Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 126

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 126
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 operating and financial
data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to certain GAAP metrics,
we also monitor various non-GAAP measures to evaluate our business. We believe the following metrics and measures are useful to facilitate
period-to-period comparisons of our business and to facilitate comparisons of our performance to that of other financial service providers.
Where applicable we have provided definitions of metrics we consider key to our operations below.

Accounts

| ● | Active Accounts represent current Fold accounts that have not been deactivated by Fold or the user; and |

| ● | Verified Accounts represent users who have gone through Know Your Customer (“KYC”) verification 
 to participate in our banking and exchange products.                                            |

During the year ended December 31, 2024, we added:

| ● | More than 25,000 new Active Accounts, bringing total Active Accounts to more than 590,000; and |

| ● | More than 8,000 Verified Accounts, bringing total Verified Accounts to more than 71,000. |

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 media 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.

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 December 31, 2024, Fold
processed more than $2.5 billion in Transaction Volume through our platform. For the year ended December 31, 2024, we averaged $54.8 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”).

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The following is a summary of Fold’s bitcoin
held in treasury as of the dates shown:

|                              |     |   | December 31, 
         2024 |     |   | December 31,