Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 222

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 222
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Item 1A.
RISK FACTORS

You should consider carefully
all of the risks described below, which we believe are the principal risks that we face and of which we are currently aware, and all of
the other information contained in this Annual Report. If any of the events or developments described below occur, our business, financial
condition or results of operations could be negatively affected.

15

Risks Related to our Business and Industry

Our operating results have and will significantly fluctuate,
including due to the highly volatile nature of Bitcoin.

Our operating results are in part dependent on the
broader Bitcoin economy. Due to the rapidly evolving nature of digital assets and the volatile price of Bitcoin, which has experienced
and continues to experience significant volatility, our operating results have, and will continue to, fluctuate significantly from quarter
to quarter in accordance with market sentiments and movements in the broader Bitcoin economy. Our operating results will continue to fluctuate
significantly as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control,
including:

●our ability to attract, maintain, and grow our customer base
and engage our customers;

●changes in the legislative or regulatory environment or actions
by U.S. or foreign governments or regulators, including fines, orders, or consent decrees;

●regulatory changes or scrutiny that impact our ability to
offer certain products or services;

●our ability to continue to diversify and grow our subscription
and services revenue;

●our mix of revenue between transaction and subscription and
services;

●pricing for or temporary suspensions of our products and
services;

●investments we make in the development of products and services,
international expansion, and sales and marketing;

●our ability to establish and maintain partnerships, collaborations,
joint ventures, or strategic alliances with third parties;

●market conditions of, and overall sentiment towards, Bitcoin;

●macroeconomic conditions, including interest rates, inflation
and central banking policies;

●adverse legal proceedings or regulatory enforcement actions,
judgments, settlements, or other legal proceeding and enforcement-related costs;

●the development and introduction of existing and new products
and services by us or our competitors;

●our ability to control costs, including our operating expenses
incurred to grow and expand our operations and to remain competitive;

●system failure, outages or interruptions, including with
respect to our and our partners’ platforms;

●our lack of control over decentralized or third-party blockchains
and networks that may experience downtime,