Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 229

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 229
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Notes to Financial Statements</div>

Segment information

We have one operating and reportable segment.
Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the
chief operating decision maker (“CODM”), who is our CEO, in deciding how to allocate resources and assessing performance. During
the years ended December 31, 2024 and 2023, all operations were within the United States. The CODM allocates resources and assesses performance
based upon financial information at the entity-wide level. Since the CODM makes operating decisions and allocates resources on an entity-wide
basis, Fold operates as one operating segment and one reportable segment.

The primary financial measure used by the CODM
to evaluate performance is operating income (loss) as shown on the statements of operations. Segment expenses and other segment items
are provided to the CODM on the same basis as disclosed in the statements of operations.

The CODM does not evaluate performance or allocate
resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.

Fair value measurements

We account for our financial assets and liabilities
that are recognized and/or disclosed at fair value on a recurring basis in accordance with Accounting Standards Codification (“ASC”)
820, Fair Value Measurements and Disclosures. Fair value is defined as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value
measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous
market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability.

ASC 820 establishes a hierarchy of valuation techniques
based on whether the inputs to those valuation techniques are observable or unobservable and proscribes the following fair value hierarchy
in determining fair values:

| ● | Level 1 - Quoted prices for identical assets or liabilities 
 in active markets.                                          |

| ● | Level 2 - Inputs other than quoted prices within Level 1                                                                                
 that are observable either directly or indirectly, including quoted prices in active markets for similar assets or liabilities, quoted  
 prices in markets with   insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which     
 significant inputs are observable or can be derived principally from, or corroborated by, observable market data such as interest rates 
 or yield curves.                                                                                                                        |

|