Fold Holdings, Inc. (NASDAQ: FLD) says it monetized about $45 million in bitcoin to clean up its secured debt stack and rebalance its capital structure. The filing-first move also explains the ugly-for-a-day stock spike. The market cheered. Then it stopped.
What Fold actually did with the bitcoin
Fold “monetized approximately $45 million in bitcoin” at an average price of around $71,000 per coin. It then used $20 million of those proceeds to retire bitcoin-collateralized debt.
That leaves Fold “debt-free on the secured side” while retaining a bitcoin treasury of about 1,492 BTC. Bitcoin Magazine frames that treasury as roughly $95 million “at current prices,” which is the company’s core tradeoff for this restructuring. It reduces financing drag without cashing out its bitcoin exposure entirely.
The part that moved the stock, briefly
Bitcoin Magazine reports Fold’s stock jumped to $1.50 in early trading, up more than 130% on the day. Since then, the stock has fallen to under $1, up about 30% on the day.
That sequence matters because it suggests the trade was not a slow confidence rebuild. It was a one-day repricing around balance-sheet optics and funding risk. Fold’s own CEO, Will Reeves, framed it as less vulnerable to short-term volatility and more able to execute product launches.
Debt restructuring also retires convertibles
The headline transaction sits inside a broader debt restructuring. Bitcoin Magazine says Fold repaid approximately $66.3 million in convertible notes.
Fold originally built that convertible position in March 2025 when it added 475 BTC to its treasury through those same instruments. When Fold retires the convertibles, Bitcoin Magazine says it “released 521 BTC that had been locked up as collateral.” In practical terms, that gives management more room to move with its bitcoin holdings going forward.
Why management says this helps operations
Fold’s flagship is its Bitcoin Rewards Credit Card, and the debt elimination is aimed at removing “monthly cash interest payments from the expense base,” according to Reeves as quoted by Bitcoin Magazine. Reeves also argues that the lower financing burden can support a larger cardholder base.
Fold also points to funding tools in its corporate treasury playbook, including a $45 million revolving credit facility backed by bitcoin collateral and a $250 million equity purchase facility aimed at future bitcoin accumulation. Those facilities signal the company still wants leverage to bitcoin exposure, just with less secured debt overhead.
The business backdrop Fold uses to justify the timing
Bitcoin Magazine calls this restructuring a response to momentum already in the business. For fiscal year 2025, Fold reported revenue of $31.8 million, up 34% year over year, driven by transaction volume of nearly $960 million. Since launching in 2019, Fold says it has processed more than $2 billion in total transactions and distributed over $45 million in bitcoin rewards to users.
Management is pitching a capital structure that keeps bitcoin-native upside while reducing financing risk. Reeves says the company “reduced financing risk” and that short-term market volatility cannot “stand in the way of executing [its] roadmap.” He also tied the restructuring to “several product launches” and called the period a “most important growth” moment for Fold.
Key facts from Fold’s restructuring
| Item | Figure | Source framing |
|---|---|---|
| Bitcoin monetized | ~$45M | Fold monetized in the transaction described by Bitcoin Magazine |
| Avg sale price | ~ $71,000/coin | Bitcoin Magazine |
| Secured debt retired | $20M | Bitcoin Magazine |
| Secured-side status | Debt-free | Bitcoin Magazine |
| Remaining bitcoin treasury | ~1,492 BTC | Bitcoin Magazine |
| Treasury value estimate | ~ $95M | Bitcoin Magazine “at current prices” |
| Convertible notes repaid | ~$66.3M | Bitcoin Magazine |
| BTC released from collateral | 521 BTC | Bitcoin Magazine |
| Early stock move | $1.50, up 130% | Bitcoin Magazine |
| Later stock move | Under $1, up 30% | Bitcoin Magazine |
What to watch next is less the day-one stock noise and more whether removing secured debt actually lowers cash burn enough to support the “product launches” Reeves referenced. Fold’s plan keeps bitcoin exposure on the balance sheet. That can help if bitcoin stays firm. It can also hurt if bitcoin turns.
The financing risk is now part of the story again, just in a different shape.