaningfully expand the distribution of the Fold credit card” as it works toward becoming “the nation’s personal financial hub for the Bitcoin economy.”
The Fold Bitcoin Credit Card works on the Visa network and runs on Stripe Issuing infrastructure, making it accepted by around 175 million merchants worldwide. Cardholders earn a base rate of 1.5% back in bitcoin on all net purchases, with the potential to reach 4% by combining behavioral boosts, direct-to-bitcoin transfers and a 0.5% bonus for paying their account balance using bitcoin held in a Fold account.
Fold began issuing cards to a portion of its waiting list members prior to this announcement. The company plans to expand access in planned batches over the coming weeks, with the Encina facility giving it the original capacity to scale while preserving the cardholder experience.
As of the company’s Q1 2026 earnings report, more than 1,000 Fold Bitcoin credit cards were already in circulation.
Folds Encina Partnership
Encina Lender Finance is an independent specialty finance company with offices in Atlanta, Dallas, Los Angeles, New York and San Francisco. The firm focuses on asset-based financing investments in the short to medium term of consumer and commercial credit pools.
Encina CEO Geoff Beard said the Fold deal “fits well with our core expertise at the intersection of specialty finance, financial technology and asset-based private credit investing.”
The structure of the facility – asset-backed and revolving – is common in consumer fintech and allows Fold to draw capital as card receivables grow, then repay and draw again as the portfolio turns.
This keeps the facility in line with actual card volume rather than locking in a fixed debt load.
Fold reported Q1 2026 revenue of $5.6 million, down 21.1% year-over-year, with transaction volume down 32% over the same period. The credit facility comes at a time when the company needs growth momentum to reverse this trend.
The company disclosed several significant risk factors. Bitcoin’s price volatility can affect the value of rewards earned by cardholders, and broader market shifts can pressure the quality of the pool of consumer receivables that support the facility.
The card is issued by Celtic Bank under a Visa licence, with rewards provided by Fold rather than the bank.