Fold, a Bitcoin-focused financial company, wants to raise $250 million by selling new shares of its stock to select investors and institutions.
Fold Bets Bigger on Bitcoin with Private Sale
While the company hasn’t revealed a sale date, it will not be conducted through public markets. However, most of the money will go toward buying more Bitcoin.
If the sale is successful, most of the funds raised will be used to grow Fold’s Bitcoin treasury. The firm currently holds around 1,488 BTC, which is worth over $155 million at the time of writing.
Fold’s stock, trading at $4.57, is down nearly 3% today and has dropped about 60% since the start of the year.
The move reflects a broader trend among private and publicly traded companies looking to add Bitcoin to their balance sheets, following the playbook that Strategy’s Michael Saylor popularized.
Currently, 236 entities, including 131 public firms, hold Bitcoin, marking a 13% increase in the past month, according to Bitcointreasuries.net.
Analysts Split as Whales Buy and ETFs See Big Outflows
Meanwhile, Bitfinex analysts say Bitcoin might drop, but not as badly as in the past. Even though July starts a weak season for Bitcoin, they believe the recent sell-off could lead to a quick recovery.
Analysts are split on what’s next. While some expect more downside, they say any drop likely won’t mirror the steep plunges of previous years. Others like Daan Crypto Trades point to the bull market support band as a critical level to watch.
Daan said the bull market has been running for a long time, so it’s important to stay above the support level to keep it going.
Bullish voices such as Danny Marques argue Bitcoin hasn’t hit “euphoria” yet and has room to expand. Still, skeptics warn that even if the rally continues, a new crypto winter could follow.
Bitcoin remains caught between uncertainty and optimism. Geopolitical tensions, especially Israel’s airstrikes on Iran, triggered a brief 2.8% price dip, derailing hopes of retesting the $111,940 all-time high.
Bitcoin whales recently pulled 4,500 BTC from Binance, a sign they may be preparing for a price rally. Fewer BTC deposits and more stablecoin inflows suggest a possible supply crunch, which could push prices higher.
Moreover, US spot Bitcoin ETFs (exchange-traded funds) suffered $412.7 million net outflows yesterday, according to Farside Investors data. This brought an end to the 6-day inflow streak the funds had been on.
Bitcoin is currently trading $104,500, down 4% in the last 24 hours and nearly 5% over the past week, after previously surging above $110,000.
