Company: FLDDW
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0000950170-25-072851
Chunk: 16

Company: Fold Holdings, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 16
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5 million for the three months ended March 31, 2025 and 2024, respectively. Deferred revenue Contract liabilities are classified as deferred revenue in our balance sheets. As of March 31, 2025 and December 31, 2024, the contract liability related to our deferred subscription revenues was $0.3 million and $0.3 million, respectively, and the contract liability related to an unearned portion of a bonus paid to us by Visa was $0.5 million and $0.6 million, respectively.

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Fold Holdings, Inc.

Notes to Unaudited Condensed Financial Statements</div>

The activity in deferred revenue for the three months ended March 31, 2025 and the year ended December 31, 2024, was as follows:

|                                                                                       |     |   | Three Months Ended March 31, 2025 |   |     |   | Year Ended December 31, 2024 |   |
|:--------------------------------------------------------------------------------------|:----|:--|----------------------------------:|:--|:----|:--|-----------------------------:|:--|
| Beginning of the period contract liability                                            |     | $ |                           875,466 |   |     | $ |                    1,012,010 |   |
| Revenue recognized from the contract liabilities included in the beginning balance    |     |   |                          (141,204 | ) |     |   |                     (442,045 | ) |
| Increases due to cash received net of amounts recognized in revenue during the period |     |   |                            94,630 |   |     |   |                      305,501 |   |
| End of period contract liability                                                      |     | $ |                           828,892 |   |     | $ |                      875,466 |   |

Contract costs For the three months ended March 31, 2025 and 2024, we incurred $0.2 million and $0 million, respectively, of incremental costs to obtain and/or fulfill contracts with customers. These costs are related to the implementation of the credit card program and are included within the prepaid expenses and other current assets on the balance sheets. The contract asset is expected to be expensed once the credit card has been implemented and made available to customers. 5. 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