What You Need to Know:

• Bitcoin rewards application, Fold Holdings, entered the public market via a SPAC merger with Nasdaq-listed FTAC Emerald Acquisition Corp.
• The company now joins the ranks of publicly traded firms holding bitcoin, boasting a total of 1,000 BTC valued at around $96 million.
• Following its launch, shares of FLD increased by 30% initially before stabilizing around the $11 mark.

Fold Holdings debuted on the Nasdaq stock exchange, experiencing a surge in share prices before a subsequent pullback.

The firm initiated its public offering through a business merger with FTAC Emerald Acquisition Corp. (FTAC), a publicly listed special purpose acquisition company (SPAC). Early trading saw FLD shares rising over 30% to more than $13 before retracting to the $11 range.

Fold is the most recent venture among publicly traded companies that have bitcoin listed as an asset on their balance sheets, following leaders in the field such as Michael Saylor’s MicroStrategy and smaller entities like Semler Scientific and Metaplanet. Fold owns 1,000 BTC, which is currently valued at approximately $96 million based on market rates.