Bloomberg: Bitcoin rewards company Fold plans to go public through SPAC

Bitcoin rewards company Fold Inc. is in advanced talks to go public through a blank check company founded by SPAC (special purpose acquisition company) veteran Betsy Cohen, Bloomberg reported, citing people familiar with the matter. The deal with FTAC Emerald Acquisition Corp. would value Fold at nearly $500 million, the sources said. The deal could be announced on Wednesday. Representatives for Fold and SPAC declined to comment on the matter. The startup is one of several crypto companies preparing to go public in the United States as crypto assets are recovering after a series of crashes in the past two years. Bitcoin mining company Genesis Digital Assets plans an initial public offering (IPO). Another crypto miner, Northern Data AG, which has transformed into an artificial intelligence computing service provider, is also considering going public.