Fold Holdings, Inc., the first publicly traded bitcoin financial services company, has entered into a four-year senior secured revolving credit facility with Encina Lender Finance, LLC.
The facility carries an accordion feature available with a maximum size of $150 million and is secured by a combination of consumer credit card receivables.
The deal gives fold A dedicated funding source to grow its Bitcoin credit card program without issuing new shares – a structure that avoids dilution of existing shareholders. CEO and co-founder Will Reeves said the capital will allow the company to “meaningfully expand Fold Credit Card distribution” as it works to become “the nation’s personal finance hub for the Bitcoin economy.”
Fold Bitcoin Credit Card He works It is on the Visa network and runs on Stripe’s infrastructure, making it accepted by approximately 175 million merchants worldwide. Cardholders earn a base rate of 1.5% in Bitcoin on all net purchases, with access to 4% through a combination of behavior-based reinforcements, direct conversions to Bitcoin, and a 0.5% bonus for paying their statement balance with Bitcoin held in a Fold account.
Fold began issuing cards to a portion of its waitlist members prior to this announcement. The company plans to expand access in scheduled batches over the coming weeks, as the Encina facility gives it the ability to scale while maintaining the cardholder experience.
As of the company’s first quarter 2026 earnings a reportmore than 1,000 Fold Bitcoin credit cards have already been in circulation.
Fold’s Encina Partnership
Encina Lender Finance is an independent specialist finance firm It has offices in Atlanta, Dallas, Los Angeles, New York, and San Francisco. The company focuses on asset-based financing investments in short- to medium-term consumer and commercial credit portfolios.
The Fold deal “fits well with our core expertise at the intersection of specialty finance, fintech, and asset-based private credit investing,” Encina CEO Jeff Baird said.
The facility’s structure – asset-backed and revolving – is common in consumer fintech and allows Fold to withdraw capital as the card’s receivables grow, then repay and redraw as the portfolio turns.
This keeps the facility in line with the actual card size rather than locking in a fixed debt load.
Fold reported Q1 2026 revenue of $5.6 million, down 21.1% year over year, with transaction volume down 32% over the same period. The credit facility arrives at a time when the company needs growth momentum to reverse this trend.
The company disclosed several significant risk factors. Bitcoin price volatility can impact the value of rewards earned by cardholders, and broader market shifts could put pressure on the quality of the consumer receivables pool that supports the facility.
The card is issued by Celtic Bank under a Visa licence, with rewards provided by Fold rather than the bank.
