FinTech News
Bitcoin Rewards App Fold Announces Plan to Go Public Via SPAC
A Bitcoin-centric FinTech has announced plans to hit the NASDAQ market.
About the public offering:
Fold is ready to go public. The company revealed that it’s entered into a definitive agreement with the special purpose acquisition company (SPAC) FTAC Emerald Acquisition Corp. As a result of the proposed transaction, Fold will be listed on NASDAQ. The new ticket symbol will be announced at a later date.
According to a press release, the transaction values Fold at $365 million. Once the transaction is complete, Fold says it will have more than 1,000 Bitcoin on its balance sheet. With the proceeds, the FinTech intends to accelerate its growth. The transaction is currently expected to close during the fourth quarter of 2024, but is subject to regulatory approval.
Fold’s refresh:
News of Fold’s plans to go public comes as the platform has also received a significant update. The refreshed app aims to be a “go-to solution for seamlessly managing both bitcoin and dollars.” Still, several of Fold’s familiar features remain intact, including the ability to earn Bitcoin rewards on gift card purchases. Fold also offers a debit card product, allowing customers to earn Bitcoin back on bill payments and other expenses.
What they’re saying:
Commenting on the plans to go public, Fold CEO Will Reeves stated, “This transaction represents a significant step in Fold’s mission to expand access to premium bitcoin financial services and empower individuals to achieve their dreams. 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.”
Meanwhile, FTAC Emerald president and CEO Bracebridge Young, Jr, said of the transaction, “We are excited to partner with Will and his team to bring Fold to the public markets. 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.”
My thoughts:
A few years ago, SPAC IPOs were all the rage. Seeing as it had been a while since I heard about one, I figured the concept had fallen out of fashion. Apparently that’s not entirely the case, as evidenced by today’s news.
Speaking of falling of out fashion, I’ve largely stepped away from what little crypto interest I may have had. Nevertheless, I do like Fold as a product overall (at least the last time I checked them out). Because of this, I am cautiously excited to see what the app can do on the public market. Does that mean I’d be an investor? Probably not — but perhaps I’ll buy a share just to see.
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