Financial services company Bitcoin Fold app has submitted an S-4 SEC filing to the U.S. Securities and Exchange Commission to make its IPO public.
The Fold app submitted its S-4 filing to the SEC on October 7. An S-4 filing is a filing created with the SEC by a publicly traded company in the process of a merger or acquisition. In Fold’s case, it announced last July its intention to go public by merging with FTAC Emerald Acquisition.
According to the document, if the merger is approved and recognized by stakeholders and regulators, Fold will remain listed on Nasdaq with FLD as its new ticker symbol. The registration statement lists Emerald as registrant and Fold as co-registrant.
“Merger Sub will be merged with and into Fold, with Fold surviving the merger as a wholly owned subsidiary of Emerald,” the statement said.
In July 2024, Fold agreed to merge with special purpose acquisition company FTAC Emerald Acquisition for a pre-money equity valuation of $365 million.
According to the press release, Fold currently holds over 1,000 Bitcoin (BTC) on its balance sheets. The funds acquired through the merger were allocated with the aim of supporting Fold’s growth with respect to its operations and cash flow.
The fintech company was founded in 2019 Founded in 2019 by William Reeves, Matthew Luongo and Corbin Pon, Fold has raised $20.2 million from 28 investors, according to PitchBook. Fold allows users to earn Bitcoin rewards through its debit card, similar to cashback from a credit card. The company currently has 574,000 accounts.
In 2020, Fold partnered with Visa to introduce a new card that allows users to receive 1-2% of the payment made in the form of Bitcoin. In 2023, the Visa-Fold rewards program expanded to accommodate card users living in Latin America, Europe, and Asia-Pacific regions.
