Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 351

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 351
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 Accounts represent users who have gone through Know Your Customer (“KYC”) verification to participate in our banking and exchange products. During the nine months ended September 30, 2024, we added: •More than 14,000 new Active Accounts, bringing total Active Accounts to more than 580,000; and •More than 5,000 Verified Accounts, bringing total Verified Accounts to more than 67,000. As an early entrant to bitcoin financial services, our customer growth to date has been predominantly fueled by organic word of mouth, partner co -marketing, and active social engagement which have contributed to low customer acquisition costs (“CAC”). Fold has achieved our current user base with CAC of less than $10 per Active Account since inception, compared to industry averages of up to $300+ per customer for traditional financial service providers. 216

Transaction volumes Transaction Volume is inclusive of deposits, spend, and withdrawals across our platform and are inclusive of both fiat (“USD”) and bitcoin (“BTC”) transaction volumes. From inception through September 30, 2024, Fold has processed more than $2.3 billion in Transaction Volume through our platform. From January 1, 2022 through September 30, 2024, we averaged $54.8 million in monthly Transaction Volume. For the nine months ended September 30, 2024 we averaged $48.2 million in monthly Transaction Volume. Bitcoin treasury Fold’s purpose for holding bitcoin in treasury is twofold: (1) to fulfill bitcoin rewards to customers in accordance with the terms and conditions of Fold’s user agreements (“Rewards Treasury”); and (2) as a treasury asset with the intention to hold as a long term investment (“Investment Treasury”). The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:

|                              |     |   | September 30, 
          2024 |     |   | December 31, 
         2023 |     |   | December 31, 
         2022 |
|:-----------------------------|:----|:--|--------------:|:----|:--|-------------:|:----|:--|-------------:|
| Rewards treasury (USD)       |     | $ |     6,371,951 |     | $ |    5,333,384 |     | $ |    3,009,662 |
| Investment treasury (USD)    |     |   |    63,929,891 |