Fold App Submits S-4 SEC Filing for IPO Preparation
Bitcoin financial services company Fold app is making waves in the cryptocurrency world as it prepares to go public with its IPO. The company recently submitted an S-4 SEC filing to the US Securities and Exchange Commission, signaling its intention to merge with FTAC Emerald Acquisition and list on the Nasdaq under the ticker symbol FLD.
The merger, which was agreed upon in July 2024 at a pre-money equity valuation of $365 million, will see Fold remain as a wholly-owned subsidiary of Emerald. With over 1,000 Bitcoin in its balance sheets, the funds acquired from the merger will be used to fuel Fold’s growth and operations.
Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold has quickly gained popularity with its unique offering of allowing users to earn Bitcoin rewards through its debit card. The company currently boasts 574,000 accounts and has raised $20.2 million from investors.
In a strategic move, Fold partnered with Visa in 2020 to introduce a new card that rewards users with Bitcoin for their purchases. The program has since expanded to include users in Latin America, Europe, and Asia Pacific regions, further solidifying Fold’s position in the fintech industry.
As Fold gears up for its IPO, all eyes are on the company as it looks to revolutionize the way people interact with cryptocurrency and traditional financial services.
