Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 39

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 39
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 services with the speed, functionality, 
 security, and reliability that our customers expect;                                                            |

<div align='center'>19</div>

| ● | cybersecurity incidents, employee or service provider misconduct, or other unforeseen activities cause losses 
 to us or our customers, including losses to assets held by us on behalf of our customers;                     |

| ● | modifications to our pricing model or modifications by competitors to their pricing models; |

| ● | we fail to provide adequate customer service; |

| ● | regulatory and governmental bodies in countries that we target for expansion express negative views towards 
 Bitcoin or, more broadly, the Bitcoin economy; or                                                           |

| ● | we or other companies or high-profile figures in the digital assets industry are the subject of adverse media 
 reports or other negative publicity.                                                                          |

From time to time, certain of
these factors have negatively affected customer retention, growth, and engagement to varying degrees. If we are unable to maintain or
increase our customer base and customer engagement, our revenue and financial results may be adversely affected. Any decrease in user
retention, growth, or engagement could render our products and services less attractive to customers, which may have an adverse impact
on our revenue, business, operating results, and financial condition. If our customer growth rate slows or declines, we will become increasingly
dependent on our ability to maintain or increase levels of user engagement and monetization in order to drive growth of revenue.

Our operating expenses
may increase in the future and we may not be able to achieve profitability or positive cash flow from operations on a consistent basis,
which may cause our business, operating results, and financial condition to be adversely impacted.

Our operating expenses may increase
in the future as we continue to attract and retain talent, expand our sales and marketing efforts, develop additional products and services,
expand our international business, incur unforeseen regulatory or compliance expenses, and in connection with certain expenses related
to operating as a public company. While we consistently evaluate opportunities to drive efficiency, we cannot guarantee that these efforts
will be successful or that we will not re-accelerate operating expenditures in the future. Our operations may prove more expensive than
we currently anticipate, and we may not succeed in increasing our net revenue sufficiently to offset these higher expenses. Our revenue
growth may be further impacted by reduced demand for our offerings, increased competition, adverse macroeconomic conditions, a decrease
in the growth or size of the Bitcoin economy, regulatory uncertainty or scrutiny, or changes that impact our ability to offer certain
products