Jane Street Affiliates Report 14.1M Shares of Applied Digital

Rhea-AI Filing Summary

Jane Street Group and affiliated entities disclosed a combined 5.5% ownership of Applied Digital Corp. common stock, representing 14,120,497 shares. The filing breaks ownership across subsidiaries: Jane Street Options, LLC holds 7,589,237 shares (3.0%), Jane Street Global Trading, LLC holds 6,531,260 shares (2.5%), and Jane Street Capital, LLC reports 0 shares. All reported shares are listed as shared voting and dispositive power. The issuer’s principal office address is shown as 3811 Turtle Creek Blvd., Suite 2100, Dallas, Texas. The filing includes a certification that the holdings were not acquired to change or influence control of the issuer.

Positive

• Transparent disclosure of a combined 5.5% stake (14,120,497 shares) in Applied Digital
• Detailed entity breakdown showing 7,589,237 shares for Jane Street Options and 6,531,260 shares for Jane Street Global Trading
• Certification included that the securities were not acquired to influence control, indicating passive reporting

Negative

• None.

Insights

Financial Analyst

TL;DR Jane Street reports a disclosed, passive 5.5% position in Applied Digital across affiliated entities.

The Schedule 13G/A shows a non-control, aggregated holding of 14,120,497 shares (5.5%). Allocation across entities indicates trading and options desks account for the position, with shared voting and dispositive power rather than sole control. For investors, the filing documents material ownership that may affect free-float and voting dynamics, but the certification and use of Form 13G suggest a passive intent under the filer’s stated representation.

Corporate Governance Expert

TL;DR This filing is a standard disclosure of significant ownership without an expressed intent to influence control.

The statement includes the required identification of reporting persons and their citizenship, itemized share counts by entity, and the certification that holdings were not acquired to influence control. The split between Jane Street Options and Jane Street Global Trading shows internal allocation of economic and voting exposure. No group formation or control intent is declared, and no additional governance actions are disclosed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Applied Digital Corp.

(Name of Issuer)

Common stock, par value $0.001 per share

(Title of Class of Securities)

038169207

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

JANE STREET GROUP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,120,497.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,120,497.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,120,497.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Options, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,589,237.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,589,237.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,589,237.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Global Trading, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,531,260.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,531,260.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,531,260.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Applied Digital Corp.
(b)	Address of issuer's principal executive offices: 3811 TURTLE CREEK BLVD., SUITE 2100, 3811 TURTLE CREEK BLVD., SUITE 2100, DALLAS, TEXAS, 75219.
Item 2.
(a)	Name of person filing: Jane Street Group, LLC; Jane Street Capital, LLC; Jane Street Options, LLC; Jane Street Global Trading, LLC
(b)	Address or principal business office or, if none, residence: Jane Street Group, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Capital, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Options, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Global Trading, LLC 250 Vesey Street 6th Floor New York, NY 10281
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common stock, par value $0.001 per share
(e)	CUSIP No.: 038169207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 14120497
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 14120497
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 14120497
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Subsidiary Jane Street Capital, LLC Jane Street Options, LLC Jane Street Global Trading, LLC
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANE STREET GROUP, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/14/2025

Jane Street Capital, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/14/2025

Jane Street Options, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/14/2025

Jane Street Global Trading, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/14/2025

FAQ

How many Applied Digital (APLD) shares does Jane Street Group report owning?

The filing reports an aggregate of 14,120,497 shares, representing 5.5% of the class.

What percentage of APLD does Jane Street Options, LLC hold?

Jane Street Options, LLC is reported to hold 7,589,237 shares, equivalent to 3.0% of the class.

Does the filing state Jane Street intends to influence control of Applied Digital?

No. The filing includes a certification stating the securities were not acquired to change or influence control of the issuer.

What type of ownership power is reported for the 14,120,497 shares?

All reported shares are listed with shared voting power and shared dispositive power; sole power is reported as 0.

When is the date of the event requiring this Schedule 13G filing?

The filing lists the date of the event which requires the statement as 06/30/2025.