Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 489

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 489
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, 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 -terminvestment (“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. The following is a summary of Fold’s bitcoin held in treasury as of the dates shown:

|                              |     |   | September 30, 
          2024 |     |   | December 31, 
         2023 |
|:-----------------------------|:----|:--|--------------:|:----|:--|-------------:|
| Rewards treasury (USD)       |     | $ |     6,371,951 |     | $ |    5,333,384 |
| Investment treasury (USD)    |     |   |    63,929,891 |     |   |       82,631 |
| Total bitcoin treasury (USD) |     | $ |    70,301,842 |     | $ |    5,416,015 |

|                              |     | September 30, 
          2024 |     | December 31, 
         2023 |
|:-----------------------------|:----|--------------:|:----|-------------:|
| Rewards treasury (BTC)       |     |           100 |     |          126 |
| Investment treasury (BTC)    |     |         1,003 |     |            2 |
| Total bitcoin treasury (BTC) |     |         1,103 |     |          128 |

As of September 30, 2024 and December 31, 2023, the Company held 1,103 and 128 bitcoin, respectively, with an aggregate cost of $67.8 million and $3.3 million, respectively.

F-37

Fold, Inc.
Notes to Unaudited Condensed Financial Statements 4. DIGITAL ASSETS (cont.) A reconciliation, in the aggregate, of beginning and ending balances of the Company’s digital assets as of