Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 360

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 360
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 recorded $74.6 thousand of severance and other related expenses for the year ended December 31, 2023 and $96.4 thousand of severance and other related expenses for the year ended December 31, 2022. As of September 30, 2024, we employed a total of 22 full time employees. Marketing expenses Marketing expenses related to the Marketing Rewards earned under the Fold Rewards Program were $0.2 million for each of the years ended December 31, 2023 and 2022, respectively. The remaining portion of marketing expenses relates to traditional advertising and other promotional expenses. These amounts totaled $0.2 million and $0.5 million for the years ended December 31, 2023 and 2022, respectively. Gain (loss) on customer reward liability and digital assets — rewards treasury Gain (loss) on customer reward liability and digital assets — rewards treasury include components of unrealized gains (losses) resulting from the remeasurement gain or loss for the change in fair value of bitcoin held by Fold for the purposes of fulfilling our customer rewards liability in the current reporting period, as well as realized gains (losses) that occur upon the fulfillment of customer rewards liabilities. The price of bitcoin was approximately $46.3 thousand, $16.5 thousand, and $42.3 thousand as of the years ended December 31, 2021, 2022, and 2023, respectively. These price changes were the primary driver of gains (losses) for both customer rewards liabilities and digital assets for the years ended December 31, 2022 and 2023. Other income (expense) Change in fair value of SAFEs results from unrealized gain or loss due to the change in fair value of our long -termSAFE liabilities, which is determined based on the aggregated, probability -weightedaverage of the outcomes of certain scenarios. The combined value of the probability -weightedaverage of those outcomes is then discounted back to each reporting period in which the SAFEs are outstanding, in each case based on a risk -adjusteddiscount rate estimated to set the probability -weightedsum of each scenario to the purchase price. The discount rate at each valuation date is adjusted by the change in the USD CCC bond rate to reflect the market movement between the issuance date and valuation date. 223

Unaudited results of operations for the nine months ended September 30, 2024 and 2023 Results of operations

|                                                    |     | Nine Months Ended September