Fold set to debut on Nasdaq, reinforcing Bitcoin presence in TradFi

Bitcoin (BTC) financial services firm Fold Holdings will debut on the Nasdaq on Feb. 19, becoming the 12th crypto-native company listed on the stock exchange.

According to a Feb. 18 statement, the listing will take place following the completion of its merger with FTAC Emerald Acquisition Corp. (FTAC), a special purpose acquisition company (SPAC).

The newly combined company will continue to operate under Fold Holdings.

Its common stock and warrants are expected to commence trading on the Nasdaq under the ticker symbols “FLD” and “FLDDW,” respectively. The listing is still pending final approval.

Will Reeves, co-founder and CEO of Fold, said:

“Six years ago, we embarked on a mission to expand access to Bitcoin investment opportunities through premium financial products. […] 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.”

Fold was founded in 2019 as a Bitcoin financial services company dedicated to integrating BTC into everyday financial products. The firm recently opened a waitlist for a credit card which gives users 2% cashback in Bitcoin.

According to data from Bitcoin Treasuries, the company is the 23rd-largest holder of Bitcoin among companies, with 1,000 BTC in its treasury.

Crypto on Nasdaq

Moreover, Fold became the 12th company listed on Nasdaq, joining Coinbase and Strategy. Notably, Strategy has integrated the Nasdaq 100 Index since December.

Other crypto-native companies include several Bitcoin mining firms, such as Marathon Digital, CleanSpark, Cipher Mining, Bit Digital, Bitfarms, Hut 8, Riot Platforms, Hive, and Iren.

As Bitcoin exposure through financial instruments ramps up, with spot BTC exchange-traded funds (ETFs) surpassing $40 billion in net flows, Fold’s shares could become a proxy like what happened with Strategy.

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