According to Bloomberg, the startup Fold is among several cryptocurrency firms gearing up for US listings as the asset class experiences a resurgence following significant downturns over the past two years. Representatives for Fold and the Special Purpose Acquisition Company (SPAC) involved in the deal declined to comment on the matter.

Bitcoin mining company SPACs, which were highly popular in 2021, have seen a decline in interest. Many deals either collapsed before completion or saw stock prices plummet post-merger. In 2021, US SPAC mergers amounted to approximately $128 billion, but this figure dropped to $9.5 billion in announced transactions last year, as per data compiled by Bloomberg.

Cohen, a banking executive turned fintech investor, has been active in the SPAC market, launching 12 blank-check firms and completing five mergers to date. Fold, founded in 2019, allows users to earn Bitcoin from their purchases, positioning itself as a notable player in the evolving cryptocurrency landscape.