Bitcoin services company Fold announced Friday that it has added 475 BTC to its treasury, or about $41 million worth, bringing its total holdings to more than 1,485 BTC—nearly $130 million worth at today’s price.
The firm followed the playbook popularized by Michael Saylor’s Strategy (formerly MicroStrategy), issuing convertible notes to raise funds for the purchase.
“We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way,” said Fold CEO Will Reeves in a statement. “As the first publicly traded Bitcoin financial services company, we believe maintaining a significant Bitcoin treasury not only drives value for our shareholders, but more importantly, strengthens our ability to power the next generation of financial services built on Bitcoin.”
The firm, which started trading publicly on the Nasdaq Composite under the ticker FLD last month, rewards users of its services with Bitcoin rewards. As of last month, the company had rewarded customers with more than $20 million worth of Bitcoin for using its debit card, insured accounts, and bill pay features.
“Fold’s Bitcoin treasury serves a dual purpose: providing value to investors seeking Bitcoin exposure, while acting as a corporate strategic reserve to support our growing suite of Bitcoin-native financial products,” added Reeves.
The company’s Bitcoin addition was announced just one day after President Donald Trump signed an executive order to create a Bitcoin Strategic Reserve for the United States.
Shares of Fold finished Friday down 1.7%, to $7.58.
A representative for the company did not immediately respond to Decrypt’s request for comment about its average purchase price and any future strategic reserve plans.
Edited by Andrew Hayward
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