Company: FLDDW
Filing Date: 2025-08-11
Form Type: 424B3
Source: 0001213900-25-074298
Chunk: 123

Company: Fold Holdings, Inc.
Filing Date: 2025-08-11
Form: 424B3
Chunk 123
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a Weighted Average Shares – basic and diluted                     |     |              | 46,138,876 |

____________ (1)Reflects aggregate redemptions of 3.3 million Class A common shares for $36.6 million that occurred on February 14, 2025. (2)Includes approximately 3.8 million shares assigned to unaffiliated third parties in exchange for executed non -redemptionand similar agreements. (3)Includes the exercise of 0.5 million Series B Warrant Shares for a nominal exercise price of $0.001 per share.

72 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 The following discussion and analysis presents management’s perspective on our financial condition and results of operations, including performance metrics that management uses to assess company performance and should be read together with our financial statements and the related notes and other financial information included elsewhere in this prospectus. The statements in this discussion regarding our expectations of our future performance; liquidity and capital resources; our plans, estimates, beliefs and expectations that involve risks and uncertainties; and other non -historical statements in this discussion, are forward -looking statements. These forward -looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under “Risk Factors” and elsewhere in this prospectus. Our actual results may differ materially from those contained in or implied by any forward -looking statements. Unless otherwise indicated or the context otherwise required, references included in this Fold Management’s Discussion and Analysis of Financial Condition and Results of Operations section to “Fold,” “we,” “us,” “our,” and the “Company” refer to Fold. Business overview Founded in 2019, Fold is a bitcoin financial services company dedicated to expanding access to bitcoin through a comprehensive suite of consumer financial products. Since Fold was founded, we have been a pioneer in bitcoin consumer financial services. From our earliest days, Fold has provided users an opportunity to spend their bitcoin via the Lightning Network — a use case largely underrepresented in the overall bitcoin ecosystem. In 2020, we partnered with Visa to launch the first ever bitcoin rewards debit card. In 2022, we launched a bitcoin exchange product, and have since added a comprehensive suite of purchase options including spot buys, dollar -costaveraging, direct paycheck conversion, and round -ups. In 2024, we provided consumers the ability