As a seasoned crypto investor with a keen interest in blockchain technology and its applications in everyday life, I find the recent announcement of Fold going public through a SPAC merger with FTAC Emerald Acquisition on Nasdaq an exciting development. Having closely followed Fold since its 2019 launch, I’ve seen the company grow from a promising start-up to a major player in the cryptocurrency and payments sector.
I’m excited to announce that Fold, the Bitcoin rewards app, intends to transition into a publicly traded company with an implied valuation of $365 million. This transformation will be facilitated through a merger with FTAC Emerald Acquisition, a special purpose acquisition company (SPAC), as stated on July 24.
In a SPAC (Special Purpose Acquisition Company) deal unlike a traditional IPO where a business offers new shares for sale to the public, Fold will merge with a pre-existing shell company that’s already listed on the stock exchange. Once the merger is finalized, Fold’s stocks are anticipated to begin trading on Nasdaq under an as-yet-unrevealed name.
As a seasoned fintech enthusiast and early adopter of digital currencies, I’ve come across various innovative solutions that merge traditional finance with cryptocurrencies. One such app that has piqued my interest is one that functions as a cashback debit card for both fiat currency and Bitcoin transactions at collaborating merchants, online and offline.
Based on the official statement, the boards have given their approval for the proposed Special Purpose Acquisition Company (SPAC) deal between the two companies. The transaction is predicted to be completed in the last quarter of 2024. Following the merger, Fold will hold over a thousand Bitcoins in its possession.
The funds generated from the merger will subsequently be employed to accelerate Fold’s expansion and intensify its operations. A six-month restriction applies to the current stockholders, though this may be adjustable if Fold’s shares reach or exceed $12 in value within three months post-listing.
Approximately 71% of the existing Fold shares will remain with pre-IPO shareholders after the company’s initial public offering (IPO).
Starting from its debut in 2019, Fold has handled transactions amounting to more than two billion dollars, disbursed forty-five million dollars in Bitcoin incentives, and secured investment totalling two point five million dollars from prominent backers such as Craft Ventures and CoinShares.
Fold’s IPO marks a significant milestone for the company, enabling it to broaden its offerings in the realm of cryptocurrencies and payments.
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2024-07-25 08:20