Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 36

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 36
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 well as civil monetary penalties, fines, and disgorgement, criminal liability, and reputational harm. Additionally, the SEC has brought
and may in the future bring enforcement actions against other cryptoeconomy participants and their product offerings and services that
may cause us to modify or discontinue a product offering or service. If we were to modify or discontinue any product offering or service
for any reason, our decision may be unpopular with users, may reduce our ability to attract and retain customers (especially if similar
products or services continue to be offered by our competitors), and may adversely affect our business, operating results, and financial
condition.

Loss of a critical banking or insurance relationship could adversely
impact our business, operating results, and financial condition.

Although a number of significant U.S. banks
and investment institutions, such as Goldman Sachs, Citigroup, J.P. Morgan, Bank of America and BlackRock, have indicated they plan
to begin allowing their customers to carry and invest in Bitcoin, the acceptance and use of Bitcoin by banks is relatively uncommon and
may never become mainstream. Indeed, a number of companies and individuals engaged in Bitcoin-related activities have been unable to find
banks or financial institutions that are willing to provide them with banking services. Similarly, a number of companies and individuals
or businesses associated with Bitcoin may have had and may continue to have their existing banking services discontinued with financial
institutions in response to government action. We also may be unable to obtain or maintain these services for our business. To date, we
have not experienced such issues in finding banks or financial institutions willing to provide services to us that has had a material
impact on our business, financial condition or results of operations.

We rely on bank relationships to provide our products
and services and to connect us to mobile card networks. As a bitcoin-asset related business, our banking partners view us as a higher
risk customer for purposes of their anti-money laundering programs. We may face difficulty establishing or maintaining banking relationships
due to instability in the global banking system, increasing regulatory uncertainty and scrutiny, or our banking partners’ policies.
The loss of these banking partners or the imposition of operational restrictions by these banking partners and the inability for us to
utilize other redundant financial institutions may result in a disruption of business activity as well as regulatory risks.

However, if these financial institutions are subject
to receivership, resolution or failure, or if banking relationships become severely limited or unavailable to Bitcoin participants, there
could be temporary delays in