Bitcoin rewards app Fold has revealed plans to debut as a publicly traded company on the Nasdaq with a valuation of $365 million. The company will go public through a merger with SPAC FTAC Emerald Acquisition, unlike a traditional IPO. Fold, known for its debit card cashback app that allows users to pay in fiat or Bitcoin, will list on the Nasdaq post-merger. The SPAC deal, set to close in Q4 2024, will see Fold with over 1,000 BTC on its balance sheet. Proceeds from the merger will fuel Fold's growth. Existing shareholders face a six-month lock-up, with potential revisions based on share price performance. Legacy shareholders are expected to hold 71% of the company's stocks. Since 2019, Fold has processed $2 billion in transactions and distributed $45 million in Bitcoin rewards. In 2019, the company raised $2.5 million from various investors. Read more AI-generated news on: https://app.chaingpt.org/news