Crypto Company’s Ridiculous IPO Hits Nasdaq—Wall Street Decides to Believe in Magic Internet Money

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If you happened to find yourself loitering suspiciously near the Nasdaq headquarters on May 2nd, 2025, you may have caught the distinct aroma of fear, excitement, and halitosis wafting off the trading floor. The reason? Fold, a US fintech outfit with its collective mind set firmly on Bitcoin (and apparently not much else), has marched right in and rung the hallowed Nasdaq Opening Bell—a ceremonial honor typically reserved for slightly less bewildering companies.

Fold, trading as “FLD”—which sounds less like a ticker symbol and more like something you find at the bottom of your laundry basket—has now become the first public company in America to do nothing but dink around in “Bitcoin financial services.” Apparently, this impressed somebody, as the stock price promptly performed an 18% jump, leaping, bounding, and pirouetting up to the absolutely majestic sum of $4.67. 🍾

So, what does Fold do, exactly? Prepare to be underwhelmed. They’re a Bitcoin rewards app. Swipe your credit card (because what else are you going to do, use cash?), buy yet another coffee, and—voilà!—some Bitcoin appears, presumably to your utter confusion and delight. You can then withdraw this Bitcoin to your own wallet, so you can feel like some kind of futuristic pirate. 🏴‍☠️

Fold & Visa: The Odd Couple Sets Sail!

By 2023, Fold had convinced several large credit card issuers (and, more impressively, someone at Visa) to partner up, allowing the company to scatter Bitcoin rewards everywhere from Europe to far-flung Asia-Pacific regions. The only thing spreading faster might be the collective misunderstanding of what Bitcoin actually does.

Still, “cashback schemes” are wildly popular among the sort of people who get a thrill from earning back 73 cents for every cruise ship booked, and Fold has no intention of missing this party. For each transaction, you get a sliver of your soul back in the form of Bitcoin, probably enough to fund exactly one hypothetical coffee in the distant future when Bitcoin becomes the Intergalactic Standard Currency. ☕🚀

For those curious how such a company managed to elbow its way onto the Nasdaq without enduring the usual public offering circus, behold the wonders of the SPAC! On February 19, Fold took the rather fashionable route of merging with FTAC Emerald Acquisition Corp—because, let’s be honest, nothing says “we’re ready for public markets” quite like the corporate equivalent of a shotgun wedding.

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2025-05-02 23:51