Fold Cashes In Its BTC Piggy Bank, Pays Off $66M Debt Like a Degen Finding a Forgotten Seed Phrase

Fold, the Bitcoin-obsessed fintech that’s essentially a rewards card that only has eyes for Satoshis, has finally settled a $66.3 million convertible debt. It didn't pull off a miraculous trade—it simply unlocked 521 BTC that had been gathering digital dust, like a boomer finding an old hard drive full of coins.

By wiping out those two convertible notes, Fold has effectively dodged a future dilution bullet. Translation: your already-rekt bag won't get extra rekt from shareholder printing. The liberated Bitcoin? Now it's free-range and unshackled, ready for the company to actually deploy. Think expanding its main gig: a credit card that rewards you in pure, uncut Bitcoin instead of inflationary fiat coupons.

Launched in 2019 and SPAC’d its way onto the Nasdaq in February 2025, Fold stands as an early public company that actually bleeds orange. Its stock performance? A classic 84% down-only chart since listing. But look on the bright side—at least the collateral isn't trapped in a smart contract bug anymore.

The battle for your crypto-spending soul, however, is a full-blown war. From Coinbase and Nexo to Bybit, Crypto.com, Mastercard, and even MetaMask, everyone's trying to sell you on the idea that spending your precious coins is peak financial alpha. Fold’s play? Just let you stack sats with your morning latte purchase. No need to touch the cursed traditional banking system.

The future of money? Possibly. The future of shareholder dilution? For now, sent to the shadow realm.