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Bitcoin financial services company Fold sells approximately $45 million worth of Bitcoin to settle debts and invest in business growth
Deep Tide TechFlow News, June 10, according to GlobeNewswire, Bitcoin financial services company Fold Holdings (NASDAQ: FLD) announced the completion of a series of capital transactions to strengthen the company's balance sheet. Fold liquidated approximately $45 million worth of Bitcoin at an average price of about $71,000 per coin, repaid $20 million of Bitcoin-backed debt, and used the remaining $25 million in unrestricted cash for business growth.
After this transaction, the company has eliminated all secured debt, enhanced liquidity, improved monthly net cash flow, and retained a certain amount of Bitcoin reserves. CEO Will Reeves stated that this move aims to reduce financing risk and ensure that short-term market fluctuations do not affect the execution of the product roadmap.