Citadel Discloses Up to 4.9% Stake in Etsy (ETSY) via Schedule 13G

Citadel-related entities and Kenneth Griffin reported collective holdings in Etsy, Inc. The filing shows specific beneficial ownership counts and percentages based on 99,108,568 shares outstanding.

Rhea-AI Filing Summary

Citadel-related entities and Kenneth Griffin reported collective holdings in Etsy, Inc. The filing shows specific beneficial ownership counts and percentages based on 99,108,568 shares outstanding. Citadel Securities LLC holds 2,055,142 Shares (2.1%), Citadel Securities Group LP and Citadel Securities GP LLC each report 3,320,444 Shares (3.4%), Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC each report 1,510,503 Shares (1.5%), and Kenneth Griffin may be deemed to beneficially own 4,830,947 Shares (4.9%). All reporting persons state shared voting and dispositive power only, with no sole voting or sole dispositive power reported. The filing includes a joint filing agreement and a certification that the securities were not acquired to influence control of the issuer.

Positive

• Detailed, itemized disclosure of beneficial ownership by multiple Citadel entities and Kenneth Griffin with exact share counts
• Percentages tied to a clear share base (99,108,568 Shares outstanding as of July 25, 2025) allowing precise ownership calculations
• Certification included stating the holdings were not acquired to influence control, consistent with Schedule 13G passive filing rules
• Joint filing agreement exhibited which clarifies the coordinated disclosure among reporting persons

Negative

• None.

Insights

Financial Analyst

TL;DR: Citadel group holdings in ETSY are disclosed below 5% individually; aggregate holdings show meaningful but non-controlling stakes.

The Schedule 13G provides clear, itemized ownership positions for multiple Citadel entities and Kenneth Griffin, anchored to an issuer share base of 99,108,568. Reported percentages range from 1.5% to 4.9%, with shared voting and dispositive power only and no sole control asserted. For investors, this is a routine institutional disclosure that increases transparency on who holds economically significant positions without indicating an intent to influence control. The certification language reiterates passive intent consistent with Schedule 13G filings.

Corporate Governance Expert

TL;DR: Governance impact appears limited; filing documents shared control but no sole control or control-change intent.

The filing identifies the organizational relationships among Citadel entities and Kenneth Griffin and documents shared voting and dispositive authority for the reported shares. No entity reports sole voting or dispositive power, and the certification affirms no intent to affect issuer control. The joint filing and exhibits follow typical governance disclosure practices; there is no indication here of coordinated action to alter board or control arrangements based on the content provided.

FAQ

How many ETSY shares does Kenneth Griffin report beneficially owning?

Kenneth Griffin may be deemed to beneficially own 4,830,947 Shares, representing 4.9% of the class based on 99,108,568 shares outstanding.

What percent of ETSY does Citadel Securities LLC report owning?

Citadel Securities LLC reports beneficial ownership of 2,055,142 Shares, equal to 2.1% of ETFY's outstanding common stock.

Do any reporting persons claim sole voting or dispositive power over the ETSY shares?

No. Each reporting person reports 0 sole voting power and 0 sole dispositive power; reported authority is shared voting and shared dispositive power.

Are these holdings reported as intended to influence control of ETSY?

No. The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

What is the share count and percent for Citadel Securities Group LP?

Citadel Securities Group LP reports 3,320,444 Shares, which represents 3.4% of the outstanding shares according to the filing.

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Accepted by SEC EDGAR 08/19/2025 - 06:02 PM Learn about SEC filing dates

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 (the "Shares")

(Title of Class of Securities)

29786A106

(CUSIP Number)

08/12/2025

(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 3,320,444.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,320,444.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,320,444.00

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)

3.4 %

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 99,108,568 Shares outstanding as of July 25, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on July 30, 2025). Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on August 19, 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 2,055,142.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,055,142.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,055,142.00

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)

2.1 %

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 3,320,444.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,320,444.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,320,444.00

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)

3.4 %

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 1,510,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,503.00

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)

1.5 %

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 1,510,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,503.00

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)

1.5 %

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 1,510,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,503.00

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)

1.5 %

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 4,830,947.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,830,947.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,830,947.00

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)

4.9 %

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, Citadel Securities Principal Strategies LLC, a Delaware limited liability company ("CSP"), Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel Clearing LLC, a Delaware limited liability company ("CCLC"), and CRBU Holdings LLC, a Delaware limited liability company ("CRBH"). Such owned Shares may include other instruments exercisable for or convertible into Shares. CALC4 is the non-member manager of Citadel Securities, CSP, and CRBH. CSGP is the general partner of CALC4. Citadel Advisors is the portfolio manager for CM and CLP Holdings Six LLC, a Delaware limited liability company ("CLP6"). CLP6 is the portfolio manager for CCLC. 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 2,055,142 Shares. 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 3,320,444 Shares. 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 1,510,503 Shares 4. Mr. Griffin may be deemed to beneficially own 4,830,947 Shares.
(b)	Percent of class: 1. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 2.1% 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 3.4% 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 1.5% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 4.9% 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: 2,055,142 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 3,320,444 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 1,510,503 4. Mr. Griffin: 4,830,947
	(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: 2,055,142 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 3,320,444 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 1,510,503 4. Mr. Griffin: 4,830,947
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:	08/19/2025

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/19/2025

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/19/2025

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/19/2025

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/19/2025

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/19/2025

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	08/19/2025

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.

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement