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Bitcoin Rewards App Fold Volatile in Wall Street Debut
The firm, which holds 1,000 BTC, went public on the Nasdaq Wednesday via a SPAC merger.
What to know:
- Bitcoin rewards app Fold Holdings went public on Wednesday via SPAC merger with Nasdaq-listed FTAC Emerald Acquisition Corp.
- Fold is now the latest publicly firm with bitcoin on its balance sheet, holding 1,000 BTC worth $96 million.
- FLD shares rallied 30% in early action before giving back a sizable portion of those gains.
Bitcoin rewards financial services firm Fold Holdings (FLD) debuted on the Nasdaq stock exchange on Wednesday with shares surging higher in early action before pulling back.
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The firm went public via business merger with FTAC Emerald Acquisition Corp. (FTAC), a publicly traded special purpose acquisition company (SPAC). FLD jumped more than 30% above $13 in the early minutes of trading before pulling back to the $11 area.
Fold is the latest addition of publicly traded companies with bitcoin on its balance sheet, following the footsteps of Michael Saylor's Strategy and smaller companies like Semler Scientific and Metaplanet. Fold holds 1,000 BTC, worth $96 million at current prices, according to public filings.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Cosa sapere:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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