Company: FLDDW
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001213900-25-026537
Chunk: 143

Company: Fold Holdings, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 143
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 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 be accessed and withdrawn in the same manner as all other bitcoin rewards earned by a user on the Fold app (see “Rewards Network”        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. 82 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. Banking and payments The banking and payments industry encompasses a broad range of financial services, including traditional asset custody, wealth management, digital payments, and emerging fintech solutions. The banking and payments industry is undergoing significant transformation driven by technological advancements, changing consumer behavior, and regulatory developments. While the industry presents substantial growth opportunities, stakeholders must navigate various risks and challenges to remain competitive and compliant in this dynamic landscape. Continuous innovation, robust risk management, and adherence to regulatory standards are essential for sustained success. Macroeconomic trends impacting our market The following macroeconomic factors as they relate to bitcoin specifically impact our business:

| ● | Awareness: The perception of bitcoin as a legitimate and secure asset class and technology by the                                
 general public plays a crucial role. The pace and effectiveness of continued education and awareness will impact adoption rates. |

| ● | Regulation: The global