Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 264

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 264
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 to reflect the market movement between the issuance date and valuation date. Additionally, in the
Company’s estimate of the fair value of the Bitcoin SAFEs, the current value of bitcoin was used as an estimate of the future value
of a BTC-denominated payout. If there is not a Liquidity Event, the SAFE will result in the repayment of the bitcoin contributed at the
issuance of the note. To value this scenario, which is weighted at an 9% probability, the Company considered the value of the underlying
bitcoin as of the valuation date, reflecting an estimate of the future price.

<div align='center'>F-27

Fold, Inc.

Notes to Financial Statements</div>

Fair value measurements associated with SAFEs
were determined based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy.
Increases and decreases in the fair value of the SAFEs can result from updates to assumptions such as expected timing and probability
of a qualified financing event, or changes in discount rates, among other assumptions. Based on the Company’s assessment of the
valuation of the SAFEs, performed by the Company’s third-party valuation specialists, none of the changes in the fair value of those
instruments were due to changes in the Company’s own credit risk for the reporting periods presented. Judgment is used in determining
these assumptions as of the initial valuation date and at each subsequent reporting period. Changes or updates to assumptions could have
a material impact on the reported fair value and the change in fair value of SAFEs and the results of operations in any given period.

The following table summarizes the significant
inputs not observable in the market upon which the fair value measurements associated with the SAFEs were determined:

|             |     | VALUATION               
 TECHNIQUE               |     | UNOBSERVABLE                       
 INPUT                              |     | AS OF        
 DECEMBER 31, 
 2024         |            |
|:------------|:----|:------------------------|:----|:-----------------------------------|:----|:-------------|-----------:|
| Liabilities |     |                         |     |                                    |     |              |            |
| SAFEs       |     | Scenario-based approach |     | Probability weighting              |     |              | 1.0%-90.0% |
|             |     |                         |     | Discount rate - SAFE-39 & SAFE-40  |     |              |    125.82% |
|             |     |                         |