Fold Holdings announced their Bitcoin rewards credit card will run on the Visa network through a partnership with Stripe. The Fold Bitcoin Credit Card offers up to 3.5% back on all purchases, with enhanced rewards up to 10% available with major partners. FLD stock surged but quickly plunged, closing at $3.32.

The credit card offers unlimited 2% back instantly and up to 1.5% additional through Fold Checking Account. Founder Will Reeves said it makes Bitcoin easily accessible with no categories or tokens to manage. No release timeline has been announced for the Fold credit card.

Stripe has processed over $3.1 billion in transaction volume and distributed $83 million in Bitcoin rewards. They hold 1,485 BTC in their treasury. Fold’s stock surged with speculation of investor Mike Alfred joining, but Bakkt announced Alfred’s appointment to its advisory board, causing its own stock spike.

FLD stock fell following Bakkt’s announcement and continued to decline. Despite this, FLD is up about 8% over the last week but down 12% on the month. Bitcoin is currently priced at $112,774, flat on the day and down 3% on the week. Myriad Markets users are bearish on Bitcoin hitting $125,000 before dropping to $105,000.

Read more at Yahoo Finance: Fold Stock Pops, Then Plunges After Revealing Bitcoin Rewards Visa Credit Card Plans