Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 28

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 28
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which in addition to materially and adversely affecting the trading value of the crypto asset is likely to significantly impact its liquidity
and market participants’ ability to convert the crypto asset into U.S. dollars and other currencies.

Several foreign jurisdictions
have taken a broad-based approach to classifying crypto assets, products and services as “securities,” while other foreign
jurisdictions, such as Switzerland, Malta, and Singapore, have adopted a narrower approach. As a result, certain crypto assets, products
or services may be deemed to be a “security” under the laws of some jurisdictions but not others. Various foreign jurisdictions
may, in the future, adopt additional laws, regulations, or directives that affect the characterization of crypto assets, products or services
as “securities.”

The classification of a crypto
asset, product or service as a security under applicable law has wide-ranging implications for the regulatory obligations that flow from
the offer, sale, trading, and clearing, as applicable, of such assets, products or services. For example, a crypto asset, product or service
that is a security in the United States may generally only be offered or sold in the United States pursuant to a registration statement
filed with the SEC or in an offering that qualifies for an exemption from registration. Persons that effect transactions in crypto assets,
products or services that are securities in the United States may be subject to registration with the SEC as a “broker” or
“dealer.” Platforms that bring together purchasers and sellers to trade crypto assets that are securities in the United States
are generally subject to registration as national securities exchanges, or must qualify for an exemption, such as by being operated by
a registered broker-dealer as an ATS in compliance with rules for ATSs. Persons facilitating clearing and settlement of securities may
be subject to registration with the SEC as a clearing agency. Foreign jurisdictions may have similar licensing, registration, and qualification
requirements.

The Fold app is not registered
or licensed with the SEC or foreign authorities as a broker-dealer, national securities exchange, or alternative trading system (or foreign
equivalents), and none of our products or services are registered as securities offerings, because we only offer products and services
related to Bitcoin, and we believe there are good arguments that Bitcoin and our related products and services are not securities (including
based on prior statements by a number of SEC senior officials). However, statements, settlements and enforcement actions are not rules
or regulations of the SEC and are not binding on the SEC. Regardless of public statements