Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 226

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 226
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4, we held 700 bitcoin in
our Investment Treasury that was restricted from use as operating capital. Upon conversion of the SAFEs on February 14, 2025, the restrictions
for use of that bitcoin were removed. The value of that bitcoin on February 14, 2025 was $68.3 million. Our Investment Treasury is considered
a long-term investment and we do not believe we will need to sell or engage in other transactions with respect to any of our Investment
Treasury within the next twelve months to meet our working capital requirements, although we may from time to time sell or engage in other
transactions with respect to our Investment Treasury as part of treasury management operations.

As of December 31, 2024, we held 92 bitcoin in
our Rewards Treasury, which matched our existing customer rewards liability, which is denominated in bitcoin. The Company anticipates
being able to cover the costs for future rewards via future revenues and operational capital on hand.

As of December 31, 2024, the Company had debt
principal due of $20.0 million in the form of a convertible note. This note is convertible into common shares at a conversion price of
$11.50 per share. The note is secured by Fold’s assets as collateral, including 300 of Fold’s proprietary bitcoin, and will
mature three years after the closing of the Merger.

As of December 31, 2024, the Company recorded
$171.1 million of liabilities related to SAFEs. For accounting purposes, outstanding SAFEs are classified as liabilities. However, Fold’s
SAFEs were structured to be settled via the delivery of common and/or preferred shares upon execution of an equity financing or liquidity
event. On February 14, 2025, upon finalization of the Merger Agreement with FTAC Emerald, all SAFE notes held by the Company converted
into common shares.

Management expects that the Company’s existing
cash and cash equivalents, accounts receivable, SAFE financings, and convertible notes proceeds received through December 31, 2024, and
digital assets held will be sufficient to enable the Company to fund its anticipated level of operations through one year from the date
these financial statements are available to be issued.

<div align='center'>F-7

Fold, Inc.

Notes to Financial Statements</div>

There is limited historical financial information
about the Company upon which to base an evaluation of its performance. The business is subject to risks inherent in the establishment