Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 267

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 267
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 $                       |       (9.20 | ) |     | $    |      (1.01 | ) |

<div align='center'>F-28

Fold, Inc.

Notes to Financial Statements</div>

The following potential common shares were excluded
from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:

|                                 |     | Year ended December 31, |       2024 |     |     |       2023 |
|:--------------------------------|:----|:------------------------|-----------:|:----|:----|-----------:|
| Convertible preferred stock     |     |                         | 12,364,815 |     |     | 12,364,815 |
| Unvested restricted stock units |     |                         |  2,542,808 |     |     |  1,540,976 |
| SAFEs (1)                       |     |                         |          - |     |     |          - |
| Convertible notes (2)           |     |                         |  1,739,130 |     |     |          - |
| Investor warrants (3)           |     |                         |  2,239,130 |     |     |          - |
| Total anti-dilutive securities  |     |                         | 18,885,883 |     |     | 13,905,791 |

| (1) | The contingently convertible SAFEs were not included for purposes                                                                         
 of calculating the number of diluted shares outstanding as of December 31, 2024 or 2023, as the number of dilutive shares is based on     
 a conversion ratio associated with the pricing of a future financing or liquidation event. Therefore, the contingently convertible SAFEs’ 
 conversion ratio, and the resulting number of dilutive shares, is not determinable until the contingency is resolved.                     |

| (2) | The December 2024 Initial Investor Note contains a conversion                                                                            
 feature that allows the Investor the option to convert the December 2024 Initial Investor Note in exchange for 1,739,130 shares of Class 
 A common stock. The effect of the 1,739,130 incremental Class A common shares issuable upon a conversion of the December 2024 Initial    
 Investor Note is anti-dilutive and as such, they have also been excluded from the loss per share calculation.                            |

| (3) | As of December 31,