Bitcoin rewards app Fold is all set to become a listed entity via a merger with Emerald Acquisition. Both firms have entered into a “definitive agreement providing for a proposed business combination” that will result in Fold becoming a publicly listed company.
Once the proposed transaction wraps up, the combined company will go public on NASDAQ. The new ticker symbol will be announced at a later date. Shedding further light on the transaction, the announcement highlighted,
“The transaction implies a pre-money equity valuation for Fold of $365 million. It is anticipated that post-transaction Fold will have more than 1,000 BTC on its consolidated balance sheet.”
The firm will use the aforementioned proceeds to “accelerate” the growth of its operations and treasury. The transaction has been unanimously approved by the boards of directors of both firms. It is expected to close in Q4 2024, subject to regulatory approvals and other formalities.
Commenting on the latest development, Will Reeves, CEO of Fold asserted, this marked a “significant step” in Fold’s mission to expand access to premium BTC financial services. Elaborating on the entity’s vision, he added,
“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.”
Since its inception in 2019, the Bitcoin rewards app has processed over $2 billion in aggregate transaction volume. It has also distributed cumulative rewards worth $45 million.
Fold will continue to leverage Bitcoin and build on its network. Its road map envisions value-added credit, lending, and insurance solutions that are designed to enhance investor savings.
Leaving aside Fold, several firms from the space have been decelerating their growth of late.
As reported by blocmates, finserv firm Swan Bitcoin postponed its plans to go public. It is parallelly shutting down its mining unit, pulling back from its 'accelerated spending plan' for its core financial services business, and initiating a staff cut across several verticals.
