Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 498

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 498
---
ASUREMENTS (cont.) The following table summarizes the changes in fair value associated with Level 3 financial instruments held at the beginning or end of the periods presented:

|                                  |     | SAFEs |             |
|:---------------------------------|:----|:------|------------:|
| Balance at January 1, 2023       |     | $     |   8,727,540 |
| Proceeds from issuances of SAFEs |     |       |     500,000 |
| Change in fair value of SAFEs    |     |       |     827,595 |
| Balance at September 30, 2023    |     |       |  10,055,135 |
| Change in fair value of SAFEs    |     |       |     546,410 |
| Balance at December 31, 2023     |     |       |  10,601,545 |
| Proceeds from issuances of SAFEs |     |       |  72,106,134 |
| Change in fair value of SAFEs    |     |       |  59,042,901 |
| Balance at September 30, 2024    |     | $     | 141,750,580 |

13. SAFEGUARDING OBLIGATION FOR DIGITAL ASSETS As of September 30, 2024 and December 31, 2023, we had safeguarding customer digital assets and liabilities, comprised solely of bitcoin, of $6.8 million and $1.2 million, respectively. The safeguarding liability, and corresponding safeguarding customer digital assets on the balance sheets are measured at the fair value of the digital assets held for our customers. We are not aware of any actual or possible safeguarding loss events as of and for the periods ended September 30, 2024 and December 31, 2023 that would have a material impact on these balances. Therefore, the safeguarding customer digital liabilities and the related safeguarding customer digital assets are recorded at the same amount as of each period. We provide custody services on behalf of our customers through unrelated third -partyservice providers, who are qualified custodians. We do not own digital assets held in a custodial capacity on behalf of our customers. We maintain internal record keeping of those assets and are obligated to safeguard the assets. We do not hold the cryptographic key information on behalf of our customers. The qualified custodians used by Fold hold our customer cryptographic key information.