Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 233

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 233
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 which is three years. Costs incurred in the preliminary and post-implementation
phases of the Company’s internal use software are expensed as incurred.

Capitalized software development costs consisted
of the following:

|                                             |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |
|:--------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Capitalized software, gross carrying amount |     | $ |    1,486,228 |   |     | $ |      747,663 |   |
| Less: accumulated amortization              |     |   |     (486,163 | ) |     |   |     (193,897 | ) |
| Capitalized software, net carrying value    |     | $ |    1,000,065 |   |     | $ |      553,766 |   |

The gross carrying amount of internally developed
software costs that had been capitalized but not placed into service is as follows:

|                                              |     |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:---------------------------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Capitalized software not placed into service |     | $ |      348,058 |     | $ |      204,370 |

During the years ended December 31, 2024 and 2023,
the Company recorded amortization expense on capitalized software development costs placed in service in the amount of $0.3 million and
$0.4 million, respectively. During the year ended December 31, 2023, amortization expense included the write-off of capitalized software
development costs of $0.2 million related to the abandonment of the associated projects. The Company did not write-off any abandoned capitalized
software development costs during the year ended December 31, 2024.

<div align='center'>F-11

Fold, Inc.

Notes to Financial Statements</div>

Impairment of long-lived assets

Management reviews capitalized software development
costs for impairment in accordance with ASC 360, Property, Plant, and Equipment. In assessing our capitalized software development
costs for impairment, we first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment
test. In