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Bitcoin Rewards App Fold Volatile in Wall Street Debut
The firm, which holds 1,000 BTC, went public on the Nasdaq Wednesday via a SPAC merger.
Updated Feb 19, 2025, 6:01 p.m. Published Feb 19, 2025, 3:02 p.m.
What to know:
- Bitcoin rewards app Fold Holdings went public on Wednesday via SPAC merger with Nasdaq-listed FTAC Emerald Acquisition Corp.
- Fold is now the latest publicly firm with bitcoin on its balance sheet, holding 1,000 BTC worth $96 million.
- FLD shares rallied 30% in early action before giving back a sizable portion of those gains.
Bitcoin rewards financial services firm Fold Holdings (FLD) debuted on the Nasdaq stock exchange on Wednesday with shares surging higher in early action before pulling back.
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The firm went public via business merger with FTAC Emerald Acquisition Corp. (FTAC), a publicly traded special purpose acquisition company (SPAC). FLD jumped more than 30% above $13 in the early minutes of trading before pulling back to the $11 area.
Fold is the latest addition of publicly traded companies with on its balance sheet, following the footsteps of Michael Saylor's Strategy and smaller companies like Semler Scientific and Metaplanet. Fold holds 1,000 BTC, worth $96 million at current prices, according to public filings.
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Yang perlu diketahui:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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