Fold

Source

Bitcoin

Block

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. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="535" height="444" src="https://www.cryptotimes.io/wp-content/uploads/2024/07/Fold-to-Go-Public-on-Nasdaq-via-365M-SPAC-Merger-with-FTAC.png" alt="Fold to Go Public on Nasdaq via $365M SPAC Merger with FTAC" class="wp-image-192202">
 <figcaption class="wp-element-caption">
 Source: <a href="https://x.com/fold_app/status/1816068687247315252" target="_blank" rel="noreferrer noopener nofollow">FOLD BITCOIN</a>
 </figcaption>
 </figure>
</div> 
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="noreferrer noopener 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. 
Subscribe to The Crypto Times for more Crypto-related <a href="https://www.cryptotimes.io/all-news/" target="_blank" rel="noreferrer noopener">updates</a> !!

Bitcoin App Fold to Go Public on Nasdaq with $365M Valuation

The Crypto Times

Autres articles publiés le 25 juil. 2024

Ethereum Spot ETFs Could Bring $5B+ in Inflows in Six Months: Analysts

Veteran Trader Peter Brandt Argues About Likely Solana (SOL) Breakout Trend

BabyDoge Telegram Game Surpasses 1.5M Users in Just 24 Hours

New Memecoin Pepe Eats Solana Will Skyrocket 19,000% Before Exchange Listing, While SHIB and DOGE...

Nashville Bitcoin Conference Kicks off with Trump, Kennedy Jr., Others on Guest List

Latvia’s economic shift: Minister of Economics on crypto law and blockchain innovations

Join our free newsletter for daily crypto updates!