Fold, a prominent player in the Bitcoin financial services sector, has officially filed an S-4 registration with the US Securities and Exchange Commission (SEC) as it moves forward with plans for an initial public offering (IPO).
The S-4 filing, submitted on October 7, indicates Fold’s intention to go public through a merger with FTAC Emerald Acquisition, a move announced last July. This type of filing is typically used by companies undergoing mergers or acquisitions, setting the stage for their entry into the public market.
If the merger receives the necessary approvals from stakeholders and regulators, Fold is set to be listed on Nasdaq under the ticker symbol FLD. The registration statement outlines Emerald as the primary registrant, with Fold as the co-registrant.
“Merger Sub will be merged with and into Fold, with Fold surviving the merger as a wholly-owned subsidiary of Emerald,” the filing states.
In July 2024, Fold’s merger with FTAC Emerald Acquisition was valued at a pre-money equity of $365 million. Proceeds from the merger are earmarked to support Fold’s operational expansion and treasury growth.
Founded in 2019, Fold has raised $20.2 million from a diverse group of investors. The company enables users to earn Bitcoin rewards through its debit card, mirroring traditional credit card cashback offers. Currently, Fold boasts approximately 574,000 user accounts.
In a strategic move in 2020, Fold partnered with Visa to launch a card that allows users to receive 1 to 2 percent of their payments back in Bitcoin. By 2023, this rewards program expanded globally, catering to card users across Latin America, Europe, and the Asia-Pacific region.
