Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 0

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
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Item
1. BUSINESS

Company Overview

Founded in 2019, Fold is a pioneering bitcoin
financial services company dedicated to expanding access to bitcoin through a comprehensive suite of consumer financial products.

Fold was formed with the goal of creating a modern
financial services platform that allows consumers to accumulate, save, and use bitcoin to accomplish their daily and long-term financial
goals. Fold offers consumers an FDIC insured checking account, a Visa prepaid debit card, bill payments, and an extensive catalog of merchant
reward offers. Fold also partners with third-party service providers that offer bitcoin exchange and custody services. By integrating
bitcoin across traditional financial services, Fold aims to serve as a key point of entry for consumers to engage with and integrate bitcoin
into their everyday lives.

In addition to enabling customers to accumulate
bitcoin through its rewards program, the company itself actively invests in and accumulates bitcoin for our treasury. Fold believes that
bitcoin is a superior asset to hold, offering long-term value preservation and growth potential compared to traditional fiat currencies
or other investment vehicles. This strategic allocation underscores our commitment to maximizing stockholder value and positioning Fold
at the forefront of the emerging bitcoin economy.

Fold products and services are available in the
United States through the Fold mobile app.

Our Products and Services

Fold is among the leading gateways to earning,
buying, and living on bitcoin. We offer our customers a comprehensive suite of financial service products tailored to meet the needs of
our customers seeking to integrate bitcoin into their everyday finances.

Banking and Payments

Fold offers a free FDIC-insured checking account
that supports direct deposits, bill payments, and the ability to receive paychecks up to three days early. Fold is not a FDIC insured
bank, and the FDIC-insured checking accounts are offered through Sutton Bank. In 2020, Fold partnered with Visa to launch a bitcoin rewards
debit card, the Fold Visa Prepaid Card (the “Fold Card”). The Fold Card is a prepaid debit card linked directly to a customer’s
Fold checking account. Customers can order a Fold Card for free and use it anywhere Visa is accepted to make purchases, pay bills, and
earn bitcoin rewards.

Rewards Network

The Company offers bitcoin rewards to its users
through the Fold Rewards Program. This program allows the Company’s users to earn promotional credits (“rewards”) denominated
in bitcoin by engaging in various qualifying actions. For purchases made with the Fold Card, customers can earn up to 1.5% back on