Fold to Go Public on NASDAQ, Boosting Its Bitcoin Treasury Holdings

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Fold, a renowned Bitcoin financial services platform, is set to transition into a publicly traded company on the NASDAQ stock exchange.
This move adds Fold to the increasing list of public companies that maintain substantial Bitcoin reserves on their balance sheets.
“This transaction is a pivotal step towards Fold’s ambition to enhance access to Bitcoin financial services and assist individuals in achieving their financial goals,” stated Will Reeves, CEO of Fold.

Fold is poised to become a publicly traded entity on NASDAQ, marking a significant milestone in the financial landscape and the expansion of Bitcoin utility in traditional banking.

Bitcoin Banking Goes Public

On Wednesday, Fold announced that it had entered a definitive agreement with FTAC Emerald, a special purpose acquisition company (SPAC). This business combination will enable Fold to become a public company, initially adopting the EMLD ticker from FTAC Emerald before transitioning to a new ticker specific to Fold.

Enhancing Bitcoin Utility Through Traditional Banking Solutions

Fold operates as a centralized financial service that bridges the gap between Bitcoin and traditional banking. The platform enables users to purchase and withdraw Bitcoin, allocate portions of their paychecks between cash and BTC, and earn Bitcoin rewards (sats) through purchases made with the FOLD debit card. Since its establishment in 2019, Fold has facilitated transactions worth $2 billion and distributed over $45 million in Bitcoin rewards.

Bitcoin On The Balance Sheet

Upon completing the transition to a public company, Fold expects to hold over 1,000 BTC on its consolidated balance sheet, valued at over $65.6 million at the time of writing. This positions Fold among the U.S. publicly traded companies with significant Bitcoin reserves. For context, MicroStrategy, the pioneering company in this strategy, holds over 226,000 BTC, with its stock appreciating 144% year-to-date.

Future Developments and Strategic Vision

Fold’s latest deal values the company at an equity valuation of $365 million, with legacy shareholders anticipated to retain 71% of the business post-transaction. CEO Will Reeves emphasized the company’s forward-looking strategy, which includes plans to introduce value-added credit, lending, and insurance services utilizing Bitcoin. These developments are expected to enhance Fold’s service offerings, further integrating Bitcoin into traditional financial operations.

Conclusion

Fold’s upcoming public listing on NASDAQ marks a significant advancement in the incorporation of Bitcoin into mainstream financial services. With substantial Bitcoin reserves and a robust strategy for future growth, Fold is well-positioned to leverage the benefits of Bitcoin while expanding its financial service offerings. This development not only underscores the growing acceptance of Bitcoin in traditional finance but also sets a precedent for other companies exploring similar avenues.

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