According to Foresight News, Fold, an application focused on Bitcoin rewards, plans to go public through a merger with a special purpose acquisition company (SPAC). Fold has reached an agreement with FTAC Emerald Acquisition Corp. (a special purpose acquisition company listed on Nasdaq and sponsored by Cohen Circle). The proposed transaction means that Fold's pre-investment equity valuation is US$365 million. The transaction has been unanimously approved by the FTAC Emerald and Fold boards of directors and is expected to be completed in the fourth quarter of 2024, pending approval from regulators and shareholders.
Fold allows users to earn Bitcoin cash back on everyday purchases at retailers such as Amazon, Uber, and Starbucks. Fold disclosed that it has more than 1,000 Bitcoins in its company vaults, has processed more than $2 billion in total transaction volume, and distributed more than $45 million in Bitcoin rewards since its founding in 2019.
