Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 281

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 281
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 conditions under Rule 2a-7 promulgated under the Investment Company Act which
invest only in direct U.S. government treasury obligations.

<div align='center'>F-38

FOLD HOLDINGS, INC.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024</div>

Net (Loss) Income Per Common Stock

The Company historically had two classes of shares,
which are referred to as Class A common stock and Class B common stock. Earnings and losses are shared pro rata between the two classes
of shares. The Company has not considered the effect of the warrants sold in the Public Offering and the Private Placement to purchase
an aggregate of 12,922,712 shares of its Class A common stock in the calculation of diluted net (loss) income per share, since their exercise
is contingent upon future events. As a result, diluted net (loss) income per share of common stock is the same as basic net (loss) income
per share of common stock. The redemption feature for the common shares equals fair value, and therefore does not create a different class
of shares or require an adjustment to the earnings per share calculation. The redemption at fair value does not represent an economic
benefit to the holders that is different from what is received by other stockholders, because the shares could be sold on the open market.
Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates
the fair value. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net (loss)
income per share for each class of common stock:

|                                                                |     | For the Year Ended December 31, 
 2024                            |            |   |     |         |   |     | 2023    |            |     |         |           |
|:---------------------------------------------------------------|:----|:--------------------------------|-----------:|:--|:----|:--------|:--|:----|:--------|-----------:|:----|:--------|----------:|
|                                                                |     | Class A                         |            |   |     | Class B |   |     | Class A |            |     | Class B |           |
| Basic and diluted net (loss) income per share of common stock: |     |                                 |            |   |     |         |