Petruska Nicholas A 4

What Happened
Nicholas A. Petruska — the issuer’s CEO and a director (and managing member of the Sponsor) — reported a conversion and several dispositions in connection with the company’s business combination. On 2026-03-30 he (via the Sponsor) converted 4,400,001 derivative shares into Class A ordinary shares (code C). On 2026-03-30 and 2026-03-31 the filing shows dispositions (code J) of 2,933,333, 5,500,000 and 4,400,001 shares, for a total reported disposal of 12,833,334 shares. No prices or dollar values were reported (price = N/A).

Key Details

• Transaction dates: 2026-03-30 (conversion and two disposals) and 2026-03-31 (one disposal).
• Prices/values: all reported as N/A in the filing.
• Total shares converted (acquired via conversion): 4,400,001. Total shares disposed: 12,833,334.
• Footnotes: F1–F4 explain these actions were tied to the Sponsor’s one‑for‑one conversions and subsequent conversions into Holdco ordinary shares and forfeitures (including forfeiture of Class B shares and warrants) as part of the Business Combination with CoinShares. F5 notes the Sponsor is the record holder and Mr. Petruska may be deemed to share beneficial ownership but disclaims beneficial ownership except to the extent of any pecuniary interest.
• Shares owned after transaction: the filing reflects holdings in the Sponsor (record holder); no separate personal beneficial holdings for Mr. Petruska are asserted in the report.
• Timeliness: Form filed 2026-03-31 for transactions on 2026-03-30/31 — appears to be filed promptly (not marked late).

Context
These entries mainly reflect corporate restructuring steps around the issuer’s initial business combination (conversions and forfeitures by the Sponsor), not an open‑market sale by the CEO as a personal investment decision. For retail investors, note this is essentially institutional/sponsor-level activity connected to the deal mechanics; it should not be read as a straightforward insider purchase or sale signaling personal sentiment.