Company: FLDDW
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0000950170-25-072851
Chunk: 35

Company: Fold Holdings, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 35
---
 reporting period. Changes or updates to assumptions could have a material impact on the reported fair value and the change in fair value of the convertible note and the results of operations in any given period.

<div align='center'>23

Fold Holdings, Inc.

Notes to Unaudited Condensed Financial Statements</div>

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:

| Balance at December 31, 2024                            |     | Convertible Note |          - |   |
|:--------------------------------------------------------|:----|:-----------------|-----------:|:--|
| Additions                                               |     |                  | 46,279,500 |   |
| Fair Value adjustment, Day one loss on issuance of debt |     |                  | 12,753,994 |   |
| Fair Value adjustment, Change in fair value             |     |                  | (6,219,851 | ) |
| Balance at March 31, 2025                               |     | $                | 52,813,643 |   |

The following table summarizes the significant inputs which the fair value measurements associated with the convertible note was determined:

|                                          |     | As of March 31, 2025 |           |   | As of December 31, 2024 |   |
|:-----------------------------------------|:----|:---------------------|----------:|:--|:------------------------|:--|
| Risk-Free Rate (continuously compounded) |     |                      |      3.89 | % |                         | - |
| Fold Volatility (Annual)                 |     |                      |     92.29 | % |                         |   |
| Bitcoin Volatility (Annual)              |     |                      |     60.53 | % |                         | - |
| Note Term                                |     | 5.00 Years           |           |   |                         | - |
| Fold Stock Price                         |     | $                    |      6.20 |   |                         | - |
| Bitcoin Price                            |     | $                    | 82,548.91 |   |                         |   |
| Correlation (Fold and Bitcoin)           |     |                      |    0.3737 |   |                         |   |
| Conversion price                         |     | $                    |     12.50 |   |                         | - |
| Dividend Yield (Annual)                  |     |                      |      0.