Bitcoin Rewards Company Fold to Go Public on Nasdaq Via SPAC Merger – Crypto News – Crypto News
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Bitcoin Rewards Company Fold to Go Public on Nasdaq Via SPAC Merger – Crypto News

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7 months ago

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The deal marks the company’s valuation at $365 million.

Bitcoin rewards company Fold is gearing up to debut on the Nasdaq stock exchange through a merger with FTAC Emerald Acquisition Corp., a special-purpose acquisition company (SPAC).

“We’re excited to share that Fold is set to list on the NASDAQ as the first publicly traded financial services company powered by bitcoin,” Fold tweeted. “We will enter the market with over 1,000 bitcoin in our treasury.”

The deal, which was announced on Wednesday, marks the company’s valuation at $365 million.

Fold is a debit card and mobile app that offers users the ability to pay for everyday items and bills using both fiat currency and Bitcoin. Fold users earn Bitcoin as cashback for their purchases at major retailers such as Amazon, Uber, and Starbucks, and others.

SPAC Merger

Fold is transitioning to become a publicly listed company by merging with a SPAC. Instead of the more complex process of an initial public offering (IPO), where new shares are created and sold to the public, a SPAC merger involves combining with an existing publicly traded shell company.

The deal is expected to close in the fourth quarter, pending regulatory and shareholder approvals. Post-merger, Fold will have more than 1,000 BTC on its consolidated balance sheet and plans to use the proceeds to expand its treasury operations, the company said.

Fold will trade on the U.S.-based Nasdaq exchange under a ticker symbol that’s yet to be announced.

“Fold aims to make bitcoin available to everyone—through accessible, engaging, and useful bitcoin products that are tailored to meet the needs of spenders, earners, and savers,” said Fold CEO Will Reeves.

The management team, led by Reeves, will continue to run Fold. Additionally, FTAC Emerald President and CEO Brace Young, and Director Andrew Hohns, along with Jonathan Kirkwood of Bitcoin venture capital firm Ten31, will join the board of directors of the newly combined company.

Launched in 2019, Fold has recorded transactions totaling over $2 billion and has processed more than $45 million in Bitcoin rewards to its users.

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