[SCHEDULE 13G] Etsy, Inc. SEC Filing

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC report beneficial ownership of 6,193,586.62 shares of Etsy common stock (par value $0.001), representing 5.9% of the class. The filing shows no sole voting or dispositive power and records shared voting power of 6,191,938.62 and shared dispositive power of 6,192,865.62, indicating the stake is held collectively rather than controlled by a single entity.

The statement includes a joint filing agreement and identifies GS Group as a parent holding company and Goldman Sachs as a broker-dealer and registered investment adviser. The filers certify the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Disclosed material position (6,193,586.62 shares, 5.9%) increases transparency about institutional ownership
• Certification of ordinary-course holdings reduces signals of an intent to change or influence company control
• Joint filing and Exhibit clarify parent-subsidiary reporting and legal responsibility for the disclosure

Negative

• No sole voting or dispositive power reported, limiting the filer’s ability to unilaterally influence corporate decisions
• 5.9% stake is material for disclosure but remains non-controlling, so it may have limited strategic impact

Insights

Securities Analyst

TL;DR: A passive, disclosed stake of 5.9% in ETSY with shared voting/dispositive power—material but non-controlling.

The filing discloses a material (>5%) passive position in Etsy common stock held through shared arrangements rather than sole control. Shared voting and dispositive figures closely match the aggregate shares, supporting a coordinated but non-controlling interest. The certification that holdings are in the ordinary course limits interpretation as an attempt to influence control. For investors, the disclosure increases transparency about institutional ownership without indicating governance change.

Corporate Governance Expert

TL;DR: Joint filing and parent-subsidiary structure clarify ownership reporting; no indication of intent to alter control.

The attached joint filing agreement and Exhibit detail that GS Group is the parent and Goldman Sachs is a broker-dealer/investment adviser, explaining the reporting structure. Absence of sole voting or dispositive power and explicit certification that the stake is not held to influence control suggest this is a passive, regulatory disclosure rather than an activism signal. Materiality stems from the >5% threshold triggering Schedule 13G treatment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ETSY, INC.

(Name of Issuer)

Common Stock, par value $0.001 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

THE GOLDMAN SACHS GROUP, 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 6,191,938.62
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,192,865.62

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,193,586.62

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)

5.9 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 29786A106

1

Names of Reporting Persons

GOLDMAN SACHS & CO. 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,191,938.62
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,192,865.62

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,193,586.62

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)

5.9 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ETSY, INC.
(b)	Address of issuer's principal executive offices: 117 ADAMS STREET, BROOKLYN, X1, 11201
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Common Stock, par value $0.001 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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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 (99.2)
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.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/25/2025

GOLDMAN SACHS & CO. LLC

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/25/2025

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, par value $0.001 per share, of ETSY INC and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 07/25/2025 THE GOLDMAN SACHS GROUP, INC. By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group.

FAQ

How many Etsy (ETSY) shares does Goldman Sachs report owning?

The filing reports beneficial ownership of 6,193,586.62 shares of Etsy common stock.

What percentage of ETSY does the filing represent?

The disclosed position represents 5.9% of the outstanding class of Etsy common stock.

Does Goldman Sachs report sole voting or dispositive power over these ETSY shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; voting and dispositive powers are reported as shared.

Is this filing a Schedule 13G or a Schedule 13D?

This document is a Schedule 13G, the form used for certain passive investors and other qualifying holders.

Does the filing indicate an intent to influence control of ETSY?

The filers certify the securities are held in the ordinary course of business and not acquired to change or influence control of the issuer.