ChainCatcher news, Bitcoin financial services company Fold announced it has completed a $20 million convertible bond financing provided by ATW Partners, and the two parties have agreed to potentially provide an additional $10 million in financing after merging with FTAC Emerald.
This financing is secured by the company's assets (including a portion of Bitcoin), and the bonds will mature three years after Fold becomes a public company, converting to common stock of the merged company at a fixed conversion price of $11.50 per share.
Fold stated that the initial $20 million will be used to support growth plans and accelerate product development, while the remaining $10 million financing will provide more capital flexibility after completing the business merger with FTAC Emerald.