Fold Holdings just landed $150 million in borrowing power to scale its Bitcoin rewards credit card across the country. The facility comes from Encina Lender Finance and gives Fold a four-year runway to issue cards to a growing waitlist of customers eager to stack sats on everyday purchases.
Here’s the thing: this is debt, not equity. Fold gets to expand aggressively without handing over a single share to new investors. For a company that went public on Nasdaq under the ticker FLD, that distinction matters a lot to existing shareholders.
How the deal works
The credit facility is structured as a senior secured revolving line, backed by consumer credit card receivables. In English: as cardholders spend and accumulate balances, those future payments serve as collateral for the loan.
The facility also includes an uncommitted accordion feature. That means Fold can potentially expand the borrowing capacity beyond $150 million if lender appetite and business performance justify it.
