Fold secures $250 million equity purchase facility to expand BTC treasury

Fold Holdings (ticker FLD), the parent company behind the Fold Bitcoin wallet and app, has secured a $250 million equity purchase facility to expand its Bitcoin treasury, according to an announcement on Tuesday. 

The firm says it has “entered into an agreement” to sell up to $250 million worth of newly issued shares to fund its Bitcoin acquisition strategy.

“The Company is not required to use the Facility and controls the timing and amount of any drawdown,” the announcement reads, implying no coins have been purchased as of the date of its filing with the U.S. Securities and Exchange Commission. 

Like many recent crypto corporate treasury firms — such as 21 Capital and Nakamoto, both of which took cues from Michael Saylor’s BTC acquisition vehicle, Strategy — Fold is funding its purchase through private placements, which effectively turn its stock into a leveraged play on the price of Bitcoin. 

Fold, launched in 2019, began as a wallet company and has since expanded into broader financial services, including the Fold Card — a debit card offering Bitcoin cashback rewards — and a Bitcoin treasury strategy. It has entered into at least one other convertible note agreement to purchase 475 BTC.

According to Bitcoin Treasuries, Fold holds approximately 1,488 BTC worth some $157.23 million, making it one of the larger publicly traded Bitcoin treasury firms. 

Fold went public in 2024 through a SPAC merger with Nasdaq-traded FTAC Emerald Acquisition Corp., at a pre-money valuation of $365 million. At the time, it held an estimated 1,000 BTC.

FLD was trading at $4.71 on Tuesday, up 0.43% from around $4.31 at market open, according to The Block’s price data .