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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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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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