NEW YORK, Thursday, August 1, 2024 – Bitcoin Banking App Fold is set to go public through a merger with Special Purpose Acquisition Company FTAC Emerald Acquisition Corp, a news release said.
The deal, expected to close in the fourth quarter, will value Fold at $365 million and bring its shares to the Nasdaq.
Known for its Bitcoin-focused cashback rewards and debit card, Fold positions itself as a competitor to Block’s Cash App.
The company’s decision to hold a significant Bitcoin treasury, currently estimated at over $66 million, distinguishes it from other fintech players.
Fold’s public listing comes amid growing interest in Bitcoin and Cryptocurrency investments.
By going public, Fold aims to accelerate its growth and expand its services. The company’s focus on Bitcoin and cashback rewards positions it to capitalize on the increasing mainstream adoption of cryptocurrencies.
The Media Release said:
“We are excited to partner with Will and his team to bring Fold to the public markets,” said Bracebridge (Brace) Young, Jr., President and CEO of FTAC Emerald.
“Fold has aligned its success with the success of its customers, democratizing wealth building with innovative Bitcoin financial services while gaining a larger and larger wallet share as the preferred Bitcoin savings tool.”
“Looking forward, Fold will continue to build on Bitcoin, with a road map that envisions value-added credit, lending, and insurance solutions,” continued Mr. Reeves.
“Our products are designed to enhance the savings and the financial freedom of our community. Our business philosophy aligns Fold with the growth of bitcoin through unique and accessible financial products designed by bitcoiners, for bitcoiners.”1
- Businesswire.com: https://www.businesswire.com/news/home/20240724261013/en/Fold-to-Go-Public-as-the-First-Pureplay-Financial-Services-Company-Powered-by-Bitcoin[↩]
