BTC Holdings: Fold Adds $41M to Reserve
Big news from Bitcoin services company Fold this Friday: they’ve just boosted their Bitcoin holdings by a significant 475 BTC. That’s roughly $41 million at current prices! This latest purchase pushes their total Bitcoin treasury to over 1,485 BTC, which is nearly $130 million in today’s market.
To make this substantial Bitcoin buy, Fold took a page from Michael Saylor’s playbook at Strategy (formerly MicroStrategy). They raised funds by issuing convertible notes – a financial strategy that’s becoming increasingly common in the crypto space.
“We’re firm believers in Bitcoin’s pivotal role in shaping a new financial future, and Fold is determined to be at the forefront,” stated Fold CEO Will Reeves. He added, “As the first publicly traded Bitcoin financial services company, we see our significant Bitcoin treasury as a win-win. It not only builds value for our shareholders but, even more importantly, empowers us to drive the next wave of Bitcoin-based financial innovations.”
Fold, which began trading publicly under the ticker FLD on the Nasdaq Composite just last month, is known for rewarding its users with Bitcoin. In fact, they’ve already given back over $20 million in Bitcoin rewards to customers simply for using their debit card, insured accounts, and bill payment features.
Reeves further explained the rationale behind their Bitcoin strategy, saying, “Fold’s Bitcoin treasury is designed to do double duty. It offers investors a chance to tap into Bitcoin’s potential, while simultaneously serving as a crucial strategic reserve to fuel our expanding range of Bitcoin-native financial products.”
Interestingly, Fold’s announcement of this Bitcoin acquisition comes just a day after President Donald Trump signed an executive order aimed at establishing a Bitcoin Strategic Reserve for the United States.
Despite the positive Bitcoin news, Fold’s stock price dipped slightly on Friday, closing down 1.7% at $7.58 per share.
Decrypt reached out to Fold for more details, specifically regarding their average purchase price for the Bitcoin and any future strategic reserve plans, but a company representative hasn’t yet responded to our request for comment.
