[SCHEDULE 13G/A] Etsy, Inc. SEC Filing

Rhea-AI Filing Summary

Nomura Holdings, Inc. and its subsidiary Nomura Global Financial Products, Inc. reported beneficial ownership of 5,091,269 shares of Etsy, Inc., representing 5.1% of the outstanding common stock based on 99,608,000 shares. The filing states shared voting and dispositive power over these shares, which include 4,500,000 shares underlying call options exercisable by Nomura Global Financial Products within 60 days and 91,269 shares plus 500,000 option shares attributable to Nomura Securities International, both subsidiaries of Nomura Holdings. The disclosure indicates the securities were acquired and are held in the ordinary course of business and not for the purpose of changing control. The filing is signed by Samir Patel on behalf of Nomura entities on 08/14/2025.

Positive

• Disclosure of a >5% position (5,091,269 shares, 5.1%) provides market transparency
• Detailed breakdown showing 4,500,000 option shares exercisable within 60 days and subsidiary holdings clarifies composition of the stake
• Certification of ordinary-course holdings indicates no declared intent to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Nomura reports a 5.1% stake in ETSY, driven mainly by options exercisable within 60 days, which may affect float and short-term supply.

The filing shows Nomura beneficially owns 5,091,269 shares, equal to 5.1% of Etsy's outstanding common stock as of June 30, 2025. The position is concentrated in call options (4.5 million) exercisable within 60 days, implying potential near-term conversion into common shares if exercised. This disclosure is material because it crosses the 5% reporting threshold and updates market participants on potential share supply changes. The filing asserts ordinary-course holdings rather than an intent to influence control.

Corporate Governance Expert

TL;DR: This Schedule 13G/A is a routine institutional disclosure exceeding 5%, indicating passive ownership without control intentions.

Nomura files under a passive ownership disclosure framework, noting shared voting/dispositive power through subsidiaries. The statement includes an exhibit structure (joint filing agreement and subsidiaries) and a certification that holdings are not intended to change or influence issuer control. From a governance perspective, the form signals transparency but does not introduce immediate governance activism or board challenge.

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, $0.001 par value per share

(Title of Class of Securities)

29786A106

(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. 29786A106

1

Names of Reporting Persons

NOMURA HOLDINGS INC

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

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,091,269.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,091,269.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,091,269.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: (1) Shared voting and dispositive power represents (i) 4,500,000 shares of Common Stock underlying call options beneficially owned by Nomura Global Financial Products, Inc. ("NGFP") that are exercisable within 60 days, (ii) 91,269 shares of Common Stock beneficially owned by Nomura Securities International, Inc. ("NSI"), and (iii) 500,000 shares of Common Stock underlying call options beneficially owned by NSI that are exercisable within 60 days. NGFP and NSI are wholly owned subsidiaries of Nomura Holdings, Inc., which accordingly may be deemed to beneficially own the shares of Common Stock beneficially owned by NGFP and NSI. (2) The percent of class is calculated based on 99,608,000 shares of Common Stock outstanding as of June 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the SEC on July 30, 2025.

SCHEDULE 13G

CUSIP No. 29786A106

1

Names of Reporting Persons

NOMURA GLOBAL FINANCIAL PRODUCTS INC

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 4,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,500,000.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: (3) The percent of class is calculated based on 99,608,000 shares of Common Stock outstanding as of June 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the SEC on July 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ETSY INC
(b)	Address of issuer's principal executive offices: 117 Adams Street, Brooklyn, New York, 11201
Item 2.
(a)	Name of person filing: Nomura Holdings, Inc. Nomura Global Financial Products, Inc.
(b)	Address or principal business office or, if none, residence: Nomura Holdings, Inc.: 13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8645, Japan Nomura Global Financial Products, Inc.: Worldwide Plaza 309 West 49th Street New York, NY 10019
(c)	Citizenship: Nomura Holdings, Inc.: Japan Nomura Global Financial Products, Inc.: Delaware
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(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: Items 5-11 of the cover pages are incorporated by reference.
(b)	Percent of class: Items 5-11 of the cover pages are incorporated by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
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. See Exhibit B
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 acquired and are held in the ordinary course of business and 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.

NOMURA HOLDINGS INC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel, Managing Director
Date:	08/14/2025

NOMURA GLOBAL FINANCIAL PRODUCTS INC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel, Authorized Officer
Date:	08/14/2025

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Subsidiaries

FAQ

How many ETSY shares does Nomura report owning and what percent of the class is that?

Nomura reports beneficial ownership of 5,091,269 shares, representing 5.1% of Etsy's common stock based on 99,608,000 shares outstanding.

What portion of Nomura's position is from options exercisable soon?

The filing states 4,500,000 shares underlying call options held by Nomura Global Financial Products are exercisable within 60 days, plus 500,000 option shares held by Nomura Securities International.

Does Nomura state an intent to influence control of Etsy (ETSY)?

No. The certification states the securities are held in the ordinary course of business and were not acquired to change or influence control.

What date and signer appear on the filing?

The filing is signed by Samir Patel on behalf of Nomura Holdings, Inc. and Nomura Global Financial Products, Inc. on 08/14/2025.

On what share count is the percent ownership calculated?

Percent ownership is calculated using 99,608,000 shares of common stock outstanding as of June 30, 2025, per the issuer's quarterly report.