Ten31 LLC 4

What Happened Ten31 LLC (as adviser to funds that are 10% owners) effected two related transactions on Feb 26, 2026. Its managed funds (SATS Credit Fund LP and an affiliated fund) acquired 520,000 shares of Fold Holdings as part of a transaction in which SATS Credit Fund purchased a Senior Unsecured Promissory Note and 520,000 shares from the issuer for an aggregate $13,000,000. Separately, a convertible note the funds had purchased on March 6, 2025 (convertible into ~3.7 million shares) was redeemed on Feb 26, 2026 and was not converted into common stock.

Key Details

• Transaction date: February 26, 2026; Form 4 filed March 30, 2026 (filed late relative to the trade date).
• Acquisition: 520,000 shares of Common Stock acquired by SATS Credit Fund as part of a $13,000,000 purchase (aggregate price disclosed; per‑share price not specified in filing).
• Derivative disposition: Redemption of a convertible note previously convertible into ~3,700,000 shares (reported as a disposition of a derivative instrument).
• Reported holders: Securities are owned directly by SATS Credit Fund and LP Low Time Preference Fund II, LLC; indirectly beneficially owned by the Adviser (Ten31 LLC) and Jonathan Kirkwood (co‑founder/managing member).
• Filing timeliness: The Form 4 was filed more than a month after the Feb 26 transactions (appears late).

Context This filing reflects an institutional transaction by funds managed by Ten31 LLC rather than trading by an individual executive. The 520,000‑share entry is a direct equity acquisition (purchase from the issuer) — generally more informative to investors than routine sales. The convertible note redemption simply terminates the derivative conversion right (it was redeemed without being converted into shares), so the ~3.7M share conversion opportunity was not exercised. No per‑share price for the equity grant was provided in the Form 4; additional details are available in the issuer’s Form 8‑K referenced in the footnotes.