[Form 4] Graphic Packaging Holding Company Insider Trading Activity

Rhea-AI Filing Summary

Grayscale Bitcoin Trust ETF (GBTC) posted a strong Q2 2025 as rising Bitcoin prices more than offset continued share redemptions and the 1.5% Sponsor’s Fee.

• Assets: Fair-value holdings of 185,098.7 BTC worth $19.95 bn at 30 Jun 25, up 4% from $19.18 bn at 31 Dec 24.
• NAV per share: $84.84 vs. $74.08 year-end, reflecting a 16% BTC price rally to $107,754.
• Operations: Six-month net increase in net assets from operations of $2.52 bn (vs. $9.23 bn prior-year), driven by $2.66 bn net realized/unrealized gains; investment loss of $138 m equals the Sponsor’s Fee.
• Flows: 22,569 BTC ($2.12 bn) redeemed and 3,710 BTC ($0.36 bn) created YTD, shrinking shares outstanding 9% to 235.1 m.
• Principal-market switch: Pricing source changed from Coinbase to Crypto.com effective 30 Jun 25.
• Capital actions: July 24 spin-off of 26,935.8 BTC (≈10% of assets) to Grayscale Bitcoin Mini Trust completed.

Liquefaction of holdings via redemptions continues, but higher Bitcoin prices and reduced fee rate (cut to 1.5% in Jan 24) supported per-share value. No cash is held; all expenses are paid in BTC. Subsequent-event pricing shows BTC at $118,063 on 28 Jul 25.

Positive

• BTC appreciation boosted NAV/share 16% YTD, generating $2.52 bn net gains.
• Sponsor’s Fee cut to 1.5% (effective Jan 24) stabilizes expense ratio.
• Principal-market reassessment demonstrates active valuation oversight, potentially improving price accuracy.

Negative

• Large redemptions of 22,569 BTC ($2.12 bn) reduced assets and shares outstanding.
• High recurring fee still consumed $138 m in BTC during H1 25, creating constant sell pressure.
• Regulatory uncertainty over Bitcoin’s security status could materially impact operations.
• Custody concentration at a single provider leaves holdings exposed to operational or security failures.

Insights

Financial Analyst

TL;DR: Rising BTC price boosted NAV, but heavy redemptions and high 1.5% fee erode asset base; overall neutral impact.

Performance: A 16% Bitcoin rally drove $2.52 bn operating gains and lifted NAV/share to $84.84. However, 23.9 m shares were redeemed, cutting BTC holdings 10% YTD. Cost drag: Sponsor’s Fee remains sizable at $138 m, fully accounting for investment loss. Liquidity: Trust handled $2.1 bn cash-settled redemptions without holding cash, relying on BTC sales. Corporate actions: Principal-market switch may marginally affect daily valuation spreads; internal sponsor re-org complete. Outlook: Trust’s value will track Bitcoin directionally, but continued outflows and fee burden may cap per-share appreciation.

Risk Analyst

TL;DR: Regulatory and concentration risks persist; large asset outflows heighten volatility and raise liquidity concerns.

The filing reiterates SEC classification uncertainty: any move to deem Bitcoin a security could force liquidation. BTC holdings are uninsured and commingled, exposing shareholders to custody loss. Redemptions of >22 k BTC in six months indicate potential continued drainage, pressuring trading spreads. Sponsor fee, though lowered, remains material and is paid in BTC, magnifying sell pressure during weak markets. Principal-market shift underscores dependence on exchange integrity. Overall risk profile skews negative despite recent price gains.

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
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DOSS MICHAEL P

(Last) (First) (Middle)

1500 RIVEREDGE PARKWAY, NW

(Street)

ATLANTA GA 30328

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GRAPHIC PACKAGING HOLDING CO [ GPK ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

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	07/30/2025		G		1,333,927	D	$0.00	902,963	D(1)
Common Stock	07/30/2025		G		1,333,927	A	$0.00	1,333,927	I(1)	By Doss Investments, LLC

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

Explanation of Responses:

1. Shares were transferred for no consideration to Doss Investments, LLC, a limited liability company owned and controlled solely by the reporting person and his spouse. The reporting person remains the beneficial owner of the shares.

	/s/ Michael P. Doss, by Laura Lynn Church, as Attorney-in-Fact	08/01/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Bitcoin does GBTC hold as of 30 Jun 2025?

The Trust holds 185,098.7123 BTC valued at $19.95 bn.

What is the current GBTC NAV per share?

Principal-market NAV per share is $84.84 as of 30 Jun 25.

How much was redeemed from the Trust in H1 2025?

GBTC redeemed 22,569 BTC worth approximately $2.12 bn, reducing shares by 23.85 m.

What fee does the Sponsor charge?

The Sponsor’s Fee is 1.5% of NAV, totaling $138.3 m for the six-month period.

Why did the Trust switch its principal market to Crypto.com?

Quarterly analysis showed Crypto.com had higher volume and stability, making it the most representative pricing source.

Did GBTC distribute assets to another fund?

Yes, on 31 Jul 24 it spun off 26,935.8 BTC (≈10% of holdings) to Grayscale Bitcoin Mini Trust ETF.