Fold Inc., a bitcoin financial services firm, is set to go public through a merger with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC). The transaction, expected to close in the fourth quarter of 2024, will see Fold listed on Nasdaq under a new ticker symbol.
Bitcoin Rewards App Fold to Become Publicly Traded Company Through Merger
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Fold to Go Public Through Merger with FTAC Emerald Acquisition Corp.
Founded in 2019, Fold provides various bitcoin-related financial products, including a bitcoin ( BTC) cashback debit card and merchant rewards that pay in bitcoin. The company claims to have processed over $2 billion in transactions and distributed more than $45 million in bitcoin rewards since its inception.
On Wednesday, Fold said over the years it has made key partnerships with Visa, Bitgo, and Marqeta in order to bolster its offerings. Fold disclosed that the merger with FTAC Emerald will help accelerate Fold’s growth, allowing it to expand its bitcoin treasury and develop additional financial products.
“It is anticipated that post-transaction Fold will have more than 1,000 BTC on its consolidated balance sheet,” Fold said.
The combined company will retain Fold’s management team, with CEO Will Reeves continuing to lead the firm. Upon completion, existing Fold stockholders will own approximately 71% of the new entity. The transaction’s closing is contingent on regulatory approvals and the satisfaction of customary conditions, including the effectiveness of a registration statement filed with the SEC.
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