[Form 4] Butterfly Network, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Butterfly Network (BFLY)November 19, 2025, Glenview Investment Funds purchased 1,000,000 shares at a weighted average price of $2.3539 per share. On November 20, 2025, they bought another 1,000,000 shares at a weighted average price of $2.366, followed by 800,000 shares on November 21, 2025 at a weighted average price of $2.5802. After these transactions, Robbins reported 12,755,144 shares beneficially owned indirectly through Glenview funds, 4,546,687 shares indirectly through Longview Investors LLC, and 365,505 shares held directly, which include 80,434 unvested restricted stock units that vest at the company’s 2026 annual stockholders meeting if he continues serving on the board.

Insights

Equity Ownership and Governance Analyst

Director-linked funds made sizable open-market share purchases, raising aggregate indirect and direct ownership with time-based RSU vesting into 2026.

The filing shows that director **Larry Robbins**, through the **Glenview Investment Funds**, executed three open-market purchases of Class A Common Stock on 11/19/2025, 11/20/2025, and 11/21/2025. These trades added 2.8 million Shares in total, at weighted average prices between about $2.01 and $2.65, bringing the reported indirect position via Glenview to 12,755,144 Shares. In addition, securities held through **Longview Investors LLC** total 4,546,687 Shares, and there are 365,505 directly held Shares, including restricted stock units.

The structure of ownership is important. Glenview funds and Longview are the record holders, and Mr. Robbins shares voting and dispositive power over these holdings through his roles at those entities. He formally disclaims beneficial ownership beyond his pecuniary interest, which is standard language but means economic exposure is tied to his stake in those vehicles. The RSUs, totaling 80,434 out of the 365,505 directly held securities, convert into one Share each only if vesting conditions are met.

The RSUs vest in full on the date of the issuer’s 2026 Annual Stockholders Meeting, conditional on Mr. Robbins’ continued Board service through that date, which links part of his compensation to ongoing governance involvement. The concrete elements to watch are any future Form 4 filings showing additional acquisitions or dispositions, and whether these RSUs ultimately vest at the 2026 meeting. Overall, this reflects an increase in economic alignment between a director-affiliated complex of entities and the company’s equity.

11/21/2025 - 05:35 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ROBBINS LARRY

(Last) (First) (Middle)

767 FIFTH AVENUE, 44TH FLOOR

(Street)

NEW YORK NY 10153

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Butterfly Network, Inc. [ BFLY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/19/2025		P		1,000,000(1)	A	$2.3539(2)	10,955,144	I	See footnotes(5)(7)
Class A Common Stock	11/20/2025		P		1,000,000(1)	A	$2.366(3)	11,955,144	I	See footnotes(5)(7)
Class A Common Stock	11/21/2025		P		800,000(1)	A	$2.5802(4)	12,755,144	I	See footnotes(5)(7)
Class A Common Stock								4,546,687	I	See footnotes(6)(7)
Class A Common Stock								365,505(8)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares of the Issuer's Common Stock, par value $0.0001 per share (the "Shares") were purchased by Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd. and Glenview Healthcare Master Fund, L.P. (collectively, the "Glenview Investment Funds").

2. This price reflects the weighted average price for open-market purchases of Shares on November 19, 2025 within a $1.00 range. The actual prices for these transactions range from $2.0137 to $2.50, inclusive. Mr. Robbins further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each separate price.

3. This price reflects the weighted average price for open-market purchases of Shares on November 20, 2025 within a $1.00 range. The actual prices for these transactions range from $2.305 to $2.43, inclusive. Mr. Robbins further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each separate price.

4. This price reflects the weighted average price for open-market purchases of Shares on November 21, 2025 within a $1.00 range. The actual prices for these transactions range from $2.355 to $2.65, inclusive. Mr. Robbins further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each separate price.

5. The Glenview Investment Funds are the record holders of these Shares. Mr. Robbins is the Founder, Portfolio Manager and CEO of Glenview Capital Management, LLC, which serves as investment manager to each of the Glenview Investment Funds. Mr. Robbins shares voting and dispositive power over the Shares held by the Glenview Investment Funds and may be deemed to beneficially own such Shares.

6. Longview Investors LLC ("Longview"), or its affiliates, is the record holder of these securities. Mr. Robbins is the managing member of Longview. Mr. Robbins shares voting and dispositive power over the securities held by Longview and may be deemed to beneficially own such securities.

7. Mr. Robbins disclaims beneficial ownership over any securities owned by Longview and the Glenview Investment Funds other than to the extent of any pecuniary interest he may have therein.

8. Includes 80,434 unvested restricted stock units ("RSUs"). Each RSU represents the right to receive one Share upon vesting. The RSUs vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to Mr. Robbins' continued service on the Board of Directors on such date.

	/s/ Larry Robbins	11/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Butterfly Network (BFLY) report in this Form 4?

The filing shows that director Larry Robbins, through Glenview Investment Funds, reported open-market purchases of Butterfly Network Class A common stock on three days in November 2025, totaling 2,800,000 shares purchased across those dates.

On what dates were Butterfly Network (BFLY) shares bought and at what prices?

Glenview Investment Funds purchased 1,000,000 BFLY shares on November 19, 2025 at a weighted average price of $2.3539, 1,000,000 shares on November 20, 2025 at $2.366, and 800,000 shares on November 21, 2025 at $2.5802.

How many Butterfly Network (BFLY) shares does Larry Robbins report beneficially owning after these trades?

After the reported transactions, Larry Robbins reports 12,755,144 BFLY shares beneficially owned indirectly through Glenview Investment Funds, 4,546,687 shares indirectly through Longview Investors LLC, and 365,505 shares held directly.

What are the price ranges for the Butterfly Network (BFLY) purchases reported in this Form 4?

The weighted average prices reflect multiple open-market trades. On November 19, 2025, individual trade prices ranged from $2.0137 to $2.50. On November 20, 2025, they ranged from $2.305 to $2.43, and on November 21, 2025, from $2.355 to $2.65.

What is the significance of the restricted stock units (RSUs) reported for Butterfly Network (BFLY)?

The Form 4 notes that the direct holdings include 80,434 unvested RSUs. Each RSU represents the right to receive one share of Butterfly Network common stock, vesting in full on the date of the company’s 2026 Annual Stockholders Meeting, subject to Larry Robbins’ continued service on the board.

How does Larry Robbins hold his indirect Butterfly Network (BFLY) ownership?

Indirect ownership is reported through the Glenview Investment Funds, where Glenview Capital Management, LLC acts as investment manager and Robbins shares voting and dispositive power, and through Longview Investors LLC, where Robbins is managing member with shared voting and dispositive power.