Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 325

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 325
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 option to spin all available spins. The Daily Spin Wheel includes a variety of prize “wedges”, all of which are comprised of varying amounts of bitcoin/sats (ex. 5 sats, 10 sats, 25 sats, 1 bitcoin, etc.). These wedges vary from time 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 Those rewards can be accessed and withdrawn in the same manner as all other bitcoin rewards earned by a user on the Fold app (see “Rewards Network” on page 194 for further details). 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. Future Products Fold’s internal survey data suggests that Fold’s customers are interested in an expanded suite of bitcoin financial services, including credit cards, loans, interest -bearingaccounts, business accounts and joint accounts. Select survey data around customer interests include: •64% of Fold’s customers want access to bitcoin financial services (e.g., the ability to save, invest and spend using bitcoin) •46% of Fold’s customers want access to credit & loans •84% of Fold’s customers are interested in a business account •87% of Fold’s customers currently engage in two or more products Based on this data and our monitoring of market trends, Fold continually evaluates opportunities to expand our existing product lineup and cross sell into our existing products. We expect to continue to expand our consumer financial services offerings over the near term. 198

Industry Overview Bitcoin Introduced in 2008, bitcoin is a trustless decentralized digital currency operating on a peer -to-peernetwork. Bitcoin is built on free and open -sourcetechnology which ensures secure and transparent transactions. As of June30, 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. To date, the primary business models within the bitcoin industry have focused on exchange services, bitcoin mining, and exchange -tradedproducts like ETFs. Bitcoin financial services such as those offered by Fold are part of a fast -growingmarket opportunity to expand bitcoin’s scope into traditional