Company: FLDDW
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0000950170-25-072851
Chunk: 51

Company: Fold Holdings, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 51
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|:--|----------:|:--|:----|:------|---------:|:--|
| Banking and payment revenues       |     | $                            | 6,921,625 |   |     | $ | 4,920,666 |   |     | $ | 2,000,959 |   |     |       |       41 | % |
| Custody and trading revenues       |     |                              |   151,855 |   |     |   |    11,933 |   |     |   |   139,922 |   |     | NM(i) |          |   |
| Other revenues                     |     |                              |    26,035 |   |     |   |         7 |   |     |   |    26,028 |   |     | NM(i) |          |   |
| Less: Sales returns and allowances |     |                              |   (11,678 | ) |     |   |    (1,395 | ) |     |   |   (10,283 | ) |     | NM(i) |          |   |
| Revenues, net                      |     | $                            | 7,087,837 |   |     | $ | 4,931,211 |   |     | $ | 2,156,626 |   |     |       |       44 | % |

(i) Not meaningful ("NM")

<div align='center'>34</div>

Total net revenue for the three months ended March 31, 2025 increased by $2.2 million, or 44%, compared to the three months ended March 31, 2024. Those amounts are net of reductions in revenue related to Revenue Rewards totaling $0.5 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively.

Banking and payments

The primary driver behind increased banking and payments revenues related to merchant offers within our banking and payments business. Net revenues from merchant offers increased 48% from $4.4 million for the three months ended March 31, 2024 to $6.5 million for the three months ended March 31, 2025. This increase was driven primarily due to our intentional focus on marketing our merchant offers product during Q1 2025 via internal and external marketing channels.

Excluding merchant offers, our gross banking and payments revenues for the three months ended March 31