Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 467

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 467
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 $ |    1,012,010 |   |     | $ |    1,313,666 |   |

Contract costs For the years ended December 31, 2023 and 2022, we did not incur any incremental costs to obtain and/or fulfill contracts with customers.

F-17

Fold, Inc.
Notes to Financial Statements 4. DIGITAL ASSETS The Company holds digital assets, comprised solely of bitcoin, for two purposes: (1) to fulfill bitcoin rewards to customers in accordance with the terms and conditions of the Fold Rewards Program (“Rewards Treasury”); and (2) as a treasury asset with the intention to hold as a long -terminvestment (“Investment Treasury”). The Company purchases bitcoin for its Rewards Treasury to maintain a balance that is equal to or greater than its customer rewards liability and disburses bitcoin from its Rewards Treasury when customers redeem their rewards and the liability is satisfied. The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:

|                              |     |   | December 31, 
         2023 |     |   | December 31, 
         2022 |
|:-----------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Rewards treasury (USD)       |     | $ |    5,333,384 |     | $ |    3,009,662 |
| Investment treasury (USD)    |     |   |       82,631 |     |   |      177,264 |
| Total bitcoin treasury (USD) |     | $ |    5,416,015 |     | $ |    3,186,926 |

|                              |     | December 31, 
         2023 |     | December 31, 
         2022 |
|:-----------------------------|:----|-------------:|:----|-------------:|
| Rewards treasury (BTC)       |     |          126 |     |          182 |
| Investment treasury (BTC)    |     |            2 |     |           11 |
| Total bitcoin treasury (BTC) |     |          128 |     |          193 |

As of December31, 2023 and 2022, the Company held 128 and 193 bitcoin, respectively, with an aggregate cost of $3.3million and $5.1million, respectively. A reconciliation, in the aggregate, of beginning and ending balances of