Fold secures $150M credit facility to scale bitcoin rewards card

Fold Holdings secured a $150 million asset-backed credit facility from Encina Lender Finance to expand its bitcoin rewards credit card program without diluting equity.

"The opportunity fits well with our core expertise at the intersection of specialty finance, financial technology, and asset-based private credit investing," Geoff Beard, CEO and Chief Investment Officer at Encina Lender Finance, said.

The four-year senior secured revolving facility, backed by consumer credit card receivables, includes an uncommitted accordion feature allowing for a maximum size of $150 million. Fold has begun issuing the Fold Bitcoin Credit Card to waitlist members in scheduled batches, with physical cards now shipping to active holders. The card, issued on the Visa network and powered by Stripe Issuing, delivers up to 4% bitcoin back on eligible purchases — an unlimited 1.5% base rate plus behavior-based boosts including an extra 0.5% for paying the statement with bitcoin.

The financing extends the runway for Fold's card program as it competes for market share in the bitcoin rewards space. Fold, the first publicly traded bitcoin financial services company, aims to become "the nation's personal finance hub for the Bitcoin economy," Chairman and CEO Will Reeves said. The card is accepted at 175 million Visa merchants globally.

Fold began rolling out the credit card to a portion of its waitlist in May 2026, with plans to expand access in batches over the coming weeks and months. The company said the methodical rollout is designed to maintain cardholder experience while scaling origination volume.

The card integrates with the Fold App, offering real-time spending and rewards tracking, instant card controls, and the ability to pay bills using bitcoin held in a Fold account. New applicants receive a physical card automatically upon approval, while existing holders can order one through the app.

The facility from Encina Lender Finance, an independent specialty finance firm with offices in Atlanta, Dallas, Los Angeles, New York and San Francisco, provides Fold with growth capital without the dilution that would come from an equity raise. Fold reported $5.6 million in revenue in the first quarter of 2026, down 21.1% from the same period a year earlier, according to Quiver Quantitative data.

This article is for informational purposes only and does not constitute investment advice.