Bitcoin fintech company Fold is set to go public through a merger with FTAC Emerald Acquisition.

Fold, known for offering rewards on bill payments, is gearing up for a public listing via a merger with the special purpose acquisition company (SPAC) FTAC Emerald Acquisition. The pre-money equity valuation stands at $365 million.

As per a July 24 press release, Fold will hold over 1,000 BTC on its consolidated balance sheet post-transaction. The proceeds from the merger are intended to accelerate the growth of Fold’s operations and treasury.

The boards of directors of both FTAC Emerald and Fold have unanimously approved the deal, which is expected to close in the fourth quarter of this year, pending regulatory approval.

Fold has not disclosed the new ticker for the combined entity but mentioned it will be announced later.

Fold’s current management team will remain, with CEO Will Reeves continuing in his role. Joining him on the combined company’s board of directors will be Brace Young, FTAC Emerald director Andrew Hohns, and Jonathan Kirkwood of Ten31. Reeves noted that the merger would enable the company to develop its Bitcoin-centric offerings, including value-added credit, lending, and insurance solutions.

Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold has raised a total of $20.2 million from 28 investors, including B37 Ventures, Bessemer Venture Partners, Dragonfly, and Draper Associates. Existing stockholders will face a “six-month lock-up” period, which may end earlier if the combined company’s stock price exceeds $12.00 per share for 20 trading days within any consecutive 30 trading-day period, starting at least 90 days after the closing date.

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