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Bitcoin fintech company Fold has agreed to go public by merging with FTAC Emerald Acquisition. 
Fold, a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) fintech company that offers rewards on bill pays, is poised to go public via a merger with the special purpose acquisition company FTAC Emerald Acquisition at a pre-money equity valuation of $365 million. 
In a July 24 <a href="https://www.businesswire.com/news/home/20240724261013/en/Fold-to-Go-Public-as-the-First-Pureplay-Financial-Services-Company-Powered-by-Bitcoin" target="_blank" rel="">press release</a>, Fold revealed that following the transaction, it will hold over 1,000 BTC on its consolidated balance sheet, with the proceeds from the merger to be used to “accelerate the growth of Fold’s operations and treasury.” 
The press release states that the boards of directors of FTAC Emerald and Fold have unanimously approved the deal. Pending regulatory approval, it is expected to close in the fourth quarter of this year. 
Fold didn’t disclose the new ticker for the combined entity, saying it would be announced later. 
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Fold’s current management team will remain in place, with Fold chief executive Will Reeves continuing in his role. Brace Young, FTAC Emerald director Andrew Hohns, and Jonathan Kirkwood of Ten31 will join him on the combined company’s board of directors. Commenting on the merger, Reeves highlighted that it will enable the company to further develop its Bitcoin-centric offerings, including “value-added credit, lending, and insurance solutions.” 
Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold raised a total of $20.2 million from 28 investors, including B37 Ventures, Bessemer Venture Partners, Dragonfly, and Draper Associates, among others, according to data from PitchBook. The company says its existing stockholders will face a “six-month lock-up” period. 
However, this period may end earlier if the combined company’s stock price surpasses $12.00 per share for 20 trading days within any consecutive 30 trading-day period, starting at least 90 days after the closing date. 
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Bitcoin rewards app Fold to go public via SPAC merger

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