Bitcoin Firm Fold Plans to Go Public in $365 Million SPAC Deal

Bitcoin Financial services platform Canceling announced plans It will go public on Wednesday through a special purpose acquisition company (SPAC), in a deal that values ​​the company at $365 million.

Fold with FTAC Emerald Acquisition Corp. to facilitate the transition. has reached an agreement whereby the businesses will be combined, with the intended result being that Fold will be listed on the Nasdaq under a new ticker symbol at an unspecified date.

The transaction represents a pre-funding equity value of Fold of $365 million. Following the merger, Fold expects to have more than 1,000 Bitcoin (worth more than $66 million) on its balance sheet.

In the year Since its inception in 2019, Fold says it has processed more than $2 billion in services including bill payments, debit cards and insured accounts. Customers collect Bitcoin rewards using Fold Services, and can purchase BTC through the platform without fees. Fold claims to have distributed a total of $45 million in Bitcoin rewards to customers since its inception.

Existing Fold shareholders are expected to own approximately 71% of the company's outstanding shares. After the transaction, these shareholders will be subject to a six-month lock-up period, with certain exceptions.

If the transaction closes as expected in the fourth quarter of this year, Fold will be the rare cryptocurrency company to succeed in its quest to go public. Just this week, a financial services company with Bitcoin Swan He announced that he had canceled his plans to pursue an IPO due to a massive strike.

Securing regulatory approval will be a critical step for Fold. The US Securities and Exchange Commission has increased its scrutiny of crypto companies in recent years; He has banned many high-profile organizations From going public. These include: Bullish Global, eBull Groupand Circle Internet Financial, all of which are SPAC mergers as well as seeking to list on various stock exchanges.

Decrypt I reached out to Fold for comment but did not receive an immediate response.

Edited by Andrew Hayward.