“Reduction is due to a distribution in-kind by his venture capital fund Hydrazine Capital II, L.P.” This means: Hydrazine Capital II, L.P. (Altman’s VC fund) originally held the shares. Rather than selling the shares, the fund distributed them directly to its investors — this is called a distribution in-kind. Altman, who previously reported a larger stake via Hydrazine, now directly holds 4.8% of OKLO. This isn’t a bearish signal — it’s a mechanical reduction in reportable ownership due to a fund wind-down or liquidity event.