Thesis incubated the Bitcoin rewards platform Fold, which spun off as an independent company and became a publicly traded Bitcoin financial services company

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Thesis previously incubated fellow bitcoin rewards platform Fold before it spun off as an independent company. Fold later entered a SPAC merger with FTAC Emerald Acquisition Corp. in July 2024 and began trading on the Nasdaq under the ticker FLD in February.

Matt Luongo, co-founder of Fold and CEO of Thesis, will lead Lolli into its next phase of growth. Under Luongo’s leadership, Fold became the first publicly traded Bitcoin financial services company, pioneering Bitcoin rewards for everyday transactions. With this acquisition, Luongo brings that same proven vision and operational excellence to Lolli. "Having competed alongside Lolli for years, I've admired their ability to onboard users through accessible and engaging experiences," said Matt Luongo. "At Thesis, we believe Bitcoin's real growth is driven by everyday interactions—shopping, gaming, spending—not just investment portfolios. Together, we're creating the easiest and most rewarding entry point for millions to join the Bitcoin economy."