Bitcoin banking app Fold will soon list on NASDAQ

Fold, a popular Bitcoin financial services platform, has confirmed agreements to become a publicly traded company on the NASDAQ stock exchange.

The company’s entry will add another entry to the growing list of public stocks that hold large chunks of Bitcoin directly on their balance sheets.

Bitcoin banking went public

According to a press release on Wednesday, Fold said it had entered into a definitive agreement with FTAC Emerald, a special purpose acquisition company.

The proposed business combination will allow Fold to become a public company. Although it will first inherit Emerald’s EMLD ticker, Fold will remain on the NASDAQ with a new ticker to be announced at a later date.

“This transaction represents an important step in Fold’s mission to expand access to premium bitcoin financial services and empower people to achieve their dreams,” said Will Reeves, CEO of Fold.

Fold is a centralized financial service that helps expand the utility of BTC for its customers by bridging Bitcoin to the world of traditional banking.

Users can buy and withdraw Bitcoin, split their paychecks between cash and BTC, and earn money by making purchases with their FOLD debit card. Since its inception in 2019, Fold has processed $2 billion in aggregate transaction volume and distributed over $45 million in BTC rewards.

The company’s latest deal gave it a proposed equity valuation of $365 million. Fold’s legacy shareholders are expected to own 71% of the business after the transaction closes.

“Going forward, Fold will continue to be bitcoin-based, with a roadmap that envisions value-added credit, lending and insurance solutions,” added Reeves.

Bitcoin on the books

Upon going public, Fold expects to hold more than 1000 BTC on its consolidated balance sheet, worth more than $65.6 million at the time of writing.

This would make Fold the next publicly traded company in the United States with a significant Bitcoin treasury position. MicroStrategy (MSTR), the first company to adopt the strategy, has acquired over 226,000 BTC and its stock is up 144% year to date.

Japanese investment firm MetaPlanet has also benefited massively from its Bitcoin Treasury strategy adopted earlier this year. With Bitcoiin worth $14.8 million, the company’s stock is up 1,775% year-to-date at the time of writing.

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