Fold Holdings shares jumped as much as 63% after the company announced it had sold about $45 million in Bitcoin. The move was not a Bitcoin trade or a price call. Fold says the sale, at an average price near $71,000 per coin, was a balance sheet decision. $20 million from the sale went directly to repay all of Fold’s secured Bitcoin-backed debt. The remaining $25 million is now unrestricted cash, which the company says will support expansion and keep its operating runway strong.
That shift matters because Fold had already said in its February balance-sheet update that it was working to simplify its capital structure and strengthen financial flexibility. Rather than treating every Bitcoin on the balance sheet as untouchable treasury, management used part of its reserve to eliminate leverage, cut interest burden, and position the company for growth without adding new balance-sheet strain. The stock’s reaction suggests equity holders welcomed a cleaner capital structure with room for expansion.
Fold had previously leaned into Bitcoin as a central part of its treasury identity. This week’s move shows management using that treasury as a corporate finance tool, turning part of a volatile asset reserve into debt reduction and expansion capital, and investors responded to what that flexibility allows.