Fold is a US financial app that pays rewards in bitcoin when you spend. It offers a Visa prepaid debit card issued by Sutton Bank and a Visa credit card issued by Celtic Bank 1. Inside the app, users can also buy, sell and hold bitcoin, with custody provided by BitGo 1. Fold launched in 2019 7. Its parent, Fold Holdings, Inc., trades on Nasdaq under the ticker FLD 1. Fold itself is not a bank. The banks issue the cards, and Fold pays the bitcoin rewards as its own promotional obligation 12.
The app and card programs are run by Fold, Inc., a fintech company. Its parent is Fold Holdings, Inc., which listed on Nasdaq (FLD) after a merger with FTAC Emerald Acquisition Corp. 16. Will Reeves founded the company and serves as chairman and CEO 5.
Fold also holds bitcoin on its own balance sheet. It reported 1,526 BTC as of November 6, 2025, along with 625,000+ active accounts and 82,000+ verified accounts at the time 6.
Each product involves different partners:
| Product | Who issues or holds it |
|---|---|
| Fold Prepaid Debit Card | Sutton Bank (Visa); Marqeta is program manager 2 |
| Fold Bitcoin Credit Card | Celtic Bank (Visa); powered by Stripe Issuing 35 |
| Fold Spending Account | Lead Bank holds deposits 1 |
| Bitcoin purchases and holdings | BitGo provides custody and exchange 1 |
| Bitcoin rewards | Fold, Inc., not the banks 25 |
The debit card is a prepaid Visa. You load money onto it and spend that balance; you do not spend bitcoin directly. Each eligible purchase earns a bitcoin reward. The current documents do not publish a standard debit reward rate, so check the app for current rates.
Ways to fund the card include direct deposit, ACH from a linked bank, instant transfer from an external debit card and proceeds from bitcoin sales. Cash, checks and money orders are not accepted 2.
| Fee | Amount 2 |
|---|---|
| Monthly / annual / per purchase | $0 |
| ATM withdrawal | $3.50 (waived with a $5,000+ Reserve balance) |
| Foreign transaction | $3.00 (waived with a $5,000+ Reserve balance) |
| Instant funding or instant withdrawal | 1.5%, capped at $25 |
| Card replacement (lost/stolen) | $5.00 |
You can add up to $15,000 per 24 hours, and the card can hold at most $30,000 2. Card balances sit in a pooled account at Sutton Bank and qualify for pass-through FDIC insurance up to $250,000 if record-keeping conditions are met 2. That protects the dollar balance if the bank fails. It does not cover bitcoin or rewards.
The credit card is an unsecured Visa issued by Celtic Bank. Rollout to waitlist members started on May 27, 2026, in batches 5. Its terms as of October 2026 34:
Publicized maximum rates have changed: "up to 3.5%" during the 2025 waitlist and 4% in the May 2026 launch release, before the current 5% tier 456. The rewards terms in force when you apply are the ones that count.
A reward starts as pending. It becomes locked when the purchase settles and finalized after a 30-day lock period 4. If a purchase is refunded or disputed, the reward is clawed back, and your rewards balance can go negative 4. Finalized rewards are paid in bitcoin, minus any network fee. Rewards can be forfeited after 12 months of account inactivity or if you close your Fold accounts 4.
Fold Reserve is a stored-value balance that pays a 3% bonus on money moved in, vesting over three years 7. It is closed-loop: it can be used only for Fold products and cannot be redeemed for cash 7. Reserve balances unlock the credit card boost and waive some debit card fees 24. Locking money into Reserve to raise a card reward rate is a trade-off. The balance is a Fold obligation, not a bank deposit, and it cannot be cashed out.
Bitcoin bought or earned in Fold is held by BitGo, a qualified custodian. Fold says BitGo carries "$250M+ in institutional insurance" 17. Holding bitcoin in the app is custodial: Fold and BitGo control the keys, not you. To hold your own keys, withdraw to a self-custody wallet under Fold's terms.
Other points to know:
Hacks in DefiLlama’s public database are also scored as the security record on the Fold rating page.
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