Kirkwood Jonathan 4

What Happened

• Jonathan Kirkwood, reported as a 10% owner and the managing member of the GP for SATS Credit Fund LP, reported two transactions dated Feb 26, 2026: an acquisition of 20,800 shares (code A) and a disposition of 148,000 derivative shares (code J). The Form 4 lists no per‑share prices for these line items (N/A).
• The filing’s footnotes state that SATS Credit Fund LP purchased a Senior Unsecured Promissory Note and 520,000 shares of Fold common stock from the issuer on Feb 26, 2026 for an aggregate $13,000,000. Separately, a convertible note previously purchased in March 2025 (convertible into ~3.7M shares) was redeemed on Feb 26, 2026 without being converted.

Key Details

• Transaction date: Feb 26, 2026; Form 4 filed Mar 2, 2026.
• Reported line items: +20,800 shares (A, acquisition); −148,000 shares (J, disposition of derivative). Prices are reported as N/A on the Form 4.
• Aggregate institutional purchase disclosed in footnote: SATS Credit Fund LP acquired 520,000 shares plus a promissory note for $13,000,000.
• Footnote relationship: The reporting person (Jonathan Kirkwood) is the managing member of SATS Credit Fund GP LLC, the general partner of SATS Credit Fund LP.
• Convertible note note: A previously held convertible note (convertible into ~3.7M shares) was redeemed without conversion on Feb 26, 2026.
• Shares owned after the transactions are not specified on the provided summary of the filing.

Context

• These entries reflect activity of an investment vehicle (SATS Credit Fund LP) tied to Kirkwood as a 10% owner’s representative, not a routine open‑market trade by an individual executive. Institutional purchases (the $13M deal for 520,000 shares plus a note) are often more informative than isolated derivative adjustments.
• The J code and footnote details indicate dealings in derivative securities (convertible note redemption/settlement) rather than a simple sell of common stock; derivative dispositions can reflect redemptions/settlements or conversions and don’t necessarily signal open‑market selling by the insider.