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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.
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.
STORY CONTINUES BELOW
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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 bitcoin (BTC) 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.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
