Koch-Affiliated KDT Ibotta Holdings Reports 20.7% Stake in Ibotta, Inc. Following Share Count Reduction

On April 2, 2026, KDT Ibotta Holdings, LLC, along with several Koch-affiliated entities (collectively the 'Reporting Persons'), filed a Schedule 13D reporting a 20.7% ownership stake in Ibotta, Inc. (IBTA). The filing reports 4,389,129 shares of Class A common stock held. This filing is an administrative transition from a Schedule 13G to a Schedule 13D. The Reporting Persons' beneficial ownership exceeded the 20% threshold solely due to a decrease in the Issuer's total outstanding Public Shares following stock repurchases, rather than additional open-market acquisitions. Under Rule 13d-1(f), this increase in percentage ownership necessitated the switch to a long-form filing. The Reporting Persons maintain a passive investment intent and hold less than 10% of the combined voting power due to the Issuer's dual-class stock structure, where Class B shares carry 20 votes each. The shares were originally acquired in connection with the Issuer's IPO through the reclassification of pre-IPO securities.