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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Fair Value Measurements [Abstract]

Schedule of Assets Measured at Fair Value

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2, and Level 3 as follows:

		As of March 31, 2025
		Total			Level 1			Level 2			Level 3
Assets:
Digital assets		$	130,323,297		$	130,323,297		$	—		$	—
Total assets		$	130,323,297		$	130,323,297		$	—		$	—
Liabilities:
Customer rewards liability		$	7,365,544		$	—		$	—		$	7,365,544
March 2025 Investor Note			52,813,643			—			—			52,813,643
Total liabilities		$	60,179,187		$	—		$	—		$	60,179,187

		As of December 31, 2024
		Total			Level 1			Level 2			Level 3
Assets:
Digital assets		$	102,138,351		$	102,138,351		$	—		$	—
Total assets		$	102,138,351		$	102,138,351		$	—		$	—
Liabilities:
Customer rewards liability		$	8,569,651		$	—		$	—		$	8,569,651
SAFEs			171,080,533			—			—			171,080,533
Total liabilities		$	179,650,184		$	—		$	—		$	179,650,184

The following table presents information about the Company’s assets that are measured at fair value on December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		December 31, 2024			Quoted Prices In Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Other Unobservable Inputs (Level 3)
Asset:
Investments held in Trust Account		$	51,289,643		$	51,289,643		$	—		$	—

		December 31, 2023			Quoted Prices In Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Other Unobservable Inputs (Level 3)
Asset:
Investments held in Trust Account		$	165,653,149		$	165,653,149		$	—		$	—

Schedule of Black Scholes Model for the Promissory Note

The following table summarizes the significant inputs which the fair value measurements associated with the convertible note was determined:

		As of March 31, 2025				As of December 31, 2024
Risk-Free Rate (continuously compounded)			3.89	%		—
Fold Volatility (Annual)			92.29	%
Bitcoin Volatility (Annual)			60.53	%		—
Note Term			5.00 Years			—
Fold Stock Price		$	6.20			—
Bitcoin Price		$	82,548.91
Correlation (Fold and Bitcoin)			0.3737
Conversion price		$	12.50			—
Dividend Yield (Annual)			0.00	%		—

The key inputs into the Black Scholes model for the promissory note were as follows at January 3, 2024:

Input		January 3, 2024
Risk-free interest rate			3.90	%
Term (in years)			5.0
Probability of de-SPAC			20.0	%
Exercise price		$	11.50
Public Warrant Price		$	0.053

Schedule of Fair Value of the Level 3 Note Payable

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:

		Convertible Note
Balance at December 31, 2024			—
Additions			46,279,500
Fair Value adjustment, Day one loss on issuance of debt			12,753,994
Fair Value adjustment, Change in fair value			(6,219,851	)
Balance at March 31, 2025		$	52,813,643

The following table presents the changes in the fair value of the Level 3 note payable:

Fair value as of December 31, 2023		$	—
Initial value			550,000
Fair value as of December 31, 2024			550,000

Schedule of Changes in Fair Value Associated With Level 3 SAFE Financial Instruments Held

The following table summarizes the changes in fair value associated with Level 3 SAFE financial instruments held at the beginning or end of the periods presented:

		SAFEs
Balance at January 1, 2024		$	10,601,545
Proceeds from issuances of SAFEs			500,000
Change in fair value of SAFEs			95,064
Balance at March 31, 2024			11,196,609
Proceeds from issuances of SAFEs			71,606,134
Change in fair value of SAFEs			88,277,790
Balance at December 31, 2024			171,080,533
Proceeds from issuances of SAFEs			—
Change in fair value of SAFEs			6,503,113
Conversion of SAFEs			(177,583,646	)
Balance at March 31, 2025		$	—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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- Definition

Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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