Fold has filed an S-4 with the SEC, planning to go public and potentially list on NASDAQ under the ticker "FOLD."
Fold holds over 1,000 BTC in its corporate treasury, positioning itself alongside major public Bitcoin-holding firms like MicroStrategy.
The company has processed over $2 billion in transactions and distributed $45 million in Bitcoin rewards since its 2019 launch.
Bitcoin financial services company Fold is preparing to go public. The company filed an S-4 form with the U.S. Securities and Exchange Commission (SEC), aiming for an initial public offering (IPO) on NASDAQ.Â
https://twitter.com/WuBlockchain/status/1843456766555893961
While the specific ticker symbol has not been confirmed, many expect Fold to list under âFOLDâ once approved. This move positions Fold alongside major crypto-focused firms already operating in the public market.
Growing Bitcoin Financial Platform
Founded in 2019, Fold has rapidly expanded its user base and offerings. The company allows users to earn Bitcoin rewards through its debit card, similar to cashback incentives offered by traditional credit cards. Currently, Fold has 574,000 accounts and offers a range of services. Notably, users can earn Bitcoin rewards by making everyday purchases, paying bills, and even through purchase round-ups.
Foldâs rise to prominence in the U.S. Bitcoin financial services market has drawn comparisons to Blockâs Cash App. Like Cash App, Fold offers its users the ability to buy and sell Bitcoin directly through its platform. This growth reflects the companyâs push to capture a larger portion of the competitive crypto rewards and services space.
Bitcoin Holdings and Developments
One of the factors boosting Foldâs profile is its substantial Bitcoin holdings. The company has amassed over 1,000 BTC in its corporate treasury. These holdings, paired with the company's growing transaction volume, indicate Foldâs strong presence in the market. To date, Fold has processed over $2 billion in transactions and distributed over $45 million in Bitcoin rewards.
With its IPO plans in motion, Fold is expected to follow in the footsteps of other major Bitcoin-holding public companies. MicroStrategy, for example, holds 252,220 Bitcoins, making it one of the largest Bitcoin-owning firms in the world.
SEC Filing Paves the Way for Public Listing
Foldâs decision to go public was first revealed in July. Since then, the company has continued to enhance its product suite, adding features like Bitcoin bill payments. The IPO, if successful, could help Fold scale further within the increasingly competitive Bitcoin financial services industry.
