Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 29

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 29
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 made by senior officials at the SEC and our
conclusions, we could in the future be subject to legal or regulatory action in the event the SEC or a state or a foreign regulatory authority
were to assert, or a court were to determine, that either Bitcoin itself or a product or service that we offer related to Bitcoin, such
as lending, rewards or savings products, could be viewed a “security” under applicable laws. There can be no assurance that
we will properly characterize over time any given Bitcoin product or service offering as a security or non-security, or that the SEC,
foreign regulatory authority, or a court having final determinative authority on the topic, if the question was presented to it, would
agree with our assessment. We expect our risk assessment policies and procedures to continuously evolve to take into account case law,
legislative developments, facts, and developments in technology.

If an applicable regulatory authority
or a court, in either case having final determinative authority on the topic, were to determine that a product or service offered by us
is a security, we would not be able to offer such product or service until we are able to do so in a compliant manner. A determination
by the SEC, a state or foreign regulatory authority, or a court that a product or service that we offer constitutes a security may result
in us ceasing to offer that product or service, and may also result in us determining that it is advisable to cease offering products
and services entirely, that have similar characteristics to the product or service that was alleged or determined to be a security. Alternatively,
we may determine to continue to offer a product or service even if the SEC or another regulator alleges that the product or service is
a security, pending a final judicial determination as to that product or service’s proper characterization, and the fact that we
waited for a final judicial determination would generally not preclude penalties or sanctions against us for our having previously made
that product or service available without registering that product or service with the SEC. As such, we could be subject to judicial or
administrative sanctions for failing to offer or sell the product or service in compliance with the registration requirements, or for
acting as a broker, dealer, or national securities exchange without appropriate registration. Such an action could result in injunctions,
cease and desist orders, as well as civil monetary penalties, fines, and disgorgement, criminal liability, and reputational harm. Additionally,
the SEC has brought and may in the future bring enforcement