Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 288

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 288
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 or cryptocurrency platforms.

We are subject to economic and geopolitical risk, business cycles,
and the overall level of consumer, business and government spending, which could negatively affect our business, financial condition,
results of operations, and cash flows.

The payments technology industry depends heavily
on the overall level of consumer, business and government spending. We are exposed to general economic conditions that affect consumer
confidence, spending, and discretionary income and changes in consumer purchasing habits. A sustained deterioration in general economic
conditions in the markets in which we operate, supply chain disruptions, inflationary pressure or interest rate fluctuations may adversely
affect our financial performance by reducing demand for cryptocurrencies and cryptocurrency-based services and thereby reducing transaction
volumes. A reduction in transaction volumes could result in a decrease in our revenues and profits.

A downturn in the economy could force retailers
or financial institutions to close or petition for bankruptcy protection, resulting in lower revenue and earnings for us. We also have
a certain amount of fixed costs, such as rents and salaries, which could limit our ability to quickly adjust costs and respond to changes
in our business and the economy. Changes in economic conditions could also adversely affect our future revenues and profits and cause
a materially adverse effect on our business, financial condition, results of operations, and cash flows.

50

In addition, our business, growth, financial condition
or results of operations could be materially adversely affected by instability or changes in a country’s or region’s economic
conditions; inflation; changes in laws or regulations or in the interpretation of existing laws or regulations, whether caused by a change
in government or otherwise; increased difficulty of conducting business in a country or region due to actual or potential political or
military conflict; or action by the U.S. or foreign governments that may restrict our ability to transact business in a foreign country
or with certain foreign individuals or entities. A possible slowdown in global trade caused by increasing tariffs or other restrictions
could decrease consumer or corporate confidence and reduce consumer, government and corporate spending in countries inside or outside
the U.S., which could adversely affect our operations. Climate-related events, including extreme weather events and natural disasters
and their effect on critical infrastructure in the U.S. or internationally, could have similar adverse effects on our operations,
users, or third-party suppliers.

We depend on major mobile operating systems and third-party platforms
for the distribution of certain products. If Google Play, the Apple App Store, or other platforms prevent customers from downloading our
apps, our ability to grow may