Fold, the pioneering Bitcoin rewards and financial services app has taken a significant step toward going public by submitting an S-4 SEC IPO filing on October 7, 2024.
This is the latest in regards to Fold’s planned merger with FTAC Emerald Acquisition, a special purpose acquisition company (SPAC), as announced in July 2024.
If the merger is approved by stakeholders and regulators, Fold will be publicly listed on the Nasdaq stock exchange under the ticker symbol “FLD.”
This is big for the company as it has processed over $2 billion in transactions and distributed more than $45 million in Bitcoin rewards since its inception in 2019.
Source: sec.gov
Fold SEC Filling: From A Bitcoin Rewards App to IPO
Fold’s journey toward becoming a publicly traded company has been driven by its rapid growth and unique value proposition.
As a platform that allows users to earn Bitcoin rewards through everyday spending, Fold has seen tremendous success with its debit card offering, similar to credit card cashback programs.
Users can earn bitcoin when paying for purchases, bills, and other financial obligations, and the app features zero-fee bitcoin trading and insured custody of funds.
In July 2024, Fold announced its merger with FTAC Emerald Acquisition at a pre-money equity valuation of $365 million.
Upon the merger’s completion, Fold will become a wholly owned subsidiary of FTAC Emerald, and the transaction will bolster Fold’s Bitcoin treasury, which currently holds over 1,000 BTC.
This merger aims to support Fold’s operational expansion and further development of Bitcoin financial products, including credit, lending, and insurance solutions.
In the press release, CEO William Reeves expressed his excitement about the IPO, stating,
“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.”
Crypto Adoption Through Bitcoin-Powered Financial Services
Since its founding in 2019 by Reeves, Matthew Luongo, and Corbin Pon, Fold has introduced a suite of innovative Bitcoin-powered financial services that have resonated with a growing user base.
With over 574,000 accounts, Fold’s Bitcoin rewards debit card has transformed how users accumulate and manage cryptocurrency, offering a 1–2% return on everyday spending in the form of Bitcoin.
Fold’s unique position in the market stems from its ability to seamlessly integrate Bitcoin rewards with traditional financial services, giving consumers the ability to earn, manage, and store Bitcoin.
The company has established key partnerships with leading financial institutions, including Visa, BitGo, and Marqeta, to expand its product offerings.
In addition to cashback rewards, Fold has introduced new features like bill pay rewards, allowing users to earn bitcoin when paying for rent, mortgages, and credit card bills.
All these integrations have made Fold one of the leading platforms in the whole industry.
Fold’s collaboration with Visa has also fueled its expansion into new markets.
In 2023, the company expanded its Visa-Fold rewards program to accommodate users in Latin America, Europe, and Asia Pacific regions.
Fold is among the key pushers of crypto adoption, and with all its partnerships, more should be expected. Infact, a recent Matrixport report showed that the global crypto adoption could exceed 8% by 2025.
Undoubtedly, Bitcoin is at the forefront of it, and platforms like Fold will even foster more.
Notably, U.S. spot Bitcoin ETFs saw net inflows of $235.19 million on Monday, marking two consecutive days of positive capital movement.
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