I asked ThinkPenguin!!
They replied and said:
The bluetooth and wifi both will work in Trisquel 7. While the wifi will work in Parabola GNU/Linux-libre the bluetooth may not work. At least with some versions of Parabola GNU/Linux-Libre that have included a kernel that blacklists the bluetooth driver rather than the firmware loading mechanism in the bluetooth driver. This bug was introduced with some kernel(s) that effectively disabled the driver rather than just the loading of non-free firmware. The firmware is not needed for this particular card.
Everything in our catalog should work with Parabola GNU/Linux-libre and Trisquel (provided there is a recent enough release to support said hardware), keyword being should, but reality is sometimes different (not usually but sometimes) due to bugs or other issues that crop up. Parabola GNU/Linux-libre has support for everything in our catalog right now I believe except the bluetooth portion of this card (unless the bug has been fixed, which I couldn’t tell you if it has or hasn’t been as I’ve not tested it recently).
In either case we do have a USB bluetooth adapter that will definitely work with Parabola GNU/Linux-libre and either way this is the M.2 wifi card you want if you have a system with a card slot that accepts it (ie there are no other freer options on the market):
https://www.thinkpenguin.com/gnu-linux/penguin-usb-bluetooth-40-micro-adapter
TL;DR: Yes, it will work with a Linux-Libre kernel and bluetooth will work.