Fold is a Bitcoin-focused neobank that lets anyone save, spend, and earn Bitcoin on everything. The company was born from a foundational belief: finance is a right that should be accessible to everyone. Its origin story began under the Thesis* umbrella, but its trajectory reflects the broader evolution of the Bitcoin ecosystem over the past decade.

Yesterday marked a historic milestone as Fold Holdings Inc. became the first Bitcoin financial services company to go public on Nasdaq. As such, we thought this was the perfect opportunity to reflect on the journey that brought us here and share our vision for what comes next.

What Is Fold?

For the uninitiated, Fold is a platform that allows consumers to earn Bitcoin on everyday purchases, credit card bills, and rent payments. Rather than using traditional loyalty points or miles, Fold’s users receive fractional amounts of Bitcoin—called satoshis ( or “sats”)—whenever they use their Fold debit/credit card or purchase gift cards in the Fold app.

Humble Beginnings

The idea for Fold was first incepted in 2014, when Thesis* co-founder and CEO Matt Luongo discovered Bitcoin’s far-reaching applications firsthand. The idea was simple: sell your unwanted gift cards to someone.

However, PayPal and other payment providers refused to support the growing business model, pushing the team toward a system that embraced open participation without arbitrary barriers. Bitcoin’s censorship-resistant design offered precisely that framework, shaping Thesis*’ goal of building user-centered, Bitcoin-focused services.

By 2014, this concept materialized into Card for Coin, a service that let users swap their gift cards for Bitcoin. Soon afterward, users could purchase gift cards with Bitcoin—making everyday transactions at places like Starbucks and supermarkets possible using BTC.

But as Fold matured and its services grew, a critical lesson was learned:

No one wants to spend their BTC.

Bitcoin, the cash-like peer-to-peer digital currency, originally created for people to transact goods and services with no intermediary, was instead becoming a way to store wealth. HODL became the war cry for the community—a mantra that meant never giving up your coins, even in the most dire circumstances.

So naturally, apps and services that created more seamless infrastructure for BTC spending did not see traction in line with Bitcoin’s growth. People were simply against spending down their BTC balances.

This key learning drives Thesis*’ decision-making today: helping people use and live off their Bitcoin, but not sell it.

In the second phase of Fold’s maturation, co-founders Will Reeves and Matt Luongo added the option for users to buy gift cards with fiat currency, offering them Bitcoin rewards with each purchase. By focusing on a rewards-driven approach, Fold provided a passive avenue for ordinary consumers to begin stacking satoshis with minimal friction. The theme was simple: create accessible ways for people to acquire Bitcoin without excessive risk or complexity.

Now in its third iteration, Fold places Bitcoin even more prominently in everyday financial life. Beyond earning sats through spending, the platform has expanded its services to include saving in Bitcoin, regularly purchasing more, and using Bitcoin as a normal part of personal finances. Fold’s recent collaboration with Visa has expanded its offering to include a dedicated credit card, giving users 2% back in BTC.

Growing Beyond Expectations

The success of Fold validated our studio model at Thesis*. As the product gained traction, it became clear that Fold needed dedicated leadership and focus. This led to one of our most important decisions: spinning off Fold as its own independent entity with Will Reeves at the helm as CEO.

This is an excellent example of how Thesis* operates: we nurture innovative ideas, lay a solid groundwork, then give dedicated teams the freedom to flourish independently.

While many crypto projects focused solely on price appreciation, Fold concentrated on bringing more users into the ecosystem. The numbers tell that story: by May 2021, with just 20,000 early cardholders, Fold had processed nearly $100 million in transactions. This incredible traction helped secure a $13 million Series A led by Craft Ventures with participation from M13, Slow Ventures, and Bessemer Venture Partners.

This funding fueled further growth and product development, culminating in Fold's decision to go public. In 2024, Fold announced its merger with FTAC Emerald Acquisition Corp., a special purpose acquisition company (SPAC) backed by Cohen Circle. This strategic move provided Fold with the capital and support needed to accelerate its growth and expand its reach. On February 18, 2024, Fold made history as the first bitcoin financial services company to list on Nasdaq under the ticker symbols “FLD” (common stock) and “FLDDW” (warrants).

The merger's success validated Fold’s business model and signaled a watershed moment for Bitcoin’s integration into traditional finance.

With over 1,000 BTC in its treasury, one of the largest corporate holdings globally, Fold now stands as a bridge between Bitcoin’s decentralized ethos and the world of traditional finance.

What’s Next?

Fold's Nasdaq listing is a major milestone, but it's just one step in a much larger journey. At Thesis*, we believe that finance is a human right, inseparable from free speech or privacy. Everyone deserves access to financial tools that empower them, and Bitcoin is the key to unlocking that future.

As we celebrate Fold's achievement, we're already building the next evolution in Bitcoin-native finance.

While Fold revolutionized how people earn and spend Bitcoin, Mezo tackles another critical aspect of financial sovereignty: lending and borrowing. Mezo will enable Bitcoin holders to access the full utility of their assets without sacrificing ownership or security. By creating Bitcoin-native lending and borrowing services, we're addressing one of the final frontiers in hyperbitcoinization.

Ready to explore the future of Bitcoin lending and borrowing? Join the Mezo mUSD early access list and be among the first to experience Bitcoin-native borrowing with unprecedentedly low rates.