Bitcoin Rewards App Fold Eyes Nasdaq Listing Via $365M SPAC Deal
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Fold offers a cashback debit card which provides bitcoin rewards instead of traditional rewards one would expect from other products.
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The company is aiming to go public through a merger with SPAC Emerald Acquisition.
Bitcoin rewards app Fold is planning a public listing on Nasdaq through a merger with special-purpose acquisition company (SPAC) Emerald Acquisition Corp. (EMLD).
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New York-based Fold offers a cashback debit card which provides bitcoin rewards instead of traditional rewards one would expect from other related products. Fold’s cards have processed over $2 billion in volume and distributed more than $45 million worth of rewards, according to an announcement on Wednesday.
The transaction, which has been unanimously approved by the boards of both firms, will have a pre-money equity valuation of $365 million. The post-transaction entity will also have more than 1,000 BTC ($67 million) on its balance sheet.
Fold has not yet disclosed the expected closing of the merger nor the ticker it will trader under on Nasdaq.
SPACs were a popular way for crypto firms to attain public listings during the last bull cycle. However, the onset of the crypto winter in 2022 saw several muted SPACs cancelled.
It is unclear as yet whether this bull cycle will see more of such deals come to fruition. Bitcoin financial services firm Swan cancelled its SPAC plans on Monday, amid a reorganization which also saw it discontinued its managed mining unit and cut staff across several units.
Edited by Stephen Alpher.
