Fold recently added 475 BTC to its holdings, equivalent to approximately $41 million, raising its total reserves to 1485 BTC.
Fold Increases Bitcoin Reserves
Fold has announced its purchase of 475 bitcoins with a market value of approximately $41 million. This latest acquisition raises the company's total bitcoin holdings to over 1,485 BTC, valued at approximately $130 million at current market prices.
MicroStrategy's Strategy and Bitcoin's Future Role
Fold mirrors the strategy pioneered by MicroStrategy, which has raised funds via a convertible bond issuance to increase its Bitcoin reserves. Fold CEO Will Reeves stated, "We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way."
Fold on the Exchange and Its Products
Fold began trading publicly on the Nasdaq Composite under the ticker FLD and rewards its users with Bitcoin. The company has already distributed over $20 million in BTC to its customers via debit cards, insured accounts, and bill payment features. Will Reeves added: "Fold’s BTC treasury serves a dual purpose: it provides value to investors seeking exposure to Bitcoin and serves as a strategic reserve to support our expanding suite of Bitcoin-specific financial products."
Fold continues to strengthen its position in the Bitcoin market, following the example of major corporations. This move underscores the company's belief in Bitcoin's potential as a key component of future financial services.
