TLDR
Fold Holdings is set to become the 12th crypto-native company listed on Nasdaq through a SPAC merger with FTAC Emerald Acquisition Corp, trading under symbols “FLD” and “FLDDW”
The company holds 1,000 BTC in its treasury, making it the 23rd largest holder of Bitcoin among companies
Fold was founded in 2019 and focuses on integrating Bitcoin into everyday financial products, including a new credit card offering 2% Bitcoin cashback
The listing adds to the growing presence of crypto companies on Nasdaq, which includes Coinbase and various Bitcoin mining firms
This development comes as Bitcoin exposure through financial instruments increases, with spot BTC ETFs exceeding $40 billion in net flows
Fold Holdings, a Bitcoin financial services company, is scheduled to begin trading on the Nasdaq stock exchange on February 19, 2025. The company’s entry into public markets comes through a merger with FTAC Emerald Acquisition Corp, a special purpose acquisition company (SPAC).
The newly formed entity will maintain the Fold Holdings name and trade under the ticker symbols “FLD” for common stock and “FLDDW” for warrants. The final approval for the listing is still pending from regulatory authorities.
Fold Holdings brings with it a treasury of 1,000 Bitcoin, placing it as the 23rd largest corporate holder of the cryptocurrency. This addition further increases the amount of Bitcoin held by publicly traded companies.
Founded in 2019, Fold has focused its business model on bringing Bitcoin into everyday financial services. The company recently announced plans for a credit card that will offer users 2% cashback rewards in Bitcoin, demonstrating its commitment to making cryptocurrency more accessible to regular consumers.
Will Reeves, who co-founded Fold and serves as its CEO, explained the company’s journey:
“Six years ago, we embarked on a mission to expand access to Bitcoin investment opportunities through premium financial products. We believe being a public company better positions us to advance our vision of building a gateway to Bitcoin-based financial services and expanding access to wealth creation for Fold’s customers.”
Crypto’s Growing Wall Street Presence
The listing marks another milestone in the growing presence of cryptocurrency companies on traditional stock exchanges. Fold will become the twelfth crypto-native company to list on the Nasdaq, joining a roster that includes major industry players like Coinbase and Strategy.
The cryptocurrency sector’s representation on Nasdaq has been steadily expanding, particularly in the Bitcoin mining segment. Companies such as Marathon Digital, CleanSpark, Cipher Mining, Bit Digital, Bitfarms, Hut 8, Riot Platforms, Hive, and Iren have all established their presence on the exchange.
Strategy, one of the more well-known crypto companies on Nasdaq, achieved a new level of mainstream recognition when it was added to the Nasdaq 100 Index in December 2024.
The timing of Fold’s listing coincides with increasing institutional interest in Bitcoin exposure through traditional financial instruments. Spot Bitcoin ETFs have gathered over $40 billion in net flows, showing strong demand from traditional investors.
This development suggests that Fold’s shares might serve as another way for investors to gain indirect exposure to Bitcoin’s performance, similar to how Strategy’s stock has been used as a proxy for Bitcoin investment.
The move to go public through a SPAC merger represents a strategic choice for Fold, allowing the company to access public markets through a process that can be more streamlined than a traditional initial public offering (IPO).
For retail investors, Fold’s listing provides another option to participate in the cryptocurrency market through traditional brokerage accounts, without directly holding digital assets.
The company’s Bitcoin holdings of 1,000 BTC add to the growing pool of the cryptocurrency held by publicly traded companies, further bridging the gap between traditional finance and the digital asset sector.
Looking at the immediate future, Fold’s success on the public markets will be watched closely by both cryptocurrency enthusiasts and traditional investors as another test case for crypto-native companies entering mainstream finance.
The listing remains subject to customary closing conditions and final regulatory approvals, with trading expected to commence on February 19, 2025.
