Other DebtActive
Two Prime BTC-Collateralized Credit Facility
FLD-TP26
BTC Holdings
827 BTC
Total Debt
$23.00M
Leverage
26.1%
mNAV
1.06x
Outstanding
$10.00M
Issue date
2025-10-01
Principal
$45.00M
Coupon
8.50%
Maturity
2026-10-01
Conversion price
—
- Originally 6.5% per annum; amended to 8.5% on Nov 19, 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured (first-priority lien on BTC collateral)
- Facility type
- Revolving
- Rate type
- Fixed
- Collateral
- BTC-collateralized, 160% initial level (amended from 250%); liquidation at 115%; margin call at 135%; BitGo Trust Company custody; non-rehypothecation
- Covenants
- 25% BTC price drop in 12 hours triggers 3-day repayment notice
- Prepayment
- At any time without premium or penalty; Two Prime may require prepayment on 3 days notice if BTC drops 25%+ in 12-hour rolling period
Sources(3)
- Form 8-K (Two Prime credi…FilingForm 8-K (Two Prime credit facility)Item 1.01Fold Holdings Inc. — 2025-10-01
- Form 8-K (Two Prime MLA a…FilingForm 8-K (Two Prime MLA amendment)Item 1.01MLA amendment termsFold Holdings, Inc. — 2025-11-24
- Form 10-K (2025)FilingForm 10-K (2025)Note 14 — Debt and Financing ArrangementsFold Holdings, Inc. — 2026-03-17
Participants
Holders & Underwriters(1)
- Form 8-K (Two Prime credi…Two Prime Lending Limitedholder$45Mas of 2025-10-01
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | Draw | $10.00M | Form 10-K (2025) |
| 2025-10-01 | Issuance | $0.00 | Form 10-K (2025) |
- 2025-12-31 — $10,000,000Balance Sheet — filing — Fold Holdings, Inc.Source
- 2025-10-01 — $0Note — Debt — filing — Fold Holdings, Inc.Source