Fold Holdings, Inc. (NASDAQ: FLD), the bitcoin financial services company behind a suite 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 monetized approximately $45 million in bitcoin at an average price of around $71,000 per coin, used $20 million of those proceeds to retire bitcoin-collateralized 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 preserving a bitcoin treasury of approximately 1,492 BTC — worth roughly $95 million at current prices.

Fold’s stock ripped to $1.50 in early trading, up over 130% on the day. Since then, the stock has fallen to under $1, up only 30% on the day. 

The headline transaction is tied to a broader debt restructuring. Fold repaid approximately $66.3 million in convertible notes, a position it originally built in March 2025 when the company added 475 BTC to its treasury through those same instruments. Retiring the debt released 521 BTC that had been locked up as collateral, giving management more flexibility over the company’s bitcoin holdings going forward.

“We have reduced financing 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 Chief Executive Officer. “As we approach several product launches, we believe Fold is entering one of the most important growth periods in the company’s history.”

Fold’s credit card and new products

Fold’s flagship product, its Bitcoin Rewards Credit Card, sits at the center of management’s growth thesis. 

The debt elimination removes monthly cash interest payments from the expense base and, in Reeves’ framing, gives the company the financing flexibility to support a larger cardholder base and pursue funding relationships that participate in the card program’s economics as it scales.

The company also has a $45 million revolving credit facility backed by bitcoin collateral and a $250 million equity purchase facility aimed at future bitcoin accumulation — instruments that reflect the corporate treasury playbook Fold has committed to since going public on February 19, 2025, through a SPAC merger with FTAC Emerald Acquisition Corp.

The restructuring arrives against a backdrop of genuine business momentum. Fold’s fiscal year 2025 revenue reached $31.8 million, a 34% increase 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 retains exposure to bitcoin appreciation gives Fold a capital structure that management argues is designed for the current environment — one where bitcoin-native financial products are gaining traction with both consumers and institutional financing 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 during this pivotal moment for Fold.”