Thesis-Backed Fold Makes History as First Bitcoin Financial Services Company to Go Public on Nasdaq

Thesis*, a leading venture studio known for its groundbreaking Bitcoin-native financial products, is celebrating a monumental achievement with Fold Holdings Inc. becoming the first Bitcoin financial services company to go public on the Nasdaq Stock Market. Traded under the ticker symbols FLD for common stock and FLDDW for warrants, Fold’s debut marks a significant milestone in Thesis*’ mission to create open financial systems driven by Bitcoin.

Originally incubated under Thesis*, Fold has evolved into a prominent Bitcoin rewards platform that allows users to earn, save, and spend Bitcoin on their everyday purchases. By harnessing Bitcoin-native infrastructure, Fold offers a simple and efficient way for consumers to incorporate Bitcoin into their daily financial transactions.

Matt Luongo, Founder, and CEO of Thesis*, expressed his excitement about Fold’s public listing, emphasizing its importance not only for Fold but also as a validation of Thesis*’ commitment to developing innovative Bitcoin financial tools. He highlighted how Thesis* focuses on creating products that empower individuals to participate in an open financial ecosystem, making Fold’s Nasdaq listing a significant milestone in realizing that vision.

The partnership between Thesis* and Fold began in 2014 when Matt Luongo and his team identified the challenges associated with Bitcoin adoption. While Bitcoin was initially intended for peer-to-peer transactions, users were hesitant to spend their BTC. In response, Thesis* pivoted towards a novel approach centered around simplifying Bitcoin accumulation through rewards.

Fold was the result of this shift, offering users the ability to earn satoshis (sats) – small units of Bitcoin – for their everyday purchases instead of conventional loyalty points. Through collaborations with major payment networks such as Visa, Fold has enabled users to earn Bitcoin on various transactions, including credit card payments, rent, and gift card purchases.

Recognizing the immense potential of Fold, Thesis* strategically decided to spin off Fold as an independent entity, with Will Reeves appointed as CEO. As a Thesis*-incubated project, Fold benefited from Thesis*’ expertise in Bitcoin finance, strategic guidance, and hands-on assistance in product development and expansion.

Will Reeves, CEO of Fold, highlighted the significance of Fold’s Nasdaq listing in underscoring the increasing role of Bitcoin in the global financial landscape. He emphasized the company’s core belief that finance should be open, inclusive, and built upon Bitcoin, with the Nasdaq listing marking a significant step towards realizing this vision.

Fold’s rapid growth led to a substantial $13 million Series A funding round in 2021, spearheaded by Craft Ventures and joined by M13, Slow Ventures, and Bessemer Venture Partners. This achievement validated Thesis*’ venture studio model, showcasing the studio’s prowess in identifying, nurturing, and launching high-potential Bitcoin-native startups.

In 2024, Fold took a decisive move forward by merging with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC) supported by Cohen Circle. This strategic step not only provided Fold with the necessary capital but also secured institutional backing vital for the company’s future scalability and success.