Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 134

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 134
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746 |   |     |   |     26,932 |   |     |   |   143,814 |     |     |  NM(i) |   |
| Other revenues                     |     |                         |    161,000 |   |     |   |    152,625 |   |     |   |     8,375 |     |     |      5 | % |
| Less: Sales returns and allowances |     |                         |    (11,594 | ) |     |   |    (15,422 | ) |     |   |     3,828 |     |     |    -25 | % |
| Revenues, net                      |     | $                       | 23,753,148 |   |     | $ | 21,534,032 |   |     | $ | 2,219,116 |     |     |     10 | % |

| (i) | Not meaningful (“NM”) |

Total net revenue for the year ended December
31, 2024 increased by $2.2 million, or 10%, compared to the year ended December 31, 2023.

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Banking and payments

The primary driver behind increased banking and
payments revenues related to merchant offers within our banking and payments business. Net revenues from merchant offers increased 13%
from $19.1 million for the year ended December 31, 2023 to $21.7 million for the year ended December 31, 2024. This increase was driven
primarily due to our intentional focus on marketing our merchant offers product during the Q4 2024 holiday shopping season, which has
historically driven higher consumer spending volume on Fold’s platform. Net revenues from merchant offers increased 47% from $5.3
million in Q4 2023 to $7.8 million in Q4 2024.

Excluding merchant offers, our gross banking and
payments revenues decreased to $1.8 million for the year ended December 31, 2024 compared to $2.2 million for the year ended December
31, 2023. This decrease was driven primarily by decreased interchange fees for certain debit card transactions during 2024, partially
offset by lower Revenue Rewards.

Custody and trading

Net revenues from custody and trading increased
534% from a nominal amount for the year ended December 31, 2023 to $0.