Fold, a popular Bitcoin financial services platform, has officially announced its plans to become a publicly traded company on the NASDAQ stock exchange. This move will make Fold one of the growing number of public companies that hold a significant amount of Bitcoin on their balance sheets.
According to a recent press release, Fold has entered into a definitive agreement with FTAC Emerald, a special purpose acquisition company, to facilitate this transition. Once the business combination is complete, Fold will be listed as a public company on the NASDAQ under a new ticker symbol, which will be announced in the future.
Fold, which was founded in 2019, offers centralized financial services that allow users to maximize the utility of their Bitcoin holdings. Users can buy and withdraw Bitcoin, split their paychecks between cash and BTC, and earn rewards in BTC by using their FOLD debit card. The platform has processed $2 billion in transactions and distributed over $45 million in BTC rewards since its inception.
With a proposed equity valuation of $365 million, Fold expects that legacy shareholders will own 71% of the business post-transaction. CEO Will Reeves stated that the company’s mission is to expand access to premium Bitcoin financial services and empower individuals to achieve their financial goals.
Upon going public, Fold plans to hold over 1000 BTC on its balance sheet, valued at over $65.6 million. This move will make Fold one of the few publicly traded companies in the U.S. with a significant Bitcoin treasury position. Other companies, such as MicroStrategy and Japanese investment firm MetaPlanet, have also seen success with similar strategies, acquiring large amounts of Bitcoin and experiencing significant stock price increases.
Fold’s future plans include offering value-added services such as credit, lending, and insurance solutions, all centered around Bitcoin. The company aims to continue innovating in the Bitcoin financial services space and providing new opportunities for its users.
In conclusion, Fold’s upcoming listing on the NASDAQ is a significant milestone for the company and the broader Bitcoin industry. As more companies explore Bitcoin as a strategic asset, Fold’s move to become a publicly traded company highlights the growing integration of Bitcoin into traditional financial markets.