Bitcoin Rewards App “FOLD” Prepares for Public Debut with SEC Filing and FLD Ticker Announcement

The Bitcoin rewards app Fold is preparing to make its public debut, marking a significant step forward in the growing intersection of cryptocurrency and financial services. On October 7, 2024, Fold submitted an S-4 filing to the U.S. Securities and Exchange Commission (SEC), officially announcing its plan to go public via a merger. The fintech firm has been a major player in the Bitcoin rewards space, allowing users to earn Bitcoin as cashback through its debit card services.

What Does the SEC Filing Mean?

Fold’s S-4 SEC filing is a formal step in its merger with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC). If the merger is approved by regulators and stakeholders, Fold will be listed on the Nasdaq exchange under the ticker symbol FLD. This move represents Fold’s transition from a private startup to a publicly traded company, offering increased visibility and investment opportunities for those interested in the rapidly growing Bitcoin and fintech space.

The merger deal was first announced in July 2024, valuing Fold at a pre-money equity valuation of $365 million. As part of the transaction, FTAC Emerald will merge with a subsidiary of Fold, resulting in Fold becoming a wholly-owned subsidiary of the newly formed entity.

The Bitcoin Rewards Model and Fold’s Rise

Bitcoin rewards app “FOLD” Prepares for Public Debut with SEC Filing and FLD Ticker AnnouncementFold has attracted attention for its innovative approach to combining traditional financial services with cryptocurrency. Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, the company quickly gained momentum by allowing users to earn Bitcoin rewards on everyday purchases. The app’s flagship product, a debit card, offers cashback in Bitcoin for users, similar to conventional credit card rewards.

Initially, the rewards ranged between 1% and 2% of every purchase. This unique offering quickly caught the attention of users interested in Bitcoin, enabling Fold to grow its customer base to more than 574,000 accounts by 2024.

One of Fold’s most notable partnerships is with Visa, which it formed in 2020. This collaboration allowed the app to introduce a debit card that seamlessly integrates Bitcoin rewards. The success of the Visa-Fold rewards program helped fuel Fold’s expansion, particularly in key international markets, including Latin America, Europe, and Asia-Pacific regions.

In addition to its growing user base, Fold holds more than 1,000 Bitcoin on its balance sheets, providing a strong financial foundation for further growth. The funds raised from the upcoming merger are expected to fuel Fold’s ongoing operations and bolster its treasury, helping it continue to expand in an increasingly competitive market.

What’s Next for Fold and Bitcoin Rewards?

Fold’s decision to go public could have broader implications for the Bitcoin rewards space. The move signals that the company sees a strong opportunity to scale its business and attract more mainstream investors. With the potential approval of its merger, Fold could become a benchmark for similar fintech companies looking to integrate cryptocurrency with traditional financial services.

The listing under the ticker FLD will also provide investors with an opportunity to gain exposure to the growing cryptocurrency market, particularly Bitcoin, without directly purchasing the asset. This indirect exposure may appeal to institutional investors who want to participate in the Bitcoin ecosystem while avoiding the volatility typically associated with direct investments in digital currencies.

In the press release accompanying the SEC filing, Fold emphasized its mission to provide everyday users with an easy way to earn and hold Bitcoin, thereby demystifying cryptocurrency for the general public. With plans to expand its product offerings and geographic reach, Fold’s public debut is expected to drive continued growth for the company in the months and years ahead.

As the merger process moves forward, stakeholders and investors will be watching closely to see how Fold navigates the challenges of becoming a public company. With its strong focus on Bitcoin rewards and a rapidly expanding user base, Fold is well-positioned to capitalize on the growing interest in cryptocurrency.

What do you think about the new Bitcoin rewards app?