Fold Holdings, Inc. has launched a new enterprise product called the Bitcoin Bonus Program, allowing companies to offer recurring Bitcoin bonuses to employees without taking on custody or compliance responsibilities. The program, introduced under the company's new division Fold Business, represents the first product targeting the B2B market.
The flagship partner is Steak 'n Shake, which rolled out the program to over 10,000 hourly workers across the United States. The restaurant chain contributes $0.21 per hour worked into the bonus program for each employee, with the bonus fully vesting after two years. The initiative was announced in January and went into effect on March 1.
Fold co-founder and CEO Will Reeves stated: "We launched our Bitcoin Bonus Program because we saw a gap that no one was filling. An employer-grade bonus vehicle that's differentiated enough to matter, accessible enough for every employee, and operationally simple enough that HR and Finance don't need to become Bitcoin experts to run it. We've created a recruiting story that didn't exist before."
Bitcoin mining firm Simple Mining has also adopted the program, offering a bonus to salaried employees based on tenure. Matt Garland, head of revenue at Simple Mining, commented: "Allocating 1% of every employee's pay into Bitcoin, redeemable at year-end, lets our team share in that upside. The bonus grows with time, and so does the reason to stick around."
Fold handles all conversion from dollars to Bitcoin and manages distribution, allowing employers to set bonus terms in fiat while employees receive Bitcoin exposure. The company plans to expand Fold Business to include payroll services, corporate Bitcoin treasury management, corporate cards, and additional enterprise financial tools.
Fold's stock (FLD) traded at $1.41, down over 7% on the day but up more than 22% over the past week.
