Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 245

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 245
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3. REVENUE

Disaggregation of revenue

We disaggregate revenue by service type and by
platform as follows:

|                                    | Revenue stream |   |   Year Ended 
 December 31, 
         2024 |   |     |   |   Year Ended 
 December 31, 
         2023 |   |
|:-----------------------------------|:---------------|:--|-------------:|:--|:----|:--|-------------:|:--|
| Banking and payment revenues       |                | $ |   23,432,996 |   |     | $ |   21,369,897 |   |
| Custody and trading revenues       |                |   |      170,746 |   |     |   |       26,932 |   |
| Other revenues                     |                |   |      161,000 |   |     |   |      152,625 |   |
| Less: Sales returns and allowances |                |   |      (11,594 | ) |     |   |      (15,422 | ) |
| Revenues, net                      |                | $ |   23,753,148 |   |     | $ |   21,534,032 |   |

The net reduction in revenue related to Revenue
Rewards totaled $1.8 million and $3.2 million for the years ended December 31, 2024 and 2023, respectively.

Deferred revenue

Contract liabilities are classified as deferred
revenue in our balance sheets. As of December 31, 2024 and 2023, the contract liability related to our deferred subscription revenues
was $0.3 million and $0.4 million, respectively, and the contract liability related to the deferred Visa incentive was $0.6 million and
$0.7 million, respectively.

The activity in deferred revenue for the years
ended December 31, 2024 and 2023 was as follows:

|                                                                                       |     |   |   Year Ended 
 December 31, 
         2024 |   |     |   |   Year Ended 
 December 31, 
         2023 |   |
|:--------------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Beginning of the period contract liability                                            |     | $ |    1,012,010 |   |     | $ |