Bitcoin Rewards App Fold Files S-4 with SEC to Prepare for IPO

- Bitcoin (BTC) rewards app Fold has filed an S-4 with the U.S. Securities and Exchange Commission (SEC), kicking off the process for an initial public offering (IPO).

- The filing follows a July announcement of plans to merge with FTAC Emerald Acquisition Corp. to go public.

- Under the deal, FTAC Emerald and its subsidiary EMLD Merger Sub will merge into Fold, with Fold becoming a wholly owned subsidiary of FTAC Emerald.

- Upon receiving regulatory and shareholder approval, the new entity will list on Nasdaq under the ticker “FLD.” The deal is expected to close in Q4 2024.

- FTAC Emerald shareholders will receive Fold shares worth between $365 million and $419.75 million, depending on the closing price of Bitcoin.

- Fold plans to expand its services, including a BTC custody and trading program, adding a Bitcoin deposit option, and opening an OTC exchange for large transactions.

- The company also revealed plans to continue accumulating BTC as part of its treasury investment plan. As of July 31, 2024, Fold holds approximately 1,002 BTC, worth approximately $63.2 million. 🚀