First publicly traded bitcoin financial services company taps Encina Lender Finance for asset-backed revolving credit
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 to fund Bitcoin Credit Card origination without issuing new equity.
The $150 million asset-backed facility is structured as a revolving credit line secured by a pool of consumer credit card receivables. The facility includes an uncommitted accordion feature, allowing Fold to draw capital as card receivables grow and repay and redraw as the portfolio turns over. Fold did not specify the exact interest rate or terms of the credit facility.
Will Reeves, CEO and Co-Founder of Fold Holdings, said the facility would “meaningfully expand the distribution of the Fold Credit Card.” Reeves also described Fold as “the nation’s personal finance hub for the Bitcoin economy.”
The Fold Bitcoin Credit Card operates on the Visa network and runs on Stripe Issuing infrastructure. Celtic Bank issues the card under a Visa license, with rewards provided by Fold rather than the bank. The card offers a base 1.5% bitcoin cashback rate on all net purchases, with behavior-based boosts up to 4%. Cardholders receive an additional 0.5% bonus for paying the statement balance in bitcoin.
As of Q1 2026, 1,000 Fold Bitcoin Credit Cards were in circulation. The card is accepted at 175 million merchants worldwide. Fold began issuing cards to waitlist members before the announcement and plans to expand access in scheduled batches.
Geoff Beard, CEO of Encina Lender Finance, said the investment “fits well with our core expertise at the intersection of specialty finance, financial technology, and asset-based private credit investing.” Encina Lender Finance operates offices in Atlanta, Dallas, Los Angeles, New York, and San Francisco.
Fold’s Q1 2026 revenues totaled $5.6 million, representing a 21.1% year-over-year decline. Transaction volume fell 32% year-over-year during the same period.
The facility allows Fold to fund card origination through asset-backed lending rather than diluting existing shareholders through equity raises. As the receivables portfolio grows, Fold can draw additional capital from the revolving credit line.
