Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 8

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 8
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 to enter their personal bitcoin wallet address in the “SEND TO”
field. All reward balances are denominated in bitcoin.

Daily Spin Wheel 

●Users can take advantage of Fold’s Daily Spin Wheel
by navigating to the “Rewards” tab, selecting “Spin the Wheel,” and either tapping the wheel to spin, or swiping
right on the option to spin all available spins. The Daily Spin Wheel includes a variety of prize “wedges”, all of which
are comprised of varying amounts of bitcoin/sats (ex. 5 sats, 10 sats, 25 sats, 1 bitcoin, etc.). These wedges vary from time to time
at the Company’s discretion. When a user spins the wheel and lands on one of these wedges, the resulting bitcoin is immediately
applied to their bitcoin Rewards balance. Those rewards can be accessed and withdrawn in the same manner as all other bitcoin rewards
earned by a user on the Fold app (see “Rewards Network” above).

Account Settings

●Users can manage their account settings from the “Home”
tab, including their subscription plan, their profile details, their referral program information, and other relevant administrative
actions.

Industry Overview

Bitcoin

Introduced in 2008, bitcoin is a trustless decentralized digital currency
operating on a peer-to-peer network. Bitcoin is built on free and open-source technology which ensures secure and transparent transactions.
As of December 31, 2024, bitcoin remains the largest cryptocurrency by market capitalization, with significant trading volumes across
global exchanges. Over the first 15 years of its existence, the adoption rate of bitcoin as measured by the annual increase in the total
number of users has exceeded that of the internet over the first 15 years of the latter’s existence.

To date, the primary business models within the
bitcoin industry have focused on exchange services, bitcoin mining, and exchange-traded products like ETFs. Bitcoin financial services
such as those offered by Fold are part of a fast-growing market opportunity to expand bitcoin’s scope into traditional investment
and financial use cases relevant to consumers’ everyday lives, such as saving, investing and making payments.

The bitcoin industry is dynamic and rapidly evolving,
offering substantial opportunities alongside significant risks. Continuous monitoring of technological, regulatory, and market developments
is essential for stakeholders to navigate this complex landscape effectively.

5

Banking and payments

The banking and payments industry encompasses
a broad range of financial services, including traditional asset custody, wealth management, digital payments,