Bitcoin Firm Set for Major IPO Amid Market Revival
24.07.2024 12:00 1 min. read Alexander Stefanov
Fold Inc., known for its Bitcoin rewards program, is reportedly on the brink of a major business move that could significantly impact its future and the broader cryptocurrency industry.
As the crypto sector shows signs of revival, the company is nearing a merger with a special purpose acquisition company (SPAC) to go public.
Sources indicate that Fold Inc. is in the final stages of negotiating a merger with FTAC Emerald Acquisition Corp, a SPAC led by Betsy Cohen. This merger could value Fold at around $500 million. An official announcement is anticipated soon.
Fold Inc. is part of a growing trend of cryptocurrency companies aiming to go public. Bitcoin mining firm Genesis Digital Assets is planning an IPO, and Northern Data AG, which now focuses on AI computing services, is also considering a public listing.
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The potential merger of Fold Inc. comes amid a surge in crypto startup funding. In the first quarter of 2024, valuations of crypto startups reached $2.4 billion, marking a significant increase despite a global dip in venture capital investments.
This growth is driven by lower interest rate expectations and the launch of U.S. bitcoin spot ETFs.
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