What's Happening With Foley Trasimene Acquisition II Corp (BFT) Stock Today?

Foley Trasimene Acquisition II Corp BFT shares rose 5.7% in regular trading on Monday and jumped another 1.5% in the after-hours. 

What Happened: The merger of the special purpose acquisition company, set up by Vegas Golden Knights owner Bill Foley, with multinational payments company Paysafe is imminent.

Foley told Jim Cramer, host of CNBC’s “Mad Money,” Monday that the merged entity would go public on Tuesday.

“We’ll actually go public tomorrow as we start trading on the New York Stock Exchange,” said Foley.

Foley, who is also the chairman of Fidelity National Financial, said the North American gaming market gives PaySafe an opportunity to emerge as the “preeminent i-gaming leader” in that geography, as per CNBC.

Foley Trasimene shares closed 5.77% higher at $15.39 on Monday and rose another 1.56% in the after-hours session. The company now enjoys a market cap of 2.82 billion.

Why It Matters: Other factors buoying Paysafe include the expansion of its Skrill digital wallet’s cryptocurrency offerings, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) to the United States in partnership with Coinbase. 

Paysafe also announced a partnership with the data cloud services provider Snowflake Inc SNOW in February. 

The partnership will allow Paysafe to use Snowflake’s technology to better access data insights and to improve customer experiences using artificial intelligence and machine learning data models.