Fold Holdings entered a four-year, senior secured revolving credit facility with Encina Lender Finance, LLC. The facility includes an uncommitted accordion feature that increases the maximum size to $150 million and is secured by a pool of consumer credit card receivables. The funding is intended to support growth of the Fold Bitcoin Credit Card program without issuing new equity, avoiding dilution of existing shareholders. The Visa-network card is powered by Stripe Issuing and is accepted at about 175 million merchants worldwide. Cardholders earn 1.5% bitcoin back on net purchases, with potential boosts up to 4% through behavior-based incentives, direct-to-bitcoin transfers, and a 0.5% bonus for paying the statement balance using bitcoin held in a Fold account. More than 1,000 cards were already in circulation as of the first-quarter 2026 earnings report.
"Fold Holdings, Inc., the first publicly traded bitcoin financial services company, has entered a four-year, senior secured revolving credit facility with Encina Lender Finance, LLC. The facility carries an uncommitted accordion feature capping the maximum size at $150 million and is secured by a pool of consumer credit card receivables. The deal gives Fold a dedicated funding source to grow its Bitcoin Credit Card program without issuing new equity - a structure that avoids diluting existing shareholders."
"The Fold Bitcoin Credit Card operates on the Visa network and runs on Stripe Issuing infrastructure, making it accepted at roughly 175 million merchants worldwide. Cardholders earn a base rate of 1.5% back in bitcoin on all net purchases, with the potential to reach 4% by combining behavior-based boosts, direct-to-bitcoin transfers, and a 0.5% bonus for paying their statement balance using bitcoin held in a Fold account."
"Fold began issuing cards to a portion of its waitlist members before this announcement. The company plans to expand access in scheduled batches over the coming weeks, with the Encina facility giving it the origination capacity to scale while preserving cardholder experience. As of the company's first-quarter 2026 earnings report, more than 1,000 Fold Bitcoin Credit Cards were already in circulation."
"Encina Lender Finance is an independent specialty finance firm with offices in Atlanta, Dallas, Los Angeles, New York, and San Francisco. The firm focuses on asset-based finance investments in short-to-medium duration consumer and commercial credit pools. Encina CEO Geoff Beard said the Fold deal "fits well with our core expertise at the intersection of specialty finance, financ"
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