Fold Is Set to List on NASDAQ with Over 1000 BTC in Corporate Treasury
Fold Inc. is preparing to go public through a blank-check company founded by SPAC veteran Betsy Cohen. The proposed deal with Nasdaq-listed FTAC Emerald suggests a valuation of $365 million for the company.
- Financial services company Fold and FTAC Emerald Acquisition Corp have entered into a definitive agreement providing for a proposed business combination that will result in Fold becoming a publicly-listed company.
"The transaction implies a pre-money equity valuation for Fold of $365 million. It is anticipated that post-transaction Fold will have more than 1,000 BTC on its consolidated balance sheet. Fold expects to use the proceeds to accelerate the growth of Fold’s operations and treasury," was stated in a press release.
- The deal has been unanimously approved by the boards of directors of both FTAC Emerald and Fold, is expected to close in the fourth quarter of 2024, pending regulatory and shareholder approvals.
"We’ve stacked over 1,000 bitcoin into our treasury and we intend to stack 1,000s more. We’re turning Fold into an unstoppable bitcoin accumulation machine for our customers and future shareholders," said Fold CEO Will Reeves on X.
- "Looking forward, Fold will continue to build on bitcoin, with a road map that envisions value-added credit, lending, and insurance solutions. Our products are designed to enhance the savings and the financial freedom of our community. Our business philosophy aligns Fold with the growth of bitcoin through unique and accessible financial products designed by bitcoiners, for bitcoiners," added the company's CEO.
Fold and FTAC Emerald will host a joint investor conference call to discuss the proposed transaction today, Wednesday, July 24, 2024 at 8:30 am ET.
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