Fold Buys 475 Bitcoin, Joins Top 10 US Companies Holding BTC
Fold Holdings has added another 475 Bitcoin to its treasury, bringing its total holdings to over 1,485 BTC.
The purchase was made through the issuance of convertible bonds, with a conversion price of $12.50 per share - double the closing price of FLD shares on March 5. This puts Fold in the top 10 largest public companies in the US holding the largest amount of Bitcoin.
Currently, the amount of Bitcoin owned by Fold is worth over $135 million.
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Fold is best known for its flagship product, an app that allows users to earn rewards in Bitcoin when making purchases via debit and credit cards.
This strategy has created a huge appeal among consumers looking to accumulate Bitcoin as part of their everyday spending.
"As the first publicly traded financial services company focused on Bitcoin, we believe that maintaining a significant Bitcoin treasury not only adds value to our shareholders, but also strengthens our ability to support the next generation of Bitcoin-based financial services," said Fold CEO Will Reeves.
Fold officially listed on Nasdaq under the ticker “FLD” in February, increasing its market presence and opening up opportunities for investors to participate in its Bitcoin-based vision. Nasdaq is also preparing to introduce 24/5 trading, allowing investors to trade continuously from Sunday evening to Friday evening.
