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Bitcoin

Bitcoin rewards app Fold to go public via SPAC merger

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Bitcoin fintech company Fold has agreed to go public by merging with FTAC Emerald Acquisition.

Fold, a Bitcoin (BTC) fintech company that offers rewards on bill pays, is poised to go public via a merger with the special purpose acquisition company FTAC Emerald Acquisition at a pre-money equity valuation of $365 million.

In a July 24 press release, Fold revealed that following the transaction, it will hold over 1,000 BTC on its consolidated balance sheet, with the proceeds from the merger to be used to “accelerate the growth of Fold’s operations and treasury.”

The press release states that the boards of directors of FTAC Emerald and Fold have unanimously approved the deal. Pending regulatory approval, it is expected to close in the fourth quarter of this year.

Fold didn’t disclose the new ticker for the combined entity, saying it would be announced later.

Fold’s current management team will remain in place, with Fold chief executive Will Reeves continuing in his role. Brace Young, FTAC Emerald director Andrew Hohns, and Jonathan Kirkwood of Ten31 will join him on the combined company’s board of directors. Commenting on the merger, Reeves highlighted that it will enable the company to further develop its Bitcoin-centric offerings, including “value-added credit, lending, and insurance solutions.”

Founded in 2019 by William Reeves, Matthew Luongo, and Corbin Pon, Fold raised a total of $20.2 million from 28 investors, including B37 Ventures, Bessemer Venture Partners, Dragonfly, and Draper Associates, among others, according to data from PitchBook. The company says its existing stockholders will face a “six-month lock-up” period.

However, this period may end earlier if the combined company’s stock price surpasses $12.00 per share for 20 trading days within any consecutive 30 trading-day period, starting at least 90 days after the closing date.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Fairlead’s Katie Stockton says equities and Bitcoin still in bull market cycle

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Katie Stockton, founder and managing partner at Fairlead Strategies, believes the broader equities market and Bitcoin (BTC) are still in a bull market cycle.

Stockton shared her view of the market during an interview on CNBC’s ‘Squawk Box’ on Monday.

Highlighting the current market outlook compared to three weeks ago, she said:

“We were in a little bit of a pullback but that’s been sort of solved on the upside for the S&P. You know, hasn’t quite resolved yet, [but] almost, we’re very close to that. Where that happens is actually on a strong open above 5440, so we’ve been using that as a bit of a stop loss on the upside.”

Extremely low volatility in recent weeks has seen some analysts warn that the pullbacks may be that “calm before the storm.”

However, the Fairlead Strategies founder says support remains intact and that the market may be looking at an explosion to the upside as the lower volatility cycle dissipates.

Bitcoin vs. Nasdaq 100

Katie Stockton also commented on Bitcoin, noting that the Federal Reserve’s decision to hold interest rates and only signal for potential a single cut in 2024 could see Bitcoin struggle.

“We’ve been watching bitcoin because the correlation to the Nasdaq 100 has been increasing back to levels that we haven’t seen since like 2021. And to me that’s interesting. It does show that now investors are treating things as a risk asset broadly, right, including Bitcoin, including equities,” she added.

Bitcoin price has struggled since reaching highs of k in March, while the Nasdaq 100 has eased higher, moving higher since mid-April.  

However, despite Bitcoin’s lack of upside momentum and the divergence with the Nasdaq 100, Fairlead Strategies says both BTC and the stock market could yet go higher.  

“We still believe in this bull market cycle for Bitcoin and equities. But we do sense that that divergence will ultimately probably catch up with the Nasdaq 100 Index as soon as people say, ‘wait, a second, Nvidia’s maybe a little bit overstretched here’.”

On Monday, Bitcoin changed hands around ,200 at 12:25 pm ET.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News