Fold, the innovative Bitcoin rewards and financial services app, has made a major move toward going public by submitting its S-4 SEC IPO filing on October 7, 2024. This is the latest development in the company’s merger plans with FTAC Emerald Acquisition, a special purpose acquisition company (SPAC), as initially announced in July 2024.
If the merger gains approval from both stakeholders and regulators, Fold will be publicly listed on the Nasdaq stock exchange under the ticker symbol “FLD”. This milestone highlights Fold’s rapid growth since its launch in 2019, processing over $2 billion in transactions and distributing more than $45 million in Bitcoin rewards.
From Bitcoin Rewards App to IPO
Fold’s journey toward becoming a publicly traded company has been fueled by its unique offering, which allows users to earn Bitcoin rewards through everyday spending. The app’s debit card works similarly to traditional credit card cashback programs, offering users Bitcoin rewards on purchases, bill payments, and more.
Notably, Fold offers zero-fee Bitcoin trading and ensures insured custody of funds, making it a popular platform among crypto enthusiasts. As of July 2024, the company announced its merger with FTAC Emerald Acquisition at a pre-money equity valuation of $365 million. Upon completing the merger, Fold will become a wholly owned subsidiary of FTAC Emerald, with the merger boosting Fold’s Bitcoin treasury, which currently holds over 1,000 BTC.
Fold plans to use the funds raised from the merger to expand its operations and develop more Bitcoin financial products, including credit, lending, and insurance solutions.
A Vision for Crypto Adoption
In a press release, Fold CEO William Reeves expressed his excitement about the IPO, stating,
“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.”
Since its founding in 2019 by Reeves, Matthew Luongo, and Corbin Pon, Fold has introduced a range of innovative Bitcoin-powered financial services. The Fold Bitcoin rewards debit card offers users a 1–2% return in Bitcoin on everyday spending, providing a simple way for users to accumulate and manage cryptocurrency.
Fold’s success is built on its seamless integration of Bitcoin rewards with traditional financial services, enabling users to earn, store, and manage Bitcoin alongside their regular financial activities. The platform has established partnerships with leading institutions like Visa, BitGo, and Marqeta, enhancing its product offerings and expanding its user base, which now exceeds 574,000 accounts.
In addition to Bitcoin rewards on purchases, Fold introduced features like bill pay rewards, enabling users to earn Bitcoin when paying for rent, mortgages, and credit card bills.
Global Expansion and Partnerships
Fold’s collaboration with Visa has been instrumental in driving its global expansion. In 2023, the company extended its Visa-Fold rewards program to users in Latin America, Europe, and Asia Pacific. As a result, Fold has become a major player in pushing crypto adoption across multiple regions.
A recent report by Matrixport suggested that global crypto adoption could surpass 8% by 2025, and Bitcoin is at the forefront of this growth. Platforms like Fold will continue to foster the widespread adoption of cryptocurrencies.
In fact, the influence of Bitcoin is already visible, as U.S. spot Bitcoin ETFs saw net inflows of $235.19 million on Monday, marking two consecutive days of positive capital movement.
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