Bitcoin (CRYPTO: BTC)-focused financial services company Fold, Inc. moved one step closer to going public after submitting an S-4 filing with the SEC.
What happened: The filing, which was submitted Monday with the regulator, detailed the company's merger with FTAC Emerald Acquisition Corp. (NASDAQ:FLD)—a special-purpose acquisition company that helps a private firm go public.
Following the merger, New Fold Common Stock and Public Warrants would continue trading on Nasdaq under symbols "FLD" and "FLDDW," respectively.
Fold announced its decision to list on Wall Street in July this year, with CEO Will Reeves stating, "This transaction represents a significant step in Fold's mission to expand access to premium Bitcoin financial services and empower individuals to achieve their dreams."
The company mentioned that post-transaction, it will have more than 1,000 BTCs on its balance sheet.
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Why It Matters: Founded in 2019, Fold allows users to earn Bitcoin rewards through its debit card, similar to credit card cashback. It also enables buying and selling the leading cryptocurrency directly from Fold accounts.
The firm disclosed facilitating over $2 billion in transaction volume and distributing over $45 million in Bitcoin rewards.
Should it pass the regulatory hurdles, Fold will join the ranks of MicroStrategy and Block, recognized for holding a significant amount of the top cryptocurrency on their books.
MicroStrategy was the undisputed leader, holding a stash worth $15.79 billion as of this writing, according to bitcointreasuries.net.
Price Action: At the time of writing, Bitcoin was exchanging hands at $62,611.01, down 1.46% in the last 24 hours, according to data from Benzinga Pro. Shares of FTAC closed 0.09% lower at $10.83 during Monday's trading session.
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