Fold

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Bitcoin

Block (blocksol.vip)

A Bitcoin-based rewards app, Fold, has announced its plans to become a publicly traded company on Nasdaq at an implied valuation of $365 million. This move will be executed through a merger with the special purpose acquisition company (SPAC) FTAC Emerald Acquisition.
This is different from a conventional IPO in which the company floats new shares to the public; in a SPAC transaction, the company merges with an already existing shell company listed on the stock exchange. Upon the completion of the merger, the combined company is expected to list its stock on Nasdaq with an undisclosed name.
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 Source: <a href="https://x.com/fold_app/status/1816068687247315252" target="_blank" rel="noopener noreferrer nofollow">FOLD BITCOIN</a>
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It operates a cashback debit card app where users can spend fiat currency as well as Bitcoin at participating merchants – online and physical. Consumers receive their remunerations in the form of Bitcoin for the transactions they make.
According to the <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="noopener noreferrer nofollow">official announcement</a>, the boards have approved the proposed SPAC transaction of both companies, and the deal is expected to be closed in the fourth quarter of 2024. Fold expects to have more than 1,000 BTC on its books after the merger.
The proceeds from the merger will then be used to fuel Fold’s further growth and scale up its activities. There is also a lock-up period of six months for the existing shareholders, but this can be subject to change depending on the price of Fold’s shares $12 or more within 90 days of its listing.&nbsp;
Pre-IPO shareholders, or those who own shares of a company before it goes public, are to retain approximately 71% of the total outstanding shares of Fold.
Since its 2019 launch, Fold has processed over $2 billion in transactions, distributed $45 million in Bitcoin rewards, and raised $2.5 million from investors like Craft Ventures and CoinShares.
This IPO will be a major achievement for Fold, which will further help the company expand its services in the cryptocurrency and payments sector.
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Bitcoin App Fold to Go Public on Nasdaq with $365M Valuation

The Crypto Times

Other articles published on Jul 25, 2024

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