According to CoinDesk, Bitcoin rewards app Fold is planning to go public on Nasdaq through a merger with special-purpose acquisition company (SPAC) Emerald Acquisition Corp. (EMLD). The New York-based company offers a cashback debit card that provides bitcoin rewards instead of traditional rewards. Fold's cards have processed over $2 billion in volume and distributed more than $45 million worth of rewards, as announced 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 hold more than 1,000 BTC ($67 million) on its balance sheet. However, Fold has not yet disclosed the expected closing date of the merger or the ticker it will trade under on Nasdaq.

SPACs were a popular method for crypto firms to attain public listings during the last bull cycle. However, the onset of the crypto winter in 2022 saw several SPAC deals canceled. It remains uncertain whether this bull cycle will see more such deals come to fruition. Bitcoin financial services firm Swan recently canceled its SPAC plans amid a reorganization that also saw it discontinue its managed mining unit and cut staff across several units.