Fold Holdings, the publicly traded Bitcoin rewards company, moved $45 million worth of Bitcoin off its balance sheet as part of a broader effort to clean up its capital structure and position itself for its next growth phase.

The transaction is tied to Fold’s debt management strategy rather than a fire sale. The company repaid approximately $66.3 million in convertible debt, which released 521 BTC that had been locked up as collateral.

The numbers behind Fold’s treasury chess game

As of June 2026, Fold maintains a Bitcoin treasury of around 1,492 BTC, valued at roughly $95 million. That’s after the debt repayment and collateral release, meaning the company still holds a substantial position relative to its size.

Fold secured a $45 million revolving credit facility with its Bitcoin holdings serving as collateral. It also has a $250 million equity purchase facility specifically aimed at acquiring more Bitcoin.

In March 2025, Fold added 475 BTC to its treasury through convertible notes. The convertible debt repayment in March 2026 was essentially the other side of that trade: borrowing to buy Bitcoin, then paying off the borrowing when the terms made sense.

Fold’s 2025 fiscal year revenue hit $31.8 million, representing a 34% jump year-over-year. Transaction volume came in close to $960 million for the year. Since launching in 2019, the company has processed over $2 billion in total transactions and distributed more than $45 million in Bitcoin rewards to its users.

Fold went public on February 19, 2025, via a SPAC merger with FTAC Emerald Acquisition Corp.

The corporate Bitcoin treasury playbook

Since going public, Fold has publicly committed to not selling its Bitcoin holdings to fund day-to-day operations. The playbook involves using debt instruments and equity facilities to raise cash, using cash to buy Bitcoin, and using Bitcoin as collateral to access more capital. Repaying $66.3 million in convertible debt while maintaining nearly 1,500 BTC suggests the company isn’t dangerously over-leveraged.

The Bitcoin rewards credit card, Fold’s flagship product, gives the company a revenue-generating business underneath the treasury strategy. The company generates $31.8 million in annual revenue and processes nearly a billion dollars in transactions annually.

Fold is listed on NASDAQ under the ticker FLD.

What this means for investors

The debt repayment freed up 521 BTC from collateral lockup, giving the company more operational flexibility and a cleaner balance sheet. The $250 million equity purchase facility suggests management expects to keep accumulating Bitcoin.

The 34% revenue growth and transaction volume approaching $960 million demonstrate product-market fit for the Bitcoin rewards concept. Crossing $2 billion in lifetime volume is a meaningful milestone for a company that has been operating since 2019.