I first saw the idea on the Airnimal Rhino - an obscenely priced, full suspension, offroad folding bike. The rear triangle swings down, so that if you remove both wheels, seat post and stem, you can pack the whole package in a relatively normal sized luggage - such as a regular Samsonite hard suitcase. Good concept, but at $ 3-4000, not really practical.
The main point here is, you can use a readily available 26" mountain bike fork, equip it with disc brakes, and run 20" BMX tires - the frame's geometry just has to be properly designed for it.
There are other examples that you can find on the internet:
The Be.Bike Haze, a limited production street bike. It was released in japan. About 100,000 Yen - price varies with components. Not as expensive as the Airnimal. It can't fold, bit I think it can be a very compact package if you remove both wheels. The frame is similar in design to several Louis Garneau and Bianchi minivelos sold in Japan. See the LG frame below, with an appropriately sized 20" fork.
The Kuwahara Gaap, 170,000++ Yen. A similar concept to the Airnimal Rhino. The Gaap comes in road trim as well, sporting slicks and a carbon fork. Looks weird with all those triangles.

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