Fold App Files S-4 SEC Form to Go Public with FLD Ticker
Fold, one of the more well-known rewards apps for earning Bitcoin, prepares for its public debut. On October 7, the company filed an S-4 with the U.S. Securities and Exchange Commission, marking a major step in the road to becoming publicly traded. The proposed filing comes as part of a plan for the company to merge with FTAC Emerald Acquisition Corp., a SPAC, and be listed on Nasdaq under the “FLD” ticker symbol.
Merger with FTAC Emerald Acquisition
In July 2024, Fold announced that it will merge with FTAC Emerald Acquisition. Approval from stakeholders and regulators pending, the proposed merger will see Fold valued at $365 million. The S-4 filing is an SEC requirement when one public company is merging or being taken over by another and includes information on the salient features of the transaction, including the manner in which the merger will be structured. According to the filing, Fold will operate as a direct wholly-owned subsidiary of Emerald after the merger with FLD as a new stock ticker.
Strategic Use of Bitcoin Reserves
The peculiarities of Fold’s business model allow its users to get Bitcoin rewards by using a debit card much like cashback. The model, invented in the minds of its creators, was immediately liked by people and that explains such fast growth of this company. Today, Fold keeps more than 1,000 Bitcoins on its balance sheet-an asset that, according to the plans of this company, is to be actively used for further expansion.
Proceeds from the merger are expected to enhance Fold’s operations and underpin an ambitious growth strategy. Fold is positioning itself for increasing mainstream adoption of Bitcoin, and its core focus on Bitcoin rewards made it a standout in the fintech world.
Global Expansion and Partnerships
Since its founding in 2019, Fold has built partnerships to fuel its growth. In 2020 alone, the company partnered with Visa to launch a debit card that gives users between 1-2% of their purchases in Bitcoin. That partnership expanded Fold’s global footprint – the rewards program is now available to users across Latin America, Europe, and the Asia-Pacific region.
Looking Ahead
As Fold prepares to go public, its number one focus remains the same: scale users and reward them with Bitcoin. Today, the company has around 574,000 accounts-a number expected to continue growing as the company builds out its products following the merger. The moment marks a pivotal time for Fold, which sets the stage for life as a publicly traded company.
