Fold Holdings, Inc. (NASDAQ: FLD), the bitcoin company behind a range of consumer rewards products, announced 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 earned approximately $45 million in bitcoin at an average price of about $71,000 per share. coin, used $20 million of those proceeds to repay bitcoin-backed debt and directed the remaining $25 million toward growth initiatives across its consumer and enterprise platforms.
The moves leave Fold debt-free on the secured side, while retaining a bitcoin treasury of approximately 1,492 BTC — worth about $95 million at current prices.
Fold’s stock rose to $1.50 in early trading, up more than 130% on the day. Since then, the stock has fallen below $1, only up 30% on the day.
The overall transaction is linked to a broader debt restructuring. Fold repaid approximately $66.3 million in convertible notes, a position it initially built in March 2025, when the company added 475 BTC to its treasury through the same instruments. Repaying the debt freed up 521 BTC that had been locked up as collateral, giving management more flexibility over the company’s bitcoin holdings going forward.
“We have reduced funding risk, strengthened our balance sheet and ensured that short-term market volatility cannot stand in the way of executing our roadmap,” said Will Reeves, chairman and CEO. “As we approach more product launches, we believe Fold is entering one of the most important periods of growth in the company’s history.”
Fold credit cards and new products
Fold’s flagship product, its Bitcoin Rewards credit card, is at the center of management’s growth thesis.
The debt elimination removes monthly cash interest payments from the expense base and, in Reeves’ terms, gives the company financing flexibility to support a larger cardholder base and pursue financing relationships that participate in the card program’s finances as it scales.
The company also has a $45 million revolving credit facility backed by bitcoin security and a $250 million stock purchase facility targeting future bitcoin accumulation — instruments that mirror the corporate treasury playbook that Fold has committed to since going public on February 19, 2025 through a SPAC merger with FTAC Corp Emerald Acquisition.
The restructuring comes on the back of genuine business momentum. Fold’s fiscal 2025 revenue reached $31.8 million, up 34% year-over-year, driven by transaction volume of nearly $960 million for the period.
Since launching in 2019, the company has processed more than $2 billion in total transactions and distributed over $45 million in bitcoin rewards to users, the company said.
The combination of a debt-free balance sheet, a functioning revenue engine and a treasury that maintains exposure to bitcoin appreciation gives Fold a capital structure that management claims is designed for the current environment — one where bitcoin-native financial products are gaining traction with both consumers and institutional funding partners.
“Over the past year, we’ve built one of the strongest product roadmaps in our history,” Reeves said. “Increased liquidity and lower debt ensure we have the resources and flexibility to execute our plans at this pivotal moment for Fold.”