SEC filing underway, Bitcoin rewards app Fold adopts FLD ticker

Bitcoin financial services company Fold app has filed an S-4 SEC filing with the U.S. Securities and Exchange Commission in preparation for its initial public offering.

The Fold app filed its S-4 SEC filing on October 7. An S-4 filing is a filing with the SEC filed by a public company that is in the process of a merger or acquisition. In the case of Fold, last July it announced plans to go public by merging with FTAC Emerald Acquisition.

If the merger is approved and recognized by stakeholders and regulators, Fold will continue to be listed on Nasdaq with FLD as its new ticker symbol, according to the document. The registration statement lists Emerald as the registrant and Fold as a co-registrant.

“Merger Sub will merge with Fold, and Fold will survive the Merger as a wholly owned subsidiary of Emerald,” the statement said.

In July 2024, Fold agreed to merge with special purpose acquisition company FTAC Emerald Acquisition at a preliminary equity valuation of $365 million.

According to the press release, Fold currently has more than 1,000 Bitcoins (BTC) on its balance sheet. Funds from the merger were allocated to support Fold’s growth in operations and treasury

The fintech company was founded in 2019. Founded by William Reeves, Matthew Luongo, and Corbin Pon in 2019, Fold raised $20.2 million from 28 investors, according to PitchBook. Fold allows users to earn bitcoin rewards via debit card, similar to credit card cash back. The company currently has 574,000 accounts.

In 2020, Fold partnered with Visa to introduce a new card that allows users to get 1 to 2 percent back on payments made in the form of Bitcoin. In 2023, the Visa-Fold rewards program was expanded to include card users living in Latin America, Europe and Asia Pacific regions.