Kraken Fed Access, MARA Bitcoin Strategy, NYSE Tokenization Push

Bitcoin-focused Fold eliminates $66M in convertible debt

Bitcoin financial services company Fold said it eliminated $66.3 million in convertible debt, removing a potential source of balance-sheet pressure and shareholder dilution ahead of launching a new Bitcoin-rewards credit card.

In a recent disclosure, Fold said it retired two outstanding convertible notes — debt instruments that can be converted into equity — thereby reducing the risk of issuing additional shares in the future. The move also freed 521 Bitcoin that had previously been pledged as collateral for the debt.

The stronger balance sheet could support the rollout of Folds planned Bitcoin rewards credit card, which will allow users to earn BTC on everyday purchases through the Visa network.

Fold went public on the Nasdaq in February 2025 through a SPAC merger with FTAC Emerald Acquisition, becoming one of the first publicly traded Bitcoin-focused financial services companies.

TD Securities says NYSE tokenization push could attract institutions

Tokenization efforts tied to the New York Stock Exchange could accelerate institutional adoption of blockchain-based markets, according to TD Securities strategist Reid Noch.

The NYSE recently proposed tokenizing equities through an alternative trading system that would enable 24-hour trading and near-instant settlement for tokenized stocks and exchange-traded funds while operating under existing market rules.

Noch said the model resembles a “2.0” evolution of market infrastructure: Custody and settlement will remain with the Depository Trust & Clearing Corporation (DTCC), while trading will continue to follow National Best Bid and Offer (NBBO) requirements.