<SEC-DOCUMENT>0001104659-26-057999.txt : 20260508
<SEC-HEADER>0001104659-26-057999.hdr.sgml : 20260508
<ACCEPTANCE-DATETIME>20260508164803
ACCESSION NUMBER:		0001104659-26-057999
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260508
DATE AS OF CHANGE:		20260508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merlin, Inc.
		CENTRAL INDEX KEY:			0002028707
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94682
		FILM NUMBER:		26959304

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		9177692999

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFLECTION POINT ACQUISITION CORP. IV
		DATE OF NAME CHANGE:	20251021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bleichroeder Acquisition Corp. I
		DATE OF NAME CHANGE:	20240627

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quiet Capital Management, LLC
		CENTRAL INDEX KEY:			0002131928
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		548 MARKET STREET, PMB 72966
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		(415) 840-0555

	MAIL ADDRESS:	
		STREET 1:		548 MARKET STREET, PMB 72966
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Quiet Capital Management, LLC -->
          <cik>0002131928</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/16/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002028707</issuerCik>
        <issuerName>Merlin, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>590106100</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>129 South Street</com:street1>
          <com:city>Boston</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02111</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Quiet Capital Management, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>13839884.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>13839884.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13839884.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>16.24</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>The reported securities represent (i) 12,896,007 shares of Common Stock, (ii) 464,534 shares of Common Stock issuable upon conversion of 12.0% Series A Cumulative Convertible Preferred Stock ("Series A Preferred Stock") and (iii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants.

The percent of class is calculated based on 84,262,886 shares of Common Stock outstanding as of March 16, 2026, as reported in the Issuer's Current Report on Form 8-K filed with the Securities &amp; Exchange Commission on March 20, 2026, as increased by (i) 464,534 shares of Common Stock issuable upon conversion of Series A Preferred Stock and (ii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Merlin, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>129 South Street Boston, MA, 02111</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by Quiet Capital Management, LLC, also referred to herein as the "Reporting Person."</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>548 Market Street PMB 72966
San Francisco, CA 94104.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See response to row 4 on the cover page.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See response to row 9 on the cover page.

The reported securities represent (i) 12,896,007 shares of Common Stock, (ii) 464,534 shares of Common Stock issuable upon conversion of Series A Preferred Stock and (iii) 479,343 shares of Common Stock issuable upon exercise of Series A Warrants. The Series A Preferred Stock and Series A Warrants are convertible into Common Stock on a one-for-one basis at any time at the option of the holder at a conversion price or exercise price, as applicable, of $6.67, subject to adjustments. In connection with a PIPE transaction effected by the Issuer on May 1, 2026, the conversion price of the Series A Preferred Stock and exercise price of the Series A Warrants, which originally was $12, was automatically adjusted pursuant to the terms of the Certificate of Designation of Preferences, Rights and Limitations of 12.0% Series A Cumulative Convertible Preferred Stock and the terms of the Warrants, in each case as in effect on the original date of acquisition of the Series A Preferred Stock and Series A Warrants.

The reported securities are directly held as follows: 495,590 shares of Common Stock by Quiet ML, L.P. ("Quiet ML"), 3,497,280 shares of Common Stock by Quiet Venture I, LP ("Quiet V1"); 8,903,137 shares of Common Stock by Quiet Venture II, L.P. ("Quiet V2," and together with Quiet ML and Quiet V1, the "Quiet Direct Holders"); 47,676 shares of Series A Preferred Stock by Quiet ML, 35,450 shares of Series A Preferred Stock by Quiet V1; 381,408 shares of Series A Preferred Stock by Quiet V2; 49,195 Series A Warrants by Quiet ML; 36,579 Series A Warrants by Quiet V1; and 393,569 Series A Warrants by Quiet V2. Each of the Quiet Direct Holders is managed by Quiet Capital Management, LLC, whose investment committee exercises voting and investment discretion of, and therefore may be deemed to beneficially own, the reported securities. The filing of this statement shall not be construed as an admission that the Reporting Person or any of the foregoing is the beneficial owners of any of the reported securities covered by this statement.</amountBeneficiallyOwned>
        <classPercent>See response to row 11 on the cover page.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See response to row 5 on the cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See response to row 6 on the cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See response to row 7 on the cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See response to row 8 on the cover page.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Quiet Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kabir Masson</signature>
        <title>Kabir Masson / General Counsel</title>
        <date>05/08/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
