Fold Holdings (FLD) sold roughly $45 million of Bitcoin (BTC) at an average price of $71,000 on Wednesday. The proceeds repaid $20 million of Bitcoin-collateralized debt and freed $25 million for growth.
The Nasdaq-listed Bitcoin financial services company said the move erases all of its secured debt. Its revolving credit facility remains untouched.
Fold Sells Bitcoin at 14% Above Spot Price
Fold detailed the transactions in a Wednesday statement. Investors bid FLD shares up nearly 140% in premarket trading on the news.
The $71,000 average sale price stands out. BTC trades near $62,200, down 23% over the past 30 days, per BeInCrypto data. That puts Fold’s exit price about 13% above the current spot.
The sale also lands during a visible strain on the business. First-quarter results showed revenue fell 21.1% year over year to $5.6 million. Transaction volumes dropped 32% over the same period.
Broader conditions offer little relief. BTC recently fell below $60,000 before recovering, while spot ETFs logged $2.3 billion in May net outflows, their largest of 2026.
BeInCrypto’s June price outlook flags whale distribution as an added risk.
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A Second Balance Sheet Cleanup in 4 Months
Fold extinguished $66.3 million in convertible notes in February and recovered 521 BTC of pledged collateral, per an SEC filing. The June sale extends that deleveraging push.
Much of the freed cash targets the Fold Bitcoin Credit Card, which moved to a full rollout on May 27. More than 1,000 cards were in circulation at the end of Q1.
“We have reduced financing risk, strengthened our balance sheet, and ensured that short-term market volatility cannot stand in the way of executing our roadmap,” said Will Reeves, Fold’s Chairman and Chief Executive Officer, framing the sale as protection against volatility.
Fold’s playbook mirrors a wider shift among bitcoin-heavy companies.
MARA Holdings sold 15,133 BTC for roughly $1.1 billion in March to retire $1 billion in convertible notes. The sale reshuffled treasury rankings among public companies.
Meanwhile, corporate treasury demand has slowed as prices fall. Some analysts ask whether the treasury company’s sale could deepen the downturn.
Fold says it retains a meaningful Bitcoin treasury position. However, the company did not disclose its remaining BTC holdings.
Data according to Bitcoin Treasuries indicates holdings of up to 826 BTC, worth approximately $51.3 million.
With revenue shrinking and secured debt gone, attention now turns to execution.
The coming quarters will show whether $25 million can turn the credit card bet into measurable growth.