The cryptocurrency rewards company, Fold has officially announced its new Visa credit card, a product that will allow users to earn Bitcoin rewards on every purchase. The launch, in partnership with financial infrastructure giant Stripe, marks a milestone in integrating digital assets into everyday finances and generated an immediate impact on the markets.
Fold’s new card offers a clear and competitive benefits program. Users will earn an unlimited 2% cashback in satoshis (the smallest unit of Bitcoin) on all their purchases instantly. Furthermore, this figure can increase to 3.5% for those using a Fold checking account, and even reach up to 10% at top retail partners like Amazon, Target, and Starbucks. The goal is to provide a simple and direct way to accumulate Bitcoin.
Will Reeves, CEO of Fold, emphasized that the card removes the traditional barriers to entering the crypto ecosystem. Unlike other offerings, there are no spending categories to manage, no tokens to stake, and no minimum exchange account balances required. According to Reeves, “the card offers clear and compelling value,” making Bitcoin rewards accessible to everyone automatically with every transaction. It is a direct value proposition.
Extreme Volatility for Fold’s Stock Following the Announcement
The announcement triggered a dramatic reaction in the stock market. Fold’s stock (FHLD) experienced an initial surge from $3.88 to a peak of $4.69. However, the euphoria was short-lived, as the price subsequently plummeted to $3.32, representing a drop of over 14% on the same day, demonstrating the market’s high sensitivity to news from the crypto sector.
Fold’s card represents a bold step in merging traditional finance with the growing Bitcoin ecosystem. By offering a simple and frictionless Bitcoin rewards mechanism, the company positions itself as a key bridge for mass adoption. Nevertheless, the volatile reaction of its stock underscores the uncertainty and scrutiny still surrounding crypto-based financial products, marking an exciting road ahead.
