Bitcoin financial services firm Fold has announced that it has added 475 BTC to its treasury, with a market value of approximately $41 million. This latest purchase brings the company’s total BTC holdings to over 1,485 BTC, worth approximately $130 million at current market prices.
Fold’s move mirrors the strategy pioneered by Michael Saylor’s MicroStrategy (now Strategy), which has raised funds via a convertible bond issuance to increase its Bitcoin reserves.
“We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way,” Fold CEO Will Reeves said in a statement. “As the first publicly traded BTC financial services company, we believe that holding a significant BTC treasury not only creates value for our shareholders, but more importantly, strengthens our ability to power the next generation of financial services built on Bitcoin.”
Fold, which began trading publicly on the Nasdaq Composite last month under the ticker FLD, rewards users of its services with Bitcoin. The company has already distributed over $20 million in BTC to its customers through debit cards, insured accounts and bill payment features.
“The Fold’s BTC treasury serves a dual purpose: it provides value to investors seeking exposure to Bitcoin while serving as an institutional strategic reserve to support our growing suite of Bitcoin-specific financial products,” Reeves added.
*This is not investment advice.
