Key Points
- Bitcoin financial services firm Fold has submitted an S-4 SEC filing in preparation for its IPO.
- The company plans to go public by merging with FTAC Emerald Acquisition, and currently holds more than 1,000 Bitcoin in its balance sheets.
Bitcoin financial services company Fold has filed an S-4 SEC document with the US Securities and Exchange Commission, signalling its intention to go public.
Fold lodged its S-4 SEC document on October 7. This type of filing is a statement made by a publicly traded company that is in the process of a merger or acquisition.
Merger Plans
Fold announced in July that it aims to go public through a merger with FTAC Emerald Acquisition. If the merger is approved by stakeholders and regulators, Fold will continue to be listed on the Nasdaq, with FLD as the new ticker symbol. The registration statement identifies Emerald as the registrant and Fold as the co-registrant.
The statement further clarifies that “Merger Sub will be merged with and into Fold, with Fold surviving the Merger as a wholly-owned subsidiary of Emerald.”
In July 2024, Fold agreed to merge with the special purpose acquisition company FTAC Emerald Acquisition at a pre-money equity valuation of $365 million.
About Fold
Fold currently holds more than 1,000 Bitcoin in its balance sheets. The funds from the merger will be used to support Fold’s operations and treasury growth.
Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold has raised $20.2 million from 28 investors. The fintech firm allows users to earn Bitcoin rewards via its debit card, similar to credit card cashback. The company currently has 574,000 accounts.
In 2020, Fold collaborated with Visa to launch a new card that allows users to receive 1 to 2 percent of payment made back in the form of Bitcoin. By 2023, the Visa-Fold rewards program had expanded to include card users in Latin America, Europe, and the Asia Pacific regions.
