{"id":84996,"date":"2024-07-25T00:28:26","date_gmt":"2024-07-25T04:28:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=84996"},"modified":"2024-07-25T00:28:30","modified_gmt":"2024-07-25T04:28:30","slug":"btc-based-rewards-app-fold-to-list-on-nasdaq-via-spac-deal","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/btc-based-rewards-app-fold-to-list-on-nasdaq-via-spac-deal\/","title":{"rendered":"BTC-Based Rewards App Fold To List On Nasdaq Via SPAC Deal"},"content":{"rendered":"\n

The BTC-Based Rewards App will go public on the Nasdaq <\/a>after an SPAC agreement is set to be wrapped up by the end of this year.<\/p>\n\n\n\n

\"BTC-Based
BTC-Based Rewards App Fold To List On Nasdaq Via SPAC Deal<\/em><\/figcaption><\/figure>\n\n\n\n

Bitcoin-based rewards application Fold\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has declared its intention to become a publicly traded company on the Nasdaq, with an implied valuation of $365 million.<\/p>\n\n\n\n

According to a July 24 statement, Fold has entered into a business combination agreement with a particular purpose acquisition company (SPAC), FTAC Emerald Acquisition, to go public.<\/p>\n\n\n\n

In contrast to a conventional IPO, which involves the issuance of new shares by a private company and their subsequent sale on a public exchange, a SPAC transaction consists of the merger of a private company with a proxy company, resulting in the company's public trading.<\/p>\n\n\n\n

\n

We\u2019re\u00a0excited\u00a0to\u00a0share\u00a0that\u00a0Fold\u00a0is set to list\u00a0on the NASDAQ\u00a0as the first publicly traded financial services company powered by bitcoin.

We will enter the market with over 1,000 bitcoin in our treasury.\u00a0$EMLD<\/use><\/svg><\/span><\/a>https:\/\/t.co\/PBpnAZ6MF9<\/use><\/svg><\/span><\/a><\/p>— FOLD BITCOIN (@fold_app) July 24, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

After the SPAC transaction is finalized, the folder will launch on the Nasdaq under a disclaimer.<\/p>\n\n\n\n

Fold is a debit card cashback application that enables users to pay for commonplace items and bills at both in-store and online retailers in both fiat and BTC. Variable Bitcoin-denominated rewards are awarded to users for conducting transactions via the application.<\/p>\n\n\n\n

Transaction to be finalized in the fourth quarter<\/strong><\/h3>\n\n\n\n

Fold stated that the directors of both companies had unanimously endorsed the SPAC transaction, and it is anticipated that the transaction will be finalized in the fourth quarter of 2024.<\/p>\n\n\n\n

\n

\u201cThe transaction implies a pre-money equity valuation for Fold of $365 million.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The firm stated that it is expected that Fold will have over 1,000 BTC on its consolidated balance sheet after the transaction.<\/p>\n\n\n\n

Fold declared that it would allocate the proceeds of the merger agreement with FTAC Emerald to “further the expansion” of its operations and treasury.<\/p>\n\n\n\n

According to the payments app, existing shareholders will be subjected to a six-month lock-up. However, this will be modified if the company's share price surpasses $12 within 90 days of Fold being listed on the Nasdaq.<\/p>\n\n\n\n

It is anticipated that legacy shareholders who owned shares in the company immediately before the company's public offering will possess approximately 71% of its outstanding shares.<\/p>\n\n\n\n

The company has distributed over $45 million in Bitcoin-based rewards<\/a> to its consumers and processed over $2 billion in transaction volume since its inception in 2019.<\/p>\n\n\n\n

Fold raised $2.5 million in September 2019 in a round that included the participation of Craft Ventures, Goldcrest Capital, Slow Ventures, Fulgur Ventures, and digital asset management firm CoinShares.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The BTC-Based Rewards App will go public on the Nasdaq after an SPAC agreement is set to be wrapped up by the end of this year. Bitcoin-based rewards application Fold has declared its intention to become a publicly traded company on the Nasdaq, with an implied valuation of $365 million. According to a July 24 […]<\/p>\n","protected":false},"author":59,"featured_media":84998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20813,592,8602],"class_list":["post-84996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btc-based-rewards","tag-nasdaq","tag-spac-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/fold.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=84996"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84998"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=84996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=84996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=84996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}