Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 139

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 139
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 2023

The following table summarizes our cash flow activities:

|                                           |     | Year Ended December 31, |       2024 |   |     |   |       2023 |   |
|:------------------------------------------|:----|:------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Net cash used in operating activities     |     | $                       | (3,314,951 | ) |     | $ |   (644,670 | ) |
| Net cash used in investing activities     |     |                         | (2,514,260 | ) |     |   | (3,716,557 | ) |
| Net cash provided by financing activities |     |                         | 22,668,026 |   |     |   |    500,000 |   |
| Net (decrease) increase in cash           |     | $                       | 16,838,815 |   |     | $ | (3,861,227 | ) |

Cash flows from operating activities

For the year ended December 31, 2024, cash used
in operating activities was $3.3 million, primarily due to the net loss of $65.1 million, offset by an increase in cash from net working
capital of $2.6 million and adjustments for non-cash income and expense totaling $59.2 million.

For the year ended December 31, 2023, cash used
in operating activities was $0.6 million, primarily due to the net loss of $7.2 million, offset by an increase in cash from net working
capital of $4.9 million and adjustments for non-cash income and expense totaling $1.7 million.

Cash flows from investing activities

Cash flows used in investing activities decreased
from December 31, 2023 to December 31, 2024 by $1.2 million, primarily due to lower purchases of bitcoin in our Rewards Treasury.

Cash flows from financing activities

For the years ended December 31, 2024 and 2023,
cash provided by financing activities was $22.7 million and $0.5 million, respectively, primarily due to proceeds from SAFE notes financings
and proceeds from issuance of the convertible note.

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Critical accounting estimates

Our discussion and analysis of our financial condition
and results of operations are based upon our financial statements, which have been prepared in accordance with