Bitcoin fintech company Fold plans to go public via a merger with FTAC Emerald Acquisition, valued at $365 million. The deal is expected to close in the fourth quarter of this year, pending regulatory approval.
This merger will make Fold the first pure-play financial services company powered by Bitcoin. The transaction will leave Fold with over 1,000 BTC on its balance sheet, leveraging the proceeds to accelerate its growth and treasury operations.
Founded in 2019, Fold has raised $20.2 million from investors like Bessemer Venture Partners and Draper Associates. Existing stockholders face a six-month lock-up period, potentially ending sooner if stock prices hit specific targets.
CEO Will Reeves and the current management team will remain, joined by key figures from FTAC Emerald and Ten31. Reeves emphasizes that the merger will enhance Fold’s Bitcoin-centric financial services.
This move signifies a strategic milestone in integrating Bitcoin with mainstream financial services, potentially setting a precedent for future fintech innovations.
