Bitcoin rewards app Fold is set to go public on Nasdaq through a merger with special-purpose acquisition company (SPAC) Emerald Acquisition Corp. (EMLD).
Fold, based in New York, offers a unique cashback debit card that provides bitcoin rewards instead of the traditional rewards typically offered by similar products. According to an announcement on Wednesday, Fold’s cards have processed over $2 billion in volume and distributed more than $45 million in rewards.
The transaction, which has received unanimous approval from the boards of both companies, will have a pre-money equity valuation of $365 million. The merged entity will also hold more than 1,000 BTC (approximately $67 million) on its balance sheet.
Fold has not yet revealed the expected closing date of the merger or the ticker symbol it will trade under on Nasdaq.
SPACs were a popular route for crypto firms seeking public listings during the last bull market. However, the crypto winter of 2022 led to the cancellation of several SPAC deals.
It remains uncertain whether this bull market cycle will see a resurgence of such deals. On Monday, Bitcoin financial services firm Swan canceled its SPAC plans amid a reorganization that also involved discontinuing its managed mining unit and staff reductions across several departments.
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