Fold Crypto App Files for IPO, Adopts FLD Ticker

As it combines with FTAC Emerald Acquisition, Fold crypto intends to go public on Nasdaq under the symbol “FLD” by submitting its S-4 SEC filing for an IPO.

By submitting an S-4 SEC IPO application on October 7, 2024, Fold, the innovative Bitcoin rewards, and financial services app has made a critical step toward becoming public.

This is the most recent information regarding Fold’s July 2024 announcement of a planned merger with FTAC Emerald Acquisition, a particular purpose acquisition company (SPAC).

If stakeholders and authorities approve the merger, Fold will go public on the Nasdaq stock exchange and be denoted by the “FLD.”

This is significant for the business, as since its founding in 2019, it has handled over $2 billion in transactions and given out over $45 million in Bitcoin awards.

Fold SEC Filing: From an IPO to a Bitcoin Reward App

Fold’s quick growth and distinctive value offer have propelled the company toward becoming a publicly traded corporation.

Fold, a platform that lets users earn Bitcoin rewards from regular purchases, has had great success with their debit card option, which works similarly to credit card cashback schemes.

Users can earn Bitcoin when paying for goods, bills, and other expenses. The app also offers zero-fee bitcoin trading and insured fund custody.

Fold and FTAC Emerald Acquisition announced their merger in July 2024, with a pre-money equity worth of $365 million.

After the merger is finalized, Fold will become an entirely owned subsidiary of FTAC Emerald. The deal’s funding will increase Fold’s Bitcoin treasury, which now has more than $1,000 in value.

This merger aims to help Fold expand its operations and advance the creation of financial products for Bitcoin, such as lending, insurance, and credit options.

CEO William Reeves stated in the news release that he was excited about the IPO and said,

“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.”

Adoption of Cryptocurrency Through Financial Services Driven by Bitcoin

Reeves, Matthew Luongo, and Corbin Pon founded Fold in 2019, and since then, the company has offered a range of cutting-edge financial services powered by Bitcoin that have gained popularity among its expanding user base.

With more than 574,000 accounts, Fold’s Bitcoin rewards debit card, which offers a 1-2 percent return on daily spending in the form of Bitcoin, has completely changed how users manage and acquire cryptocurrency.

Because it can easily combine Bitcoin rewards with conventional financial services, Fold offers customers the capacity to earn, manage, and store Bitcoin, providing it a distinct advantage in the market.

To enhance its range of products, the company has forged significant alliances with top financial institutions such as Visa, BitGo, and Marqeta.

Fold has added new services like bill pay rewards, which let users earn bitcoin while paying for credit card bills, rent, mortgages, and cashback benefits.

Fold is now among the top platforms in the business because of all these integrations.

Fold’s entry into new markets has also been aided by its partnership with Visa.

The company opened its Visa-Fold rewards program to customers in Asia Pacific, Europe, and Latin America in 2023.

With all of its relationships, Fold is one of the leading forces driving the adoption of cryptocurrencies. More should be anticipated. In fact, according to a recent Matrixport study, by 2025, the use of cryptocurrencies worldwide may surpass 8%.

Without question, Bitcoin is leading the way in this, and websites like Fold will encourage more.

Notably, net inflows of $235.19 million were recorded on Monday for U.S. spot Bitcoin ETFs, extending a run of two days with positive capital movement.