Thesis*, the venture studio behind some of the most impactful Bitcoin-native financial products, celebrates a landmark achievement as Fold Holdings Inc. ("Fold")—one of its most successful incubated companies—becomes the first Bitcoin financial services company to go public on the Nasdaq Stock Market under the ticker symbols FLD (common stock) and FLDDW (warrants).

Fold's public debut represents a major step forward in Thesis*' mission to build open financial systems powered by Bitcoin. Originally developed under Thesis*' umbrella, Fold has grown into a leading Bitcoin rewards platform, enabling users to earn, save, and spend Bitcoin on everyday purchases. By leveraging Bitcoin-native infrastructure, Fold provides a seamless way for consumers to integrate Bitcoin into their daily financial lives.

"This is not just a milestone for Fold—it's a validation of Thesis*' venture studio model and our commitment to developing Bitcoin-native financial tools," said Matt Luongo, Founder and CEO of Thesis*. "We build products that empower individuals to participate in an open financial system. Fold's Nasdaq listing is a major moment in bringing that vision to life."

Thesis*' journey with Fold began in 2014 when Matt Luongo and his team recognized the challenges of Bitcoin adoption. While Bitcoin was originally conceived as a peer-to-peer payment system, users were reluctant to spend their BTC. Thesis* pivoted to a new approach: making Bitcoin accumulation effortless through rewards.

The result was Fold, a Bitcoin rewards platform that enables users to earn satoshis ("sats")—small units of Bitcoin—on everyday purchases instead of traditional loyalty points. Through partnerships with major payment networks like Visa, Fold has made it possible for users to earn Bitcoin on credit card transactions, rent payments, and gift card purchases.

Recognizing Fold's potential, Thesis* made a strategic decision to spin off Fold as an independent company, appointing Will Reeves as CEO. As an incubated Thesis* project, Fold benefited from Thesis*' extensive expertise in Bitcoin finance, strategic guidance, and hands-on support in product development and scaling.

"Going public is a testament to the growing role of Bitcoin in the global financial system," said Will Reeves, CEO of Fold. "We started with the belief that finance should be open, inclusive, and built on Bitcoin. Our Nasdaq listing brings us one step closer to making that vision a reality."

Fold's rapid growth led to a $13 million Series A investment in 2021, led by Craft Ventures with participation from M13, Slow Ventures, and Bessemer Venture Partners. This success validated Thesis*' venture studio model—demonstrating how Thesis* identifies, nurtures, and spins out high-potential Bitcoin-native startups.

In 2024, Fold took the next major step by merging with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC) backed by Cohen Circle. This move secured the capital and institutional backing necessary for Fold to scale its impact, culminating in its historic Nasdaq listing. Fold's success is just the beginning. As the first Bitcoin financial services company to go public, it sets the stage for broader Bitcoin adoption within mainstream financial markets. But Thesis* isn't stopping here.

"As we celebrate Fold's success, we are already building the infrastructure for the next wave of  Bitcoin-native finance," said Luongo. "For example, with Mezo, another product built by Thesis*, we're tackling one of the most critical missing pieces—Bitcoin-backed lending and borrowing. Just like we helped people earn Bitcoin through Fold, Mezo will empower them to leverage their Bitcoin without selling it."