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Nasdaq-listed Fold sells bitcoin to pay off secured debt; shares surge 162 percent intraday

Nasdaq-listed bitcoin rewards fintech company Fold sold about $45 million worth of bitcoin to repay its secured bitcoin-backed debt in full and secure growth funding. It used $20 million to repay the debt and reallocated the remaining $25 million for business expansion. The company expects improved cash flow and lower financial risk. Shares jumped as much as 162 percent intraday after the announcement.