Today, Fold, a Bitcoin rewards and financial services company, officially debuted on the Nasdaq stock exchange under the ticker symbol “FLD,” marking a historic milestone as the first Bitcoin-focused financial services firm to go public.
The company completed its transition to a publicly traded entity through a merger with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC), in a move that has captured the attention of both the Bitcoin and traditional finance communities.
Fold, which has built a reputation for offering Bitcoin rewards through its innovative app and debit card, celebrated an eventful first day of trading. Shares surged over 30% in early action, climbing above $13, before settling around the $11 mark by midday.
Fold is now trading on Nasdaq under $FLD.
A bitcoin financial services company built by bitcoiners for bitcoiners with over 1,000 bitcoin in treasury. LFG. pic.twitter.com/qOmFmgqeej
— FOLD BITCOIN (@fold_app) February 19, 2025
The company enters the public market with a substantial holding of 1,000 BTC on its balance sheet—valued at approximately $96 million at current prices—positioning it alongside other Bitcoin-holding public firms like Strategy, MARA, and Riot.
Founded with a mission to integrate Bitcoin into everyday financial activities, Fold has garnered a loyal user base by offering cashback in Bitcoin for purchases made at major retailers like Amazon, Starbucks, and Uber. The company’s flagship product, the Fold debit card, has been a key driver of its growth, with a Bitcoin rewards credit card currently in development and available for waitlist sign-ups.
“Six years ago, we embarked on a mission to expand access to bitcoin investment opportunities through premium financial products,” Will Reeves, Co-Founder and CEO of Fold, emphasized the company’s vision in a recent statement.
“Since then, we have achieved significant scale thanks to the support of our dedicated employees, partners and investors, leading us to this exciting moment in our company’s history. We believe being a public company better positions us to advance our vision of building a gateway to bitcoin-based financial services and expanding access to wealth creation for Fold’s customers.”
The public debut comes at a time of heightened interest in Bitcoin, bolstered by supportive rhetoric from figures like President Donald Trump, who has voiced plans to establish a U.S. Bitcoin strategic reserve. Fold’s move aligns with this broader momentum, as public companies increasingly explore Bitcoin as a treasury asset.
As trading continues, Fold’s leadership remains focused on expanding its offerings and user base. With its Nasdaq debut, the company not only marks a personal triumph but also sets a precedent for the broader digital assets industry, blending Bitcoin’s decentralized ethos with the structure of public markets.
For now, all eyes are on FLD as it navigates this new era of Bitcoin finance.