Fold Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
FLD$0.44-4.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Statements of Cash Flows
| Nine Months Ended September 30, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Cash flows from operating activities | |||
| Net loss | $(34,899,390) | $(65,575,171) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Amortization expense | 430,756 | 207,900 | |
| Gain on digital assets - rewards treasury | (1,961,803) | (2,639,860) | |
| (Gain) loss on digital assets - investment treasury | (31,203,938) | 377,039 | |
| Loss on customer rewards liability | 1,477,444 | 2,344,103 | |
| Change in fair value of convertible note | 14,470,683 | - | |
| Convertible note issuance costs and fees | 9,569,109 | - | |
| Loss on extinguishment of debt | 9,612,199 | - | |
| Amortization of debt issuance costs | 122,902 | - | |
| Amortization of debt discount and premium | 768,225 | - | |
| Change in fair value of SAFEs | 6,503,113 | 59,042,901 | |
| Share-based compensation expense | 8,470,932 | - | |
| Increase (decrease) in cash resulting from changes in: | |||
| Accounts receivable, net | 161,515 | 8,710 | |
| Inventories | (103,236) | (49,789) | |
| Prepaid expenses and other current assets | 581,100 | (3,313) | |
| Accounts payable | (104,846) | 1,602,479 | |
| Accrued expenses and other current liabilities | 2,413,679 | 49,508 | |
| Customer reward liability | 1,826,398 | 1,323,384 | |
| Deferred revenue | (52,470) | (81,116) | |
| Other non-current liabilities | 491,397 | - | |
| Net cash used in operating activities | (11,426,231) | (3,393,225) | |
| Cash flows from investing activities | |||
| Purchases of digital assets | (3,138,623) | (1,306,064) | |
| Proceeds from sales of digital assets | - | 104,868 | |
| Payments for capitalized software development costs | (619,446) | (510,051) | |
| Net cash used in investing activities | (3,758,069) | (1,711,247) | |
| Cash flows from financing activities | |||
| Proceeds from recapitalization | 804,600 | - | |
| Payments of deferred IPO costs | (652,013) | - | |
| Proceeds received from SAFE financings | - | 8,000,000 | |
| Payment of debt issuance costs | (113,320) | - | |
| Proceeds from issuance of common stock | 3,478,137 | - | |
| Net cash provided by financing activities | 3,517,404 | 8,000,000 | |
| Net (decrease) increase in cash and cash equivalents | (11,666,896) | 2,895,528 | |
| Cash and cash equivalents, beginning of period | 18,330,359 | 1,491,544 | |
| Cash and cash equivalents, end of period | $6,663,463 | $4,387,072 | |
| Non-cash investing and financing activities | |||
| Proceeds from SAFE financings received in digital assets | $ | - | $64,106,134 |
| Non-cash payment of interest with common stock | 1,246,667 | - | |
| Distributions of digital assets to fulfill customer reward redemptions | 2,577,906 | 2,628,920 | |
| Distributions of digital assets to satisfy other current obligations | 184,983 | 55,404 | |
| Recapitalization | 173,019,904 | - | |
| Proceeds from convertible debt received in digital assets - related party | 43,965,525 | - | |
| Change in fair value of Series C Warrants included in loss on extinguishment | 498,771 | - | |
| Non-cash amortization of deferred issuance costs | 43,806 | ||
| Distributions of digital assets for prepaid interest - related party | 2,313,975 | - | |
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