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Bitcoin Services Company Fold Adds 475 BTC to Its Treasury

Fold, a Bitcoin services company, announced on Friday that it has added 475 BTC to its treasury, valued at approximately $41 million. This brings the company’s total holdings to over 1,485 BTC, worth around $130 million at today’s price.

Using a Similar Strategy to MicroStrategy

The company has followed a similar strategy to Michael Saylor’s Strategy (formerly MicroStrategy), issuing convertible notes to raise funds for the purchase. This strategy allows Fold to maintain a significant amount of Bitcoin, which is essential for the company’s growth and development.

Fold’s Vision for the Future of Finance

“We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way,” said Fold CEO Will Reeves in a statement. “As the first publicly traded Bitcoin financial services company, we believe maintaining a significant Bitcoin treasury not only drives value for our shareholders, but more importantly, strengthens our ability to power the next generation of financial services built on Bitcoin.”

Fold’s Services and Rewards

The company, which started trading publicly on the Nasdaq Composite under the ticker FLD last month, rewards users of its services with Bitcoin rewards. As of last month, the company had rewarded customers with more than $20 million worth of Bitcoin for using its debit card, insured accounts, and bill pay features.

Fold’s Bitcoin Treasury: A Strategic Reserve

“Fold’s Bitcoin treasury serves a dual purpose: providing value to investors seeking Bitcoin exposure, while acting as a corporate strategic reserve to support our growing suite of Bitcoin-native financial products,” added Reeves.

Recent Developments and Future Plans

The company’s Bitcoin addition was announced just one day after President Donald Trump signed an executive order to create a Bitcoin Strategic Reserve for the United States. A representative for the company did not immediately respond to Decrypt’s request for comment about its average purchase price and any future strategic reserve plans.

Conclusion

In conclusion, Fold’s significant addition to its Bitcoin treasury is a strategic move that will help the company drive value for its shareholders and further its mission to lead the way in the development of Bitcoin-based financial services. As the company continues to grow and expand its services, it is clear that Bitcoin will play a crucial role in its future success.

FAQs

1. What is Fold’s total holding of Bitcoin? Over 1,485 BTC, worth around $130 million at today’s price.
2. How did Fold raise funds for the purchase? The company issued convertible notes, similar to Michael Saylor’s Strategy (formerly MicroStrategy).
3. What is Fold’s strategy for its Bitcoin treasury? The company aims to maintain a significant amount of Bitcoin to drive value for its shareholders and support its growing suite of Bitcoin-native financial products.
4. What is the average purchase price of Fold’s Bitcoin? A representative from the company did not immediately respond to Decrypt’s request for comment.
5. What are Fold’s plans for its Bitcoin Strategic Reserve? A representative from the company did not immediately respond to Decrypt’s request for comment about its average purchase price and any future strategic reserve plans.