[Form 4] Etsy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 reports 26,882 BlackRock (BLK) shares sold by Chairman & CEO Laurence Fink on 24-25 Jul 2025. Sales were executed in 16 separate transactions at weighted-average prices ranging from $1,120.00 to $1,130.24, generating roughly $30 million in gross proceeds. Following the dispositions, Fink’s direct beneficial ownership (including time-based RSUs) declined from 275,855 to 251,697 shares—a reduction of about 9-10 %—while he retains a stake worth approximately $285 million at the sale-day midpoint price. No derivative securities were involved and no purchases were reported.

The filing contains customary footnotes detailing price ranges for the block trades and confirming that each RSU converts 1-for-1 into common shares over the next one to three years. There are no indications of 10b5-1 plan usage, option exercises or other compensatory events.

Positive

• CEO retains 251,697 BLK shares, preserving significant alignment with shareholders.
• Detailed footnotes provide full pricing transparency across multiple trade lots.

Negative

• Laurence Fink sold ~26,882 shares (~$30 m), trimming his direct stake by nearly 10 %, which may pressure short-term sentiment.
• No 10b5-1 plan disclosed, raising perception of discretionary timing at near-record share prices.

Insights

Securities Analyst

TL;DR: CEO sells ~27k BLK shares (~$30m), trimming stake by ~9 %; sentiment mildly negative but not thesis-changing.

The magnitude of the sale is noticeable—equal to roughly two weeks’ average daily volume—but Fink still owns >250k shares. Because no derivatives were exercised and the trades occurred over only two days without a disclosed 10b5-1 plan, investors may view the move as opportunistic profit-taking near all-time highs. The absolute dollar amount is large, yet relative to his remaining $285 m holding and overall compensation it is modest. Historically, Fink’s periodic sales have not correlated with performance inflections, suggesting limited predictive power. I classify the disclosure as moderately negative for near-term sentiment but not fundamentally impactful.

Corporate Governance Expert

TL;DR: Insider sale consolidates liquidity; governance risk low given remaining alignment.

Fink’s disposal represents fewer than 10 % of his equity interest, leaving substantial skin in the game. No red flags such as option expiries, pledging, or accelerated RSU vesting are evident. The footnotes affirm standard RSU terms and voluntary disclosure of price granularity meets best-practice transparency. From a governance standpoint, continued ownership above 1 % of outstanding shares keeps incentives aligned with shareholders. I judge the filing as not materially impactful on governance risk.

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

1. Name and Address of Reporting Person^*

Silverman Josh

(Last) (First) (Middle)

C/O ETSY INC.

117 ADAMS STREET

(Street)

BROOKLYN NY 11201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ETSY INC [ ETSY ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

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
Common Stock	07/24/2025		M(1)		140,000	A	$10.62	202,674	D
Common Stock	07/24/2025		S(1)		140,000	D	$65	62,674	D
Common Stock								4,942	I	By GST Trust(2)
Common Stock								16,886	I	By Non-GST Trust(3)
Common Stock								42,269	I	By Irrevocable Trust
Common Stock								109,675	I	By GRAT(4)
Common Stock								54,325	I	By 2019 Trust(5)

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
Employee Stock Option (Right to Buy)	$10.62	07/24/2025		M(1)			140,000	(6)	05/03/2027	Common Stock	140,000	$0	1,323,948	D

Explanation of Responses:

1. This exercise and subsequent sales were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 5, 2024.

2. These shares are held by the JGS 2018 Irrevocable GST Trust (the "GST Trust"). The Reporting Person's spouse is the trustee of the GST Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

3. These shares are held by the JGS 2018 Irrevocable Non-GST Trust (the "Non-GST Trust"). The Reporting Person's spouse is the trustee of the Non-GST Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

4. These shares are held by the Reporting Person's GRAT. The Reporting Person is the trustee and the beneficiary of the GRAT.

5. These shares are held by the Joshua G. Silverman 2019 Irrevocable Children's Trust (the "2019 Trust"). A family member of the Reporting Person is the trustee of the 2019 Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

6. These stock options are part of a grant that vested as to 25% on May 4, 2018 with the remainder vesting in 36 equal monthly installments.

	/s/ Brittany Keen, Attorney-in-Fact	07/25/2025
	** 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.
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FAQ

How many BlackRock (BLK) shares did CEO Laurence Fink sell?

He sold 26,882 common shares across 16 trades on 24-25 Jul 2025.

What price range were the BLK insider sales executed at?

Weighted-average prices ranged from $1,120.00 to $1,130.24 per share.

How many BLK shares does Laurence Fink still own after the sale?

He directly beneficially owns 251,697 shares, including unvested RSUs.

Did the filing involve any derivative securities or option exercises?

No. Only open-market sales of common stock were reported; Table II is empty.

Is the sale part of a 10b5-1 trading plan?

The Form 4 does not mention a 10b5-1 plan; trades appear discretionary.