Top Bitcoin reward protocol Fold is now gearing up for its public debut following its planned merger with Nasdaq-listed FTAC Emerald Acquisition Corp. In preparation for its market debut, the Bitcoin-based app has submitted its S-4 filing with the United States Securities & Exchange Commission (SEC). The filing names FTAC Emerald as the registrant and Fold as the co-registrant, reflecting the merger agreement between both firms.
Renowned for its Bitcoin rewards posture, Fold wants to provide a platform for users to earn cashback on their everyday purchases at popular retailers like Amazon. In addition, Fold is offering a streamlined BTC rewards debit card, where users can get the rewards accumulated during the transactions.
According to its filing with the SEC, Fold has designed several future plans geared towards expanding the scope of its services. The Bitcoin-based company aims to develop its custody and trading product, ensuring that it is available to users in some U.S. states that were not supported before now. In the same vein, Fold plans to bring the Bitcoin deposits feature as a funding option while opening its trading services to non-card holders.
Fold to expand its Bitcoin portfolio
With an intention to become one of the biggest institutional holders of Bitcoin, Fold will also consider expanding its BTC portfolio. As of late July, the protocol held 1,002 BTC, equivalent to $63 million in its treasury. That said, Fold plans to continue accumulating BTC in line with prevailing market conditions. With that, it is aiming to keep up with other top Bitcoin holders and whales who have been expanding their portfolios in recent weeks despite the high volatility in the broader market.
Fold’s future plans also extend to supporting over-the-counter (OTC) desk services. This feature ensures that the platform can accommodate large orders.
Fold’s merger deal, if completed, will make it a subsidiary of FTAC Emerald Acquisition Corp. Both firms plans to close the deal by the end of the year, with Emerald shareholders expecting the conversion of their stocks into Fold common stocks.
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