Fold retires $66M debt, frees 521 BTC collateral

Fold eliminated $66.3 million in convertible debt, easing a potential source of share dilution and simplifying its balance sheet as it prepares to expand its product lineup. The company retired two outstanding convertible notes — debt instruments that can convert into equity — reducing the risk that new shares would be issued.

It also released 521 Bitcoin that had been pledged as collateral against the debt. With the notes retired, those Bitcoin holdings are no longer encumbered and can now be used for corporate purposes. The restructuring leaves Fold with fewer financing restrictions and greater operational flexibility.

The company plans to use that flexibility to support growth initiatives, including the rollout of a consumer-targeted Bitcoin rewards credit card that offers BTC instead of traditional points or cash-back rewards. Founded in 2019 and listed on Nasdaq in February 2025 after a SPAC merger with FTAC Emerald Acquisition, Fold (FLD) shares are down more than 84% since their public debut.

fold, fld, convertible debt, 521 btc, bitcoin collateral, bitcoin rewards, credit card, spac merger, nasdaq listing, share dilution