As a long-term Bitcoin investor and advocate, I’m thrilled to see Fold joining the ranks of publicly traded companies with significant Bitcoin holdings. This move not only validates the growing acceptance of Bitcoin as a legitimate asset class but also paves the way for more mainstream access to Bitcoin financial services.
Folds, a well-known Bitcoin financial services provider, has announced plans to go public by listing its shares on the NASDAQ stock market.
The addition of the firm’s stock to the public market will increase the number of companies holding substantial amounts of Bitcoin on their financial reports.
Bitcoin Banking Gone Public
According to a press announcement on Wednesday, Fold revealed they had reached a definite deal with FTAC Emerald, a specific-purpose acquisition corporation.
The planned merger between Fold and Emerald will result in Fold gaining public listing status. Initially, Fold will utilize Emerald’s existing ticker symbol (EMLD) on NASDAQ. However, it will eventually adopt a new ticker symbol of its own, which will be revealed at a later time.
“Will Reeves, CEO of Fold, commented that this transaction signifies a substantial advancement in our company’s objective to broaden the availability of top-tier Bitcoin financial solutions and enable people to realize their aspirations,” is one way to paraphrase that statement.
“Fold functions as a financial intermediary, connecting Bitcoin users with conventional banking systems to increase the versatility of their bitcoins.”
With FOLD, customers have the flexibility to purchase and cash out Bitcoin, divide their paychecks between traditional money and Bitcoin, and earn rewards in the form of Bitcoin when making purchases using their debit card. Since its launch in 2019, Fold has facilitated over $2 billion in total transactions and distributed more than $45 million worth of Bitcoin as rewards.
The most recent business transaction values the company at approximately $365 million in equity. Once finished, the existing Fold shareholders are projected to retain around 71% of the ownership.
Moving forward, Fold is committed to expanding its bitcoin offerings, with plans for credit, lending, and insurance services in the future, according to Reeves.
Bitcoin On The Books
When Fold goes public, we expect the company to have more than 1000 Bitcoins in total assets – equivalent to around $65.6 million at present.
Fold could become the next American publicly-traded company with a substantial Bitcoin hoard following MicroStrategy’s (MSTR) lead. MicroStrategy was the trailblazer in this approach, having amassed approximately 226,000 BTC, and their stock has surged by 144% as of now in 2021.
MetaPlanet, a Japanese investment firm, has experienced significant gains as a result of its Bitcoin Treasury strategy implemented earlier in the year. Currently, the company holds approximately $14.8 million worth of Bitcoins. This strategic move has led to an impressive 1,775% increase in their stock value at the present moment.
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2024-07-25 02:22