Fold Makes History: Bitcoin Rewards Company Debuts on Nasdaq
1min read Fold, a Bitcoin rewards company, has made its debut on the Nasdaq, marking a significant milestone for the cryptocurrency industry. The company aims to enhance customer access to Bitcoin rewards, capitalizing on the rising interest in crypto investments. Fold CEO Will Reeves expressed enthusiasm about the public listing, stating, "We are excited to list on Nasdaq and look forward to continuing on our mission to expand access to bitcoin rewards and financial services as a public company."
Fold has begun trading on Nasdaq, offering Bitcoin rewards through a debit card, attracting significant investor interest with shares rising since launch. The company's initial share price was set at $10.25, but it has quickly surged to over $12, indicating robust investor interest. Fold, founded in 2019, has distinguished itself by allowing users to earn Bitcoin rewards for everyday purchases, representing a unique blend of financial services and cryptocurrency engagement.
Fold transitioned to public trading via a merger with FTAC Emerald Acquisition Corp., a move that has been increasingly favored by tech and crypto firms seeking quick access to capital markets. The deal valued Fold at approximately $365 million. This strategic maneuver not only enhances Fold's visibility within the financial sector but also signals growing acceptance of cryptocurrencies in mainstream finance.
Since its inception, Fold has demonstrated impressive growth by processing over $2 billion in transaction volume through its services, which include a debit card that enables users to earn Bitcoin by shopping. Fold's rewards program has distributed over $20 million worth of Bitcoin, translating to an estimated value of $70 million as Bitcoin prices have appreciated significantly.
Looking ahead, Fold is not resting on its laurels. The company has plans to launch a credit card that will further integrate Bitcoin rewards into everyday spending. This innovation aims to allow users to "spend USD on credit and stack sats," enhancing the practical utility of Bitcoin rewards in daily transactions. Such products demonstrate the firm's commitment to making cryptocurrency more accessible and functional for average consumers.
Fold joins a select group of Bitcoin-centric companies listed on stock exchanges, including notable players such as RIOT Blockchain and MicroStrategy (now branded as a "Bitcoin treasury company"). This shift toward public trading underscores the increasing legitimacy of cryptocurrencies as viable financial instruments and investment assets.
