Fold sells $45 million of bitcoin, clears secured debt

Fold sold about $45 million of bitcoin at an average price of $71,000 as part of a balance-sheet overhaul that eliminated all of its secured debt and redirected capital toward growth initiatives. The Nasdaq-listed bitcoin financial services firm used $20 million of the proceeds to repay bitcoin-backed borrowings and allocated the remaining $25 million to expansion plans, including products such as a Bitcoin Gift Card, Fold Business tools and support for its credit card program launched on May 27. The company said the sale was balance-sheet hygiene rather than distress selling and that it improved monthly net cash flow while leaving a credit facility available for future use. The transaction follows Fold’s February move to retire $66.3 million in convertible notes, which released 521 BTC that had been pledged as collateral. Fold’s first-quarter 2026 revenue fell 21.1% to $5.6 million and transaction volumes dropped about 32%, as bitcoin prices came under pressure and U.S. spot bitcoin ETFs saw $2.3 billion in net outflows during May. Fold did not disclose its remaining bitcoin holdings, though Bitcoin Treasuries data estimated about 826 BTC, worth roughly $51.3 million. Shares surged nearly 140% in premarket trading after the announcement and were later up 27% over 24 hours at $0.7886.