Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 335

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 335
---
 2025 and year ended December 31, 2024, the Company entered into SAFEs with various investors with aggregate gross proceeds of $ 0and $ 72.1million, respectively. Threeof the SAFEs (the “Bitcoin SAFEs”) issued during 2024, totaling $ 64.1million, were funded with bitcoin that the Company held in treasury as of March 31, 2025.

10. CONVERTIBLE NOTES AND WARRANTS

A summary of the Company’s convertible notes for the respective periods presented is as follows:

The December 2024 Initial Investor Note

| December 2024 Initial Investor Note             |     | March 31, 
 2025      | 20,000,000 |     | December 31, 
 2024         | 20,000,000 |
|:------------------------------------------------|:----|:----------|-----------:|:----|:-------------|-----------:|
| Convertible debt, gross                         |     |           | 20,000,000 |     |              | 20,000,000 |
| Less:                                           |     |           |            |     |              |            |
| Debt discount, net of amortization              |     |           |  6,213,572 |     |              |  6,636,805 |
| Debt issuance costs, net of amortization        |     |           |  1,507,602 |     |              |  1,610,291 |
| Convertible debt, net                           |     |           | 12,278,826 |     |              | 11,752,904 |
| Less: Current portion of long-term debt         |     |           |          — |     |              | 11,752,904 |
| December 2024 convertible note, net – long-term |     | $         | 12,278,826 |     | $            |          — |

In December 2024, the Company entered into a Securities Purchase Agreement (the “December 2024 SPA”) with an institutional investor (the “Investor”) for the sale of a Senior Secured Convertible Note which is convertible into shares of the Company’s common stock. The Company executed the December 2024 SPA and consummated the issuance of (i) an Initial Note in the principal amount of $ with a conversion price of $ per share (the “December 2024 Initial Investor Note”), and (ii) Series A, Series B