Bitcoin Rewards App Fold Volatile in Wall Street Debut

Bitcoin rewards financial services firm Fold Holdings (FLD) debuted on the Nasdaq stock exchange on Wednesday with shares surging higher in early action before pulling back.

The firm went public via business merger with FTAC Emerald Acquisition Corp. (FTAC), a publicly traded special purpose acquisition company (SPAC). FLD jumped more than 30% above $13 in the early minutes of trading before pulling back to the $11 area.

Fold is the latest addition of publicly traded companies with bitcoin (BTC) on its balance sheet, following the footsteps of Michael Saylor's Strategy and smaller companies like Semler Scientific and Metaplanet. Fold holds 1,000 BTC, worth $96 million at current prices, according to public filings.