January 2, 2025
Fold, a company offering bitcoin-focused financial services, has finalized a $20 million convertible note funding round led by ATW Partners. This financing arrangement includes a provision for an additional $10 million, subject to the completion of its proposed merger with FTAC Emerald Acquisition Corp., which could occur as early as the first quarter of 2025.
The convertible note, set to mature three years after Fold becomes a public entity, is secured by company assets, including portions of its bitcoin holdings. It offers investors the option to convert the note into shares of the merged entity at a price of $11.50 per share. Alongside the funding, ATW Partners was granted stock warrants with an exercise price of $12.50 per share. The capital raised is intended to support Fold’s growth, with the second tranche contingent on mutual approval and regulatory processes.
Fold’s planned merger with FTAC Emerald remains on track, pending shareholder and regulatory approvals. The business combination is expected to position the company for public trading, enabling greater access to capital for its ongoing initiatives. Cohen & Company Capital Markets acted as an advisor for this funding round.
About Fold
Fold is a financial services provider specializing in bitcoin payments and rewards. It allows users to earn bitcoin on purchases and offers tools for managing digital assets. The company aims to expand access to bitcoin through innovative products and is preparing to go public through a merger with FTAC Emerald Acquisition Corp.
Website: https://foldapp.com
X: @fold_app
About Investor
ATW Partners
ATW Partners is an investment firm that focuses on providing capital to companies in growth stages, targeting industries such as technology, healthcare, and financial services. It supports businesses by offering tailored financial solutions and long-term partnership opportunities.
Location: New York, NY
Website: https://atwpartners.com/
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