FTAC Emerald Acquisition Corp. Reports $1.87 Million Net Loss for Fiscal Year 2024

FTAC Emerald Acquisition Corp. has reported a net loss of $1.87 million for the fiscal year ending December 31, 2024, a significant decline from a net income of $4.44 million in the previous year. The loss was primarily attributed to general and administrative expenses totaling $2.92 million, alongside a provision for income tax of $628,508 and interest expenses of $434,696. In contrast, the company had earned $11.21 million in interest income from investments held in its Trust Account in 2023, which was offset by various operational costs. The company’s financial performance reflects the challenges of transitioning from a blank check company to a fully operational entity following its merger with Fold, Inc.

The company has undergone significant changes in its operational structure, particularly with the completion of its merger with Fold on February 14, 2025. This merger is expected to enhance FTAC's product offerings in the Bitcoin financial services sector, which includes a suite of consumer financial products designed to integrate Bitcoin into everyday financial activities. The merger was preceded by several stockholder meetings where extensions for the business combination deadline were approved, allowing the company to navigate the complexities of the merger process while managing shareholder redemptions.

As of December 31, 2024, FTAC reported a working capital deficit of $8.37 million, with cash holdings of $906,043 outside of trust. The company has also engaged in non-redemption agreements with third parties to bolster its capital position during the merger process. The total amount of Bitcoin held in the company’s treasury was approximately $102.1 million, reflecting its strategy to accumulate Bitcoin as a long-term investment. The company aims to leverage its first-mover advantage in the Bitcoin financial services market, targeting a demographic that is increasingly integrating Bitcoin into their financial lives.

FTAC's operational metrics indicate a growing user base, with a focus on enhancing customer engagement through innovative financial products. The company has emphasized the importance of maintaining strong relationships with its banking and Bitcoin service partners, including Sutton Bank and BitGo, to ensure compliance with regulatory requirements and to facilitate seamless service delivery. The company’s workforce consisted of 28 full-time employees as of the end of 2024, reflecting its commitment to building a skilled team capable of navigating the complexities of the Bitcoin financial services landscape.

Looking ahead, FTAC Emerald Acquisition Corp. anticipates that the demand for Bitcoin financial services will continue to grow, driven by increasing consumer interest and institutional adoption. The company is focused on expanding its product offerings and enhancing its operational capabilities to capitalize on this growth. However, it acknowledges the inherent risks associated with the volatile nature of Bitcoin and the evolving regulatory landscape, which could impact its business operations and financial performance in the future.