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Q2'25 Review August 12, 2025 Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 1
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Disclaimer Forward looking statements Industry and market data This Presentation contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. For example, statements regarding anticipated growth in the industry in which the Company operates and anticipated growth in demand for the Company’s products and services are forward- looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition, the ability of the Company to grow and manage growth, maintain relationships with customers and retain its management and key employees; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and continue to innovate its existing products and services. Please refer to our Form 10-K and other filings with the SEC, which can be found at sec.gov or on the Company's investor relations website, for discussion of the risks and uncertainties that may affect our future results. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. In this Presentation, the Company relies on and refer to certain information and statistics obtained from third-party sources which the Company believes to be reliable. The Company has not independently verified the accuracy or completeness of any such third-party information. Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 2
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 3 Q2’25 Fold Holdings, Inc. Company highlights1 Total accounts2 615K+ Total verified accounts3 ~80K Bitcoin holdings (Investment treasury) ฿1,492 Q2 2025 highlights Revenue $8.2M Net profit $13.4M Adjusted EBITDA (non-GAAP) ($4.7M) Secured financing4 $250M Rewards distributed4 $70M+ New customer accounts +10,000 Total transaction volumes5 $265M As o f J une 30, 202 Accounts are current Fold accounts that have not been deactivated b y Fold or the use V erified Accounts are current Fold accounts who have gone through Know Y our C ustomer ( “ K YC” ) verification to participate in our ban k ing and e x change product Financing available via e q uit y purchase f acilit y , subject to certain condition Transaction V olumes are inclusive o f deposits, spend, and withdrawal volumes across our plat f orm and are inclusive o f both fiat ( "US D " ) and bitcoin ( " BT C" ) transaction volumes.
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 4 KPI Q2 2025 (YTD) Q2 2024 (YTD) +/- +/- % Revenues $15,263,763 $10,069,835 $5,205,661 52% Net Profit (Loss) $(35,453,632) $(3,264,493) $(32,189,139) (986%) Adjusted EBITDA (non-GAAP) $(8,899,241) $(2,021,747) $(6,877 ,494) (340%) Total Accounts ~615K ~575K ~45K ~8% Total Verified Accounts ~80K ~65K ~15K ~23% Total Transaction Volumes $517M $269M $248M 92% Q2’25 – Year over Year (YTD) KPI Highlights
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 5 KPI Q2 2025 (QTD) Q2 2024 (QTD) +/- +/- % Revenues $8,175,926 $5,138,624 $3,037 ,302 59% Net Profit (Loss) $13,425,567 $(2,319,447) $15,745,014 679% Adjusted EBITDA (non-GAAP) $(4,690,250) $(1,168,384) $(3,521,867) 301% New Accounts 10K+ 3K+ 7K+ ~233% New Verified Accounts 3K+ 1K+ 2K+ ~200% Total Transaction Volumes $265M $118M $147M 124% Q2’25 – Year over Year (QTD) KPI Highlights
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 6 Q2’25 KPI Highlights 80K 78K 76K 74K 72K 70K 68K 66K 64K 62K 60K Q2`24 Q3`24 Q4`24 Q1`25 Q2`25 65K 68K 71K 76K 80K 620K 610K 600K 590K 580K 570K 560K 550K Q2`24 Q3`24 Q4`24 Q1`25 Q2`25 573K 580K 591K 609K 619K Total accounts Total verified accounts
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Bitcoin Trading & Custod Opening exchange to an expanded user bas Expanding coverage to users in additional state Enhanced funding options and larger order acceptance including wires Bitcoin Rewards Credit Car ~75,000 people on waitlis 2% unlimited rewards car First bitcoin rewards credit card on the Visa network Bitcoin Gift Card New distribution channel for bitcoin financial service Available on foldapp.com and other online retailers today, soon to be available in retail stores across the U Mass market customer acquisition strategy Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 7 Product Roadmap
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 8 Q2’25 Bitcoin Gift Card Partnerships
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Q2’25 Bitcoin Treasury Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 9 Fully Diluted Shares Outstanding1 71,155,357 Fully Diluted Sats per Share2 2,097 sats Bitcoin NA V ($M)3 $160M Market Cap ($M)4 $198M BTC Treasury Fair Value Gain - Q2 2025 ($M) $37M BTC Holdings - Investment Treasury ฿1,492 Fully Diluted Shares Outstanding refers to the aggregate of our Common Shares outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible instruments, including Convertible Notes, Warrants, and outstanding Restricted Stock Units. R e f er to p age 14 o f this p resentation f or b rea k do w n o f this num b er Fully Diluted Sats p er Share refers to the number of satoshis, or, “sats” allocated or attributed to each share of a security. A satoshi is a subunit of a bitcoin. There are 100,000,000 sats in 1 bitcoin Bitcoin NA V represents the total number of bitcoin the Company holds as of a specified date multiplied by the current market price of one bitcoin as of the date indicated. This amount as p resented is b ased on the closing p rice o f b itcoin as o f J une 30, 2025 = $107 ,135 . 33 Calculated as the closing p rice o f F L D as o f J une 30, 2025 multi p lied b y the total num b er o f Common Shares outstanding as o f that date .
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 10 Potential sources of proceeds Equity purchase facilit Bitcoin-backed loan Public offerin PIPE Convertible notes Planned use of proceeds Add bitcoin to Investment Treasury Accelerate product roadma Bitcoin gift car Credit car Growth & marketin Licensing for exchang Working capital and general corporate purposes BTC treasury guidelines We plan to accumulate bitcoin through a combination of operating cash flows and strategic capital raise We will pursue capital raises for bitcoin only when accretive to shareholder Accretion will be measured by increasing sats per shar Transactions will be tied to product momentu We will focus on opportunistic market conditions Q2’25 Available Capital Market Strategies
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 11 The following are forward-looking goals. Actual results will vary, and those variations may be material. This should not be regarded as a representation by any person that these goals will be achieved, and the Company undertakes no duty to update its goals. 2025 Looking Ahead Financial Outlook 2025 year-to-date Through June 30, 2025, YTD revenues were $15.3 million, a 52% YoY increase. These results Relate almost entirely to “legacy product lines”, which are those that existed as of December 31, 202 Include only nominal impacts from the Fold Bitcoin Gift Card, which only launched via limited distribution channels in May, 202 Include zero impacts from the Fold Credit Card, which has yet to launc Going forward We expect the remainder of 2025 to meet or exceed our current year-to-date revenue growth pace for our legacy product line Total 2025 revenues from legacy product lines are expected to be between $34-$42 million, which is consistent with our previously issued guidance around legacy product growt Additional 2025 revenue contributions from the Fold Bitcoin Gift Card and Fold Credit Card will vary depending on the timing and success of full product launche Q4 is seasonally our highest volume and revenue quarter due to consumer spending and gifting behavior We expect to continue to distribute the Fold Bitcoin Gift Card to new channels throughout the remainder of 2025, including our first in-store placements
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Appendices
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Financial statements Non-GAAP financial metrics reconciliation Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 13
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Q2'25 Supplemental Earnings Presentation © Fold Holdings, Inc. 2025 14 As of June 30, 2025 Shares Conversion Price / Exercise Price Expiry / Maturity Common Shares 46,571,343 — — December 2024 Convertible Note1 2,222,222 $9.00 02/14/2028 March 2025 Convertible Note 3,702,360 $12.50 03/06/2030 Public Warrants 12,434,658 $11.50 02/14/2030 December 2024 Series A Warrants1 869,565 $12.50 02/14/2033 December 2024 Series C Warrants1 869,565 $9.00 08/14/2026 March 2025 Warrants 925,590 $15.00 03/12/2030 RSUs - Issued but not vested 3,560,054 — — Fully Diluted Shares Outstanding 71,155,357 Q2’25 Shares O utstandin g O n J une 16, 2025, the Com p an y entered into a Waiver, Amendment and J oinder A g reement w ith its subsidiar y , F old, Inc., a Dela w are cor p oration (“ Subsidiar y”) , and the investor to amend the December 2024 Securities Purchase A g reement. T his amendment resulted in the Com p an y e x tin g uishin g the December 2024 Convertible Note and reissuin g an amended note ( the “ J une 2025 Amended Investor Note ”) w ith similar terms. Re f er to Note 10 - Convertible Notes and Warrants o f our Quarterl y Re p ort f or f urther details.
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Fold is a bitcoin financial services company dedicated to expanding access to bitcoin through a comprehensive suite of consumer financial services. By integrating bitcoin into every day financial services, Fold aims to make the American Dream available to more people. www.foldapp.com