Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 26

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 26
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 as generative AI may fundamentally alter the use of our products or services in unpredictable ways. We cannot predict the effects
of new services and technologies on our business. However, our ability to grow our customer base and net revenue will depend heavily on
our ability to innovate and create successful new products and services, both independently and in conjunction with third-party developers.
In particular, developing and incorporating new products and services into our business may require substantial expenditures, take considerable
time, and ultimately may not be successful. Any new products or services could fail to attract customers, generate revenue, or perform
or integrate well with third-party applications and platforms. In addition, our ability to adapt and compete with new products and services
may be inhibited by regulatory requirements and general uncertainty in the law, constraints by our banking partners and payment processors,
third-party intellectual property rights, or other factors. Moreover, we must continue to enhance our technical infrastructure and other
technology offerings to remain competitive and maintain a platform that has the required functionality, performance, capacity, security,
and speed to attract and retain customers, including large, high-frequency and high-volume traders. As a result, we expect to incur significant
costs and expenses to develop and upgrade our technical infrastructure to meet the evolving needs of the industry. Our success will depend
on our ability to develop and incorporate new offerings and adapt to technological changes and evolving industry practices. If we are
unable to do so in a timely or cost-effective manner, our business and our ability to successfully compete, to retain existing customers,
and to attract new customers may be adversely affected.

Bitcoin’s status
as a “security” in any relevant jurisdiction, as well as the status of our Bitcoin-related products and services, is subject
to a high degree of uncertainty and if we are unable to properly characterize a product or service offering, we may be subject to regulatory
scrutiny, inquiries, investigations, fines, and other penalties, which may adversely affect our business, operating results, and financial
condition.

The SEC and its staff have taken
the position that a range of crypto assets, products and services fall within the definition of a “security” under the U.S.
federal securities laws. Despite the SEC being the principal federal securities law regulator in the United States, whether or not an
asset, product or service is a security or constitutes a securities offering under federal securities laws is ultimately determined by
a federal court. The legal test for determining whether any given crypto asset, product or service is a security was set