Bitcoin fintech company Fold is set to become a publicly traded company through a merger with special purpose acquisition company FTAC Emerald Acquisition. The deal values Fold at $365 million before the merger.

Following the transaction, Fold will hold over 1,000 Bitcoin on its balance sheet. The company plans to use the funds raised from the merger to expand its operations and treasury. Both Fold and FTAC Emerald boards have approved the deal, which is expected to close in the fourth quarter of the year, pending regulatory approval.

Fold’s current leadership team will remain in place, with CEO Will Reeves continuing to lead the company. The company will also welcome new board members from FTAC Emerald and Ten31. Reeves expressed excitement about the merger, stating it will allow Fold to further develop its Bitcoin-centric offerings, including credit, lending, and insurance solutions.

Founded in 2019, Fold raised over $20 million from investors including B37 Ventures, Bessemer Venture Partners, Dragonfly, and Draper Associates. Existing Fold shareholders will face a six-month lock-up period, which may end early if the combined company’s stock price surpasses $12 per share for 20 trading days within a 30-day period, starting 90 days after the merger closes.