Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 261

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 261
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 |     |   |       (7,487 | ) |
| Total deferred tax liabilities             |     |   |   (8,783,323 | ) |     |   |     (560,076 | ) |
| Net deferred tax asset (liability)         |     | $ |            - |   |     | $ |            - |   |

As of December 31, 2024 and 2023, the Company
had $0.3 million and $6.1 million in net deferred tax assets, respectively. At each reporting date, management considers new evidence,
both positive and negative that could affect its view of the future realization of deferred tax assets. The Company has established a
full valuation allowance against the deferred tax assets due to the lack of sufficient positive evidence to support their realization.
This assessment will be reviewed periodically, and adjustments to the valuation allowance will be made as warranted by changes in circumstances.
As of December 31, 2024 and 2023, the Company recorded a full valuation allowance of $0.3 million and $6.1 million, respectively.

As of December 31, 2024 and 2023, the Company
has federal net operating losses of $21.2 million and $15.1 million, respectively, which do not expire. Utilization of the net operating
losses may be subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986
under Section 382. As of December 31, 2024 and 2023, the Company has not completed a Section 382 study to make this determination.

As of December 31, 2024 and 2023, the Company
has federal R&D credit carryforwards of $0.4 million and $0.3 million, respectively, which expire in 2040 through 2044.

As of December 31, 2024, the Company has state
net operating loss carryforwards of $22.8 million, of which $2.2 million do not expire and $20.6 million expire in various jurisdictions
in 2036 through 2044. As of December 31, 2023, the Company has state net operating loss carryforwards of $16.2 million, of which $1.7
million do not expire and $14.5 million expire in various jurisdictions in 2036 through 2043.

As of December 31, 2024 and