Fold, Inc. (Fold or the Company), a pioneering bitcoin financial services company, announced that it has closed a US$20 million convertible note financing from ATW Partners, with an additional US$10 million that may be provided at the parties’ mutual discretion upon the closing of its previously announced business combination with FTAC Emerald Acquisition Corp. (OTC: FLDD). The initial convertible note is secured by the Company’s assets as collateral, including a portion of the Company’s proprietary bitcoin, and will mature three years after Fold becomes a public company.

Latham & Watkins LLP represents Fold in the transaction with a corporate deal team led by Houston partner Ryan Maierson and Bay Area partner Benjamin Potter, with associates Eric Znotins, Evan Kirsch, Daniel Harrist, and Tori Hu. Advice was also provided on finance matters by Bay Area partner Dan Van Fleet, with associates Hyunji Lee and Ian Drazen; and on UCC matters by Los Angeles counsel Emily Leong Yu.