Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 463

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 463
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.4 million and $0.5 million, respectively, and the contract liability related to the deferred Visa incentive was $0.7 million and $0.8 million, respectively. The activity in deferred revenue for the years ended December 31, 2023 and 2022 was as follows:

|                                                                                       |     |   |   Year Ended 
 December 31, 
         2023 |   |     |   |   Year Ended 
 December 31, 
         2022 |   |
|:--------------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Beginning of the period contract liability                                            |     | $ |    1,313,666 |   |     | $ |      915,195 |   |
| Revenue recognized from the contract liabilities included in the beginning balance    |     |   |     (661,426 | ) |     |   |     (915,195 | ) |
| Increases due to cash received net of amounts recognized in revenue during the period |     |   |      359,770 |   |     |   |    1,313,666 |   |
| End of period contract liability                                                      |     | $ |    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 |
|:-----------------------------|:----|:--|-------------:|:----|