Fold’s Significant Leap Toward Public Listing
Fold, a trailblazer in Bitcoin rewards and financial services, has made a pivotal move toward going public with its S-4 SEC IPO filing submitted on October 7, 2024. This marks a crucial step in its proposed merger with FTAC Emerald Acquisition, a special purpose acquisition company (SPAC), previously announced in July 2024. Should stakeholders and regulatory bodies approve this merger, Fold is poised to debut on the Nasdaq stock exchange under the ticker “FLD.” This development is particularly noteworthy, considering that Fold has processed over $2 billion in transactions and distributed upwards of $45 million in Bitcoin rewards since its inception in 2019.
Transition from Bitcoin Rewards App to Public Company
Fold’s aspirations for an IPO are underpinned by its impressive growth trajectory and distinct value proposition. As an innovative platform, Fold enables users to earn Bitcoin rewards from everyday expenses, experiencing significant popularity with its debit card model—akin to traditional credit card cash-back programs. Users can accumulate Bitcoin as they make purchases, pay bills, and settle other financial obligations. Notably, the app offers zero-fee Bitcoin trading and provides insured custody of users’ funds, enhancing its appeal.
In a landmark move, Fold confirmed its merger with FTAC Emerald Acquisition at a valuation of $365 million before the deal. Upon completion of the merger, Fold will function as a fully owned subsidiary of FTAC Emerald, significantly strengthening its Bitcoin treasury, which currently holds over 1,000 BTC. This merger is strategically designed to facilitate Fold’s operational growth and foster the development of Bitcoin-related financial products, including those centered around credit, lending, and insurance services.
Fold’s CEO, William Reeves, expressed enthusiastic support for the IPO, emphasizing the company’s commitment to making Bitcoin accessible to all. He elaborated, “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.”
Fostering Cryptocurrency Adoption with Financial Solutions
Since its establishment in 2019 by Reeves, Matthew Luongo, and Corbin Pon, Fold has launched a range of innovative Bitcoin-powered financial services that resonate strongly with its expanding user base. With more than 574,000 account holders, the Fold Bitcoin rewards debit card revolutionizes how individuals accumulate and manage cryptocurrency, offering returns of 1–2% on daily spending in Bitcoin.
Fold’s competitive edge lies in its unique ability to combine Bitcoin rewards with conventional financial services, allowing users to earn, manage, and store Bitcoin effectively. The company has cultivated significant partnerships with leading financial organizations such as Visa, BitGo, and Marqeta, which serve to broaden its range of product offerings significantly.
Beyond cashback rewards, Fold has rolled out features like bill pay rewards, which grant users the opportunity to earn Bitcoin when they pay rent, mortgages, and credit card bills. Such integrations have solidified Fold’s status as a major player within the cryptocurrency landscape.
Moreover, Fold’s collaboration with Visa has spurred its growth into international markets. In 2023, the company extended its Visa-Fold rewards program to encompass users in Latin America, Europe, and the Asia Pacific region, which is expected to enhance user acquisition and engagement.
Fold is firmly positioned as a crucial advocate for cryptocurrency adoption. Recent reports, including one from Matrixport, suggest that global cryptocurrency adoption could surpass 8% by 2025. Furthermore, recent data indicated that U.S. spot Bitcoin ETFs experienced net inflows of $235.19 million, marking consecutive days of positive capital movement. These trends emphasize that Bitcoin is at the forefront of the cryptocurrency revolution, with platforms like Fold poised to drive further growth and adoption.