Bitcoin financial services company Fold has successfully eliminated $66.3 million in convertible debt, a move that simplifies its balance sheet and removes potential share dilution. The company also announced the release of 521 Bitcoin previously pledged as collateral, now freeing these assets for corporate use.
This restructuring grants Fold fewer financing restrictions and greater operational flexibility. The company plans to leverage this for growth initiatives, including the launch of a consumer-targeted Bitcoin rewards credit card. Founded in 2019, Fold went public on the Nasdaq in February 2025 via a SPAC merger, positioning itself as a key player in Bitcoin-focused financial services.
Fold's core offering is a debit card allowing users to earn Bitcoin cashback on everyday purchases. The company is also expanding into savings features and merchant partnerships to promote Bitcoin accumulation. The crypto rewards space is highly competitive, with offerings from Coinbase, Nexo, Bybit, Crypto.com, and recent collaborations like Mastercard and MetaMask.