Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 240

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 240
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 with Visa U.S.A. Inc. (“Visa”) effective January 1, 2022, in which Visa paid the Company
a signing bonus (“Visa Bonus”) to be earned over a period of four years. The Visa Bonus is earned ratably in direct proportion
to transaction volumes over time.

Banking and payments – merchant offers

Fold customers can earn rewards from various merchant
offers, including third-party gift cards and card-linked merchant offers, on the Fold app. Fold purchases gift cards from wholesale vendors
in advance of sale to our end customers. Fold pays the wholesale cost of each gift card and resells the gift card to the customer at face
value. The Company’s performance obligation for these revenues is to transfer control of a gift card to the customer at a point
in time for a fixed amount of consideration. The transaction price of each gift card purchased by a customer is directly allocable to
this single performance obligation. The Company obtains control of gift cards from vendors prior to transferring to the customer and the
customer does not transact directly with the gift card wholesalers. Fold offers this service in conjunction with the rest of the Fold
app services and is the entity primarily responsible for providing the gift card to the user. The Company bears all charge back risk if
the gift card does not meet customer specifications and has discretion in establishing the price for the specified good or service. The
Company has therefore determined that it is the principal in these transactions and recognizes gross revenues for the sales price of the
gift card to the customer and gross costs of sales for the cost of each gift card sold.

As our customers purchase gift cards on our platform,
they may earn Revenue Rewards via promotional spins or flat rewards stated as a percentage of the gift card price. The transaction price
under the merchant offers revenue stream is reduced by the fair value of the Revenue Rewards earned, as the Company has identified that
Revenue Rewards represent non-revenue elements to be excluded from the transaction price. The Revenue Rewards meet the definition of an
embedded derivative requiring bifurcation and measurement subject to the scope of Topics outside of ASC 606.

<div align='center'>F-15

Fold, Inc.

Notes to Financial Statements</div>

Custody and trading

Fold partners with Fortress Trust LLC (“Fortress”)
and BitGo Trust Company, Inc. (“BitGo”) (collectively, the “Exchange Providers”) to offer eligible customers the
ability to buy, sell, store, and withdraw bitcoin through Fold’s “Bitcoin