Bitcoin financial services company Fold announced that it has completed a $20 million convertible bond financing provided by ATW Partners, and both parties have reached an agreement that an additional $10 million financing may be provided after the merger with FTAC Emerald.

This financing is secured by the company's assets (including a portion of Bitcoin), the bonds will mature three years after Fold becomes a publicly traded company, and will convert into common stock of the merged company at a fixed conversion price of $11.50 per share.