Company: FLDDW
Filing Date: 2025-08-11
Form Type: 424B3
Source: 0001213900-25-074298
Chunk: 164

Company: Fold Holdings, Inc.
Filing Date: 2025-08-11
Form: 424B3
Chunk 164
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 evaluated whether there were any changes to forecasts or events that would impact the value of its common stock and obtained updated third -partyvaluations as necessary. The valuations utilized the guideline public company method within the market approach whereby the valuation leveraged guidance company market multiples and ratios such as revenue, earnings before interest and taxes, earnings before interest, taxes, depreciation, and amortization, and net income and/or tangible book value to apply to Fold’s corresponding financial data to compute the implied total value of Fold equity. Guideline companies were selected based on business description, financial size and performance, and stock liquidity. Weighting was applied to the identified guideline public companies to obtain multiples that most appropriately reflected Fold’s current performance and financial metrics. The risk -freerate used was the constant maturity U.S. Treasury rate corresponding to the applicable time to liquidity. Recent accounting pronouncements See “Recent accounting pronouncements” described in Note 2, Summary of Significant Accounting Policieswithin Notes to the Financial Statements. 99 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Macroeconomic trends impacting our market The following macroeconomic factors as they relate to bitcoin specifically impact our business: • Awareness: The perception of bitcoin as a legitimate and secure asset class and technology by the general public plays a crucial role. The pace and effectiveness of continued education and awareness will impact adoption rates. • Regulation: The global regulatory landscape for bitcoin, including clarity around legal status, accounting and tax treatment, and other compliance requirements will significantly impact its growth. Favorable regulations can encourage adoption, while restrictive measures can hinder it. • Institutional Adoption: Increased participation by institutional investors, including hedge funds, mutual funds, corporations, and nation states can drive market confidence and liquidity, supporting continued growth. • Political environment: Bitcoin has entered the political conversation in the United States and abroad. As a global leader in innovation and new technologies, we anticipate the United States political environment will become increasingly favorable for our industry. • Monetary Policy: Central bank monetary policies, especially those related to interest rates and monetary supply, can influence bitcoin adoption. Low -interestrates and expansive monetary policies that lead to currency debasement often lead to a search for alternative investments like bitcoin. • Technological innovation: Advances in blockchain technology, improvements in scalability (e.g., Lightning Network), and enhanced security protocols can increase bitcoin adoption and integration into various financial systems. Bitcoin market price risk Our bitcoin treasury assets and customer rewards liability are measured using observed prices from active exchanges which could result in volatility in our financial results