Citadel-affiliated investment entities have filed an amended Schedule 13G disclosing passive ownership stakes in Etsy, Inc. common stock. The filing states that Kenneth Griffin may be deemed to beneficially own 3,109,387 Shares, representing 3.2% of Etsy’s outstanding common stock.
Within this total, Citadel Securities LLC may be deemed to beneficially own 1,832,952 Shares (about 1.9% of the class), while Citadel Securities Group LP and Citadel Securities GP LLC may each be deemed to beneficially own 2,598,314 Shares (about 2.6% of the class). Other Citadel-affiliated advisers and holding companies are each associated with 511,073 Shares (about 0.5% of the class).
The filing indicates no sole voting or dispositive power for any reporting person; all reported powers are shared. The certification states that the securities were not acquired and are not held for the purpose of changing or influencing control of Etsy, consistent with a passive investment reporting posture under Schedule 13G.
Positive
None.
Negative
None.
Insights
Citadel reports a mid-single-digit passive stake in Etsy with shared voting power.
The disclosure shows Kenneth Griffin and multiple Citadel entities collectively reporting beneficial ownership of up to 3,109,387 Etsy Shares, or 3.2% of the common stock. Control is structured through several Delaware LLCs and limited partnerships, typical for large institutional complexes.
All reporting persons list zero sole voting and dispositive power and only shared powers over the disclosed positions. The certification explicitly states the holdings were not acquired to change or influence control of Etsy, aligning this as a passive investment under Schedule 13G rather than an activist position.
The percentages are based on 98,706,008 Shares outstanding as of October 24, 2025, as referenced from Etsy’s Form 10-Q. Future ownership updates, if any, would typically appear in subsequent beneficial ownership filings should these stakes move materially relative to that baseline.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
ETSY, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share (the "Shares")
(Title of Class of Securities)
29786A106
(CUSIP Number)
12/31/2025
(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.
29786A106
1
Names of Reporting Persons
Citadel Securities GP 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
2,598,314.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,598,314.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,598,314.00
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)
2.6 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 98,706,008 Shares outstanding as of October 24, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on October 29, 2025).
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Citadel Securities 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
1,832,952.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,832,952.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,832,952.00
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)
1.9 %
12
Type of Reporting Person (See Instructions)
BD, OO
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Citadel Securities Group LP
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
2,598,314.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,598,314.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,598,314.00
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)
2.6 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Citadel Advisors 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
511,073.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,073.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,073.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Citadel Advisors Holdings LP
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
511,073.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,073.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,073.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Citadel GP 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
511,073.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,073.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,073.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
29786A106
1
Names of Reporting Persons
Kenneth Griffin
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,109,387.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,109,387.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,109,387.00
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)
3.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ETSY, INC.
(b)
Address of issuer's principal executive offices:
117 Adams Street, Brooklyn, NY, 11201
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by Citadel Securities GP LLC ("CSGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), and Mr. Kenneth Griffin (collectively with CSGP, Citadel Securities, CALC4, Citadel Advisors, CAH, and CGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Securities, CRBU Holdings LLC, a Delaware limited liability company ("CRBH"), Citadel Securities Principal Strategies LLC, a Delaware limited liability company ("CSP"), Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), and KLDT Ltd., a Cayman Islands limited company ("KLDT"). Such owned Shares may include other instruments exercisable for or convertible into Shares.
CALC4 is the non-member manager of Citadel Securities, CRBH and CSP. CSGP is the general partner of CALC4. Citadel Advisors is the portfolio manager for CM and KLDT. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP.
The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)
Address or principal business office or, if none, residence:
The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)
Citizenship:
Each of CSGP, Citadel Securities, Citadel Advisors, and CGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share (the "Shares")
(e)
CUSIP No.:
29786A106
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:
1. Citadel Securities LLC may be deemed to beneficially own 1,832,952 Shares.
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 2,598,314 Shares.
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 511,073 Shares
4. Mr. Griffin may be deemed to beneficially own 3,109,387 Shares.
(b)
Percent of class:
1. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 1.9% of the Shares outstanding.
2. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 2.6% of the Shares outstanding.
3. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 0.5% of the Shares outstanding.
4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 3.2% of the Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1. Citadel Securities LLC: 0
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Mr. Griffin: 0
(ii) Shared power to vote or to direct the vote:
1. Citadel Securities LLC: 1,832,952
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 2,598,314
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 511,073
4. Mr. Griffin: 3,109,387
(iii) Sole power to dispose or to direct the disposition of:
1. Citadel Securities LLC: 0
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Mr. Griffin: 0
(iv) Shared power to dispose or to direct the disposition of:
1. Citadel Securities LLC: 1,832,952
2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 2,598,314
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 511,073
4. Mr. Griffin: 3,109,387
Item 5.
Ownership of 5 Percent or Less of a Class.
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.
Not Applicable
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.
Citadel Securities GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Citadel Securities LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Citadel Securities Group LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Citadel Advisors LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Citadel Advisors Holdings LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Citadel GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
02/17/2026
Kenneth Griffin
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, attorney-in-fact*
Date:
02/17/2026
Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.
How many Etsy (ETSY) shares does Kenneth Griffin report beneficially owning?
Kenneth Griffin may be deemed to beneficially own 3,109,387 Etsy Shares, or 3.2% of the class. This percentage is calculated using 98,706,008 Shares outstanding as of October 24, 2025, as referenced from Etsy’s Form 10-Q in the ownership disclosure.
What stake in Etsy (ETSY) does Citadel Securities LLC report in this Schedule 13G/A?
Citadel Securities LLC may be deemed to beneficially own 1,832,952 Etsy Shares, or about 1.9% of the outstanding common stock. The filing also notes that Citadel Securities has no sole voting or dispositive power, only shared power over these reported Shares.
Do Citadel entities report seeking control of Etsy (ETSY) in this filing?
No, the reporting persons certify the Etsy securities were not acquired to change or influence control. The certification states the Shares are not held with a control purpose, other than potential activities solely in connection with a nomination under Rule 14a-11, consistent with passive Schedule 13G reporting.
What percentage of Etsy (ETSY) does Citadel Securities Group LP report owning?
Citadel Securities Group LP may be deemed to beneficially own 2,598,314 Etsy Shares, or about 2.6% of the class. Citadel Securities GP LLC reports the same share count and percentage, with only shared voting and dispositive power indicated for these holdings.
How much of Etsy (ETSY) do Citadel Advisors entities report holding?
Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may each be deemed to beneficially own 511,073 Etsy Shares, or about 0.5%. For each of these entities, the filing lists zero sole voting and dispositive power and identical shared voting and dispositive power over those Shares.
What is the reference share count used to calculate ownership percentages in this Etsy (ETSY) filing?
The reported ownership percentages are based on 98,706,008 Etsy Shares outstanding as of October 24, 2025. That outstanding share figure is taken from Etsy’s Form 10-Q filed on October 29, 2025, as explicitly cited in the ownership disclosure section.
