Bitcoin Benefits App Fold Goes Public, Begins Trading on Nasdaq

On Wednesday, Bitcoin financial services firm Fold joined a small cluster of crypto-focused businesses that are selling stocks on main U.S. stock exchanges. It officially launched trading on the Nasdaq Composite on Wednesday. &nbsp,

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.

In a press release, Fold CEO Will Reeves stated,” We are excited to record on Nasdaq and look forward to continuing our quest to increase exposure to bitcoin returns and financial solutions as a people business.

One of the few digital asset companies to trade officially is Fold. Fold made public last year that she intended to start a unique purpose acquisition firm with FTAC Emerald Acquisition Corp. The deal valued the firm at$ 365 million. &nbsp,

Fold reported that it has processed more than$ 2 billion in volume since its founding in 2019 using services like deductible debit cards and insured accounts. By using Fold’s services, users earn Bitcoin rewards and may purchase BTC from the platform without paying any charges.

Due to the rise in Bitcoin prices over the years, a Fold spokesperson told Decrypt that the company has distributed more than$ 20 million worth of BTC rewards to date. The company’s total has been valued at about$ 70 million.

In a speech Wednesday, Fold CEO Will Reeves said the firm was “expanding access to wealth generation” for its users. &nbsp,

According to its website, Fold will allow customers to” spend USD on credit and load probes,” and it collaborated with Visa last year to launch its benefits debit cards.

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”.