Fold has eliminated $66.3 million in convertible debt, thereby reducing the risk of stock dilution and streamlining the balance sheet ahead of its product expansion plans. The company settled two convertible bonds and released 521 Bitcoin previously used as collateral, enhancing financial flexibility and reducing capital constraints.
Founded in 2019, Fold has been listed on Nasdaq since February 2025 through a SPAC merger. The company aims to accelerate growth, including issuing Bitcoin rewards credit cards instead of traditional reward points.
In a highly competitive environment, Coinbase and Nexo both offer digital asset reward cards. Recently, Mastercard partnered with MetaMask to launch a cryptocurrency-linked card in the U.S., allowing automatic conversion to fiat currency at the point of sale.
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