Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 304

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 304
---
Level 1) |     |   | Significant 
 Other       
 Observable  
 Inputs      
 (Level 2)   |     |   | Significant  
 Other        
 Unobservable 
 Inputs       
 (Level 3)    |
|:----------------------------------|:----|:--|-------------:|:----|:--|------------:|:----|:--|:------------|:----|:--|:-------------|
| Asset:                            |     |   |              |     |   |             |     |   |             |     |   |              |
| Investments held in Trust Account |     | $ |  165,653,149 |     | $ | 165,653,149 |     | $ | —           |     | $ | —            |

Promissory note

The note payable was valued using the standard
closed-form Black Scholes model which is considered to be a Level 3 fair value measurement.

The key inputs into the Black Scholes model for
the promissory note were as follows at January 3, 2024:

| Input                   |     | January 3, 
 2024       |       |   |
|:------------------------|:----|:-----------|------:|:--|
| Risk-free interest rate |     |            |  3.90 | % |
| Term (in years)         |     |            |   5.0 |   |
| Probability of de-SPAC  |     |            |  20.0 | % |
| Exercise price          |     | $          | 11.50 |   |
| Public Warrant Price    |     | $          | 0.053 |   |

<div align='center'>F-49

FOLD HOLDINGS, INC.

(F/K/A FTAC EMERALD ACQUISITION CORP.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024</div>

The following table presents the changes in the
fair value of the Level 3 note payable:

| Fair value as of December 31, 2023 |     |     |       - |
|:-----------------------------------|:----|:----|--------:|
| Initial value                      |     |     | 550,000 |
| Fair value as of December 31, 2024 |     |     | 550,000 |

There were no transfers between Levels 1, 2 and
3 during the periods