As a seasoned crypto investor with a keen eye for promising ventures, I find the recent move by Fold app to go public through an IPO quite intriguing. Having closely followed the growth of this fintech company since its inception in 2019, I’ve witnessed their strategic partnerships and expansion, particularly the collaboration with Visa.
The Fold app, a business specializing in Bitcoin financial services, has made preparations to become publicly traded by filing an S-4 form with the United States Securities and Exchange Commission, a crucial step towards launching its Initial Public Offering (IPO).
On October 7th, the Fold app lodged an S-4 filing with the Securities and Exchange Commission (SEC). An S-4 filing is a document submitted by a publicly traded company that’s in the process of a merger or acquisition. In this instance, Fold declared back in July its intention to become public by merging with FTAC Emerald Acquisition.
As stated in the document, if the merger gets approved and accepted by all concerned parties including stakeholders and regulators, Fold will continue to be traded on Nasdaq with the new ticker symbol FLD. The registration statement identifies Emerald as the primary registrant, while Fold is also listed as a co-registrant.
The statement indicates that “Merger Sub” will combine and become part of “Fold,” while “Fold” continues to exist as a completely owned affiliate of “Emerald.
In July 2024, Fold entered into an agreement for a merger with the acquisition company FTAC Emerald Acquisition. The deal was set at a preliminary, non-inclusive valuation of Fold’s equity at $365 million.
Based on a recent announcement, Fold has over 1,000 Bitcoins (BTC) in its assets. The money obtained from the merger is being used to boost Fold’s expansion, particularly in its business and financial management sectors.
Established in the year 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold is a fintech venture that garnered an investment of $20.2 million from a total of 28 investors, as per PitchBook records. This tech firm offers users the opportunity to accumulate bitcoin rewards using their debit card, much like credit card cashback. Currently, it manages approximately 574,000 accounts.
As an analyst, I can share that in the year 2020, Fold collaborated with Visa to launch a unique credit card offering. This card allows users to earn between 1% and 2% of their payments back, not in traditional currency, but in Bitcoin. Fast forward to 2023, and this rewarding partnership between Visa and Fold has grown to cater to cardholders residing in Latin America, Europe, and the Asia Pacific regions.
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2024-10-08 11:24