Bitcoin venture studio Thesis has acquired Lolli, a platform allowing users to earn bitcoin through shopping and gaming. The deal, announced July 2, aims to integrate Lolli into Thesis’ existing portfolio, which includes Fold, Mezo, and tBTC, to expand consumer bitcoin applications.
Thesis Acquisition of Lolli Targets Mainstream Bitcoin Use
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Thesis Adds Shopping Rewards App Lolli to Roster
Thesis co-founder and CEO Matt Luongo, who also leads portfolio company Fold, will oversee Lolli. Fold became the first publicly traded bitcoin (BTC) financial services company under Luongo. He stated Thesis believes bitcoin adoption grows through everyday use, not just investment, positioning Lolli as an entry point.
Immediate plans for Lolli include upgrading its popular “Arcade” and “Daily Stack” features with more games and rewards. The company will also develop a strategy for international expansion beyond the U.S. A new collaboration with Fold will expand gift card earning opportunities.
Lolli will implement a system for instant reward payouts and more redemption options later this year, addressing user requests. Thesis will migrate Lolli to a more robust technical infrastructure to support these changes.
Alex Adelman, Lolli’s founder and former CEO, said joining Thesis provides the infrastructure expertise needed to accelerate the platform’s growth and global reach. Lolli has rewarded over 600,000 users with more than $20 million in bitcoin since its 2018 launch via shopping and gaming.
Founded in 2014, Thesis builds bitcoin-focused products. Lolli enabled bitcoin and cashback earnings at over 50,000 stores and 1,000 mobile games. Thesis stated the acquisition intends to streamline earning and spending bitcoin within one ecosystem.
