Core Insights - Fold Holdings has announced that its delayed Bitcoin rewards credit card will operate on the Visa network through a partnership with Stripe, allowing users to earn Bitcoin on everyday purchases [1][3] - The Fold Bitcoin Credit Card offers up to 3.5% back on all purchases, with an unlimited 2% back instantly and up to 1.5% additional rewards when using the Fold Checking Account [2] - Despite initial excitement leading to a stock price increase, Fold's stock (FLD) experienced a significant decline of over 14% on the day, dropping from $4.69 to $3.32 [2][5] Company Performance - Fold's stock opened at $4.69 on Tuesday, following a previous close of $3.88, but fell to $3.32, marking a decline of more than 14% [2] - The stock had surged earlier in the week, nearly doubling in price to above $7 amid speculation regarding a notable investor joining the company [4] - Despite the recent drop, FLD remains up about 8% over the last week but is down approximately 12% for the month [5] Market Context - Stripe has processed over $3.1 billion in transaction volume and distributed more than $83 million in Bitcoin rewards, holding 1,485 BTC valued at around $167 million [4] - The overall sentiment in the cryptocurrency market appears bearish, with a majority of predictors expecting Bitcoin to fall to $105,000 sooner than it will rise to $125,000 [6]
Fold Stock Pops, Then Plunges After Revealing Bitcoin Rewards Visa Credit Card Plans