Bitcoin financial services company Fold announced that it has completed a $20 million convertible bond financing provided by ATW Partners, and the two parties have reached an agreement that after the merger with FTAC Emerald, another $10 million financing may be provided.

The financing is secured by the company's assets (including some Bitcoin), and the bonds will mature three years after Fold becomes a public company and will convert into common stock of the merged company at a fixed conversion price of $11.50 per share.