Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 265

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 265
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 | Discount rate - all other SAFEs    |     |              |     39.94% |
|             |     |                         |     | Remaining term to event (in years) |     |              |       0.25 |

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

|                                  |     | SAFEs |             |
|:---------------------------------|:----|:------|------------:|
| Balance at January 1, 2023       |     | $     |   8,727,540 |
| Proceeds from issuances of SAFEs |     |       |     500,000 |
| Change in fair value of SAFEs    |     |       |   1,374,005 |
| Balance at December 31, 2023     |     |       |  10,601,545 |
| Proceeds from issuances of SAFEs |     |       |  72,106,134 |
| Change in fair value of SAFEs    |     |       |  88,372,854 |
| Balance at December 31, 2024     |     | $     | 171,080,533 |

15. CUSTODY OF DIGITAL ASSETS

We provide custody services on behalf of our customers
through unrelated third-party service providers, who are qualified custodians. We do not own digital assets held in a custodial capacity
on behalf of our customers. We maintain internal record keeping of those assets and are obligated to safeguard the assets. We do not hold
the cryptographic key information on behalf of our customers. The qualified custodians used by Fold hold our customer cryptographic key
information. We are not aware of any actual or possible safeguarding loss events requiring recognition under ASC 450-20, Loss Contingencies,as of and for the years ended December 31, 2024 or 2023.

The fair value of customer digital assets held by our qualified custodians
totaled $13.9 million and $1.2 million at December 31, 2024 and 2023, respectively. These assets are not recorded in the Company’s balance
sheets. Similarly, as the Company has an obligation to safeguard these assets, it has a corresponding unrecorded liability of $13.9 million
and $1.2 million at December 31, 2024 and 2023, respectively.