Bitcoin Rewards App Fold Goes Public, Begins Trading on Nasdaq

Bitcoin financial services company Fold began trading publicly on the Nasdaq Composite on Wednesday, joining a small group of crypto-focused companies that are selling shares on major U.S. stock exchanges. 

The firm, which rewards customers with Bitcoin and has a debit card, began trading under the name Fold Holdings Inc. (FLD) at $10.25 per share before climbing to over $12 as of this writing.

“We are excited to list on Nasdaq and look forward to continuing on our mission to expand access to bitcoin rewards and financial services as a public company,” Fold CEO Will Reeves said in a press release.

Fold is among the few digital assets companies to be publicly traded. Fold last year announced plans to go public via a special purpose acquisition company agreement with FTAC Emerald Acquisition Corp. The deal valued the firm at $365 million. 

Since its founding in 2019, Fold said that it has processed more than $2 billion in volume through services including bill pay, debit cards, and insured accounts. Customers accrue Bitcoin rewards by using Fold’s services, and can purchase BTC through the platform without fees.

A Fold spokesperson told Decrypt that the company has distributed over $20 million worth of BTC rewards to date, valued at about $70 million thanks to the rising price of Bitcoin over the years.

In a statement Wednesday, Fold CEO Will Reeves said the company was “expanding access to wealth creation” for its clients. 

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Fold last year teamed up with Visa to release its rewards debit card and now a credit card is also in the works, according to its website, which will let clients “spend USD on credit and stack sats.”

Other Bitcoin-focused companies trading on the Nasdaq include American miners—such as RIOT—and software company Strategy (formerly MicroStrategy), which has rebranded as a “Bitcoin treasury company.”

Edited by James Rubin