Fold, a bitcoin financial services company, began trading publicly on the Nasdaq Composite on Wednesday. The firm is valued at $365 million after merging with special purpose acquisition company FTAC Emerald Acquisition Corp.
Initially listed at $10.25 per share, Fold’s stock price rose to over $12. CEO Will Reeves stated that the company aims to expand access to bitcoin rewards and financial services as a public entity.
Since its founding in 2019, Fold has processed over $2 billion in volume through its services, including bill pay, debit cards, and insured accounts. Customers earn bitcoin rewards for using these services and can purchase BTC without fees.
Fold has distributed over $20 million worth of BTC rewards to date, valued at around $70 million due to the rising price of Bitcoin. The company is also teaming up with Visa on its rewards debit card, with a credit card in development.
Other notable bitcoin-focused companies trading on the Nasdaq include American miners RIOT and software company Strategy (formerly MicroStrategy), which has rebranded as a “Bitcoin treasury company.”
Source: https://decrypt.co/306709/bitcoin-app-fold-goes-public-nasdaq