Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 246

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 246
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 1,313,666 |   |
| Revenue recognized from the contract liabilities included in the beginning balance    |     |   |     (442,045 | ) |     |   |     (661,426 | ) |
| Increases due to cash received net of amounts recognized in revenue during the period |     |   |      305,501 |   |     |   |      359,770 |   |
| End of period contract liability                                                      |     | $ |      875,466 |   |     | $ |    1,012,010 |   |

Contract costs

For the years ended December 31, 2024 and 2023,
we did not incur any incremental costs to obtain and/or fulfill contracts with customers.

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-term investment (“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.

<div align='center'>F-18

Fold, Inc.

Notes to Financial Statements</div>

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

|                              |     |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:-----------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Rewards treasury (USD)       |     | $ |    8,569,651 |     | $ |    5,333,384 |
| Investment treasury (USD)    |     |   |   93,568,700 |     |   |       82,631 |
| Total bitcoin treasury (USD) |     | $ |  102,138,351 |     | $ |    5,416,015 |

|                              |     |     | December 31, 
         2024 |     |     | December 31, 
         2023 |
|:-----------------------------|:----|:----|-------------:|:----|: