[144] Bitwise MARA Option Income Strategy ETF SEC Filing

Rhea-AI Filing Summary

The filing notifies a proposed sale of 12,500 common shares of the issuer to be executed through Jefferies LLC on 08/19/2025 with an aggregate market value of $246,875.00. The shares were acquired as founder shares on 09/01/2019 from Enliven Therapeutics. The filer reported recent sales during the past three months: 7,500 shares on 06/03/2025 for $150,219.98, 12,500 shares on 06/20/2025 for $267,457.63, and 12,500 shares on 07/21/2025 for $278,646.38. The filing includes a representation that the seller is not aware of material nonpublic information.

Positive

• Proposed sale fully disclosed with broker, quantity, date, and aggregate market value
• Acquisition history provided: shares identified as founder shares acquired 09/01/2019 from Enliven Therapeutics
• Recent sales reported for transparency: 06/03/2025, 06/20/2025, 07/21/2025 with gross proceeds

Negative

• Insider selling activity: 32,500 shares sold in the past three months and an additional 12,500 proposed sale
• Limited context on reasons for sales or any trading plan adoption date for Rule 10b5-1 reliance

Insights

Securities Analyst

TL;DR: Insider proposes to sell 12,500 shares; recent insider sales totaled 32,500 shares for about $696k.

This Form 144 discloses a proposed block sale of 12,500 common shares via Jefferies with an indicated market value of $246,875. The shares were acquired as founder shares in 2019. The filer also reported three sales in the past three months totaling 32,500 shares with gross proceeds of approximately $696,324. The filing is a routine insider sale notice and provides required transaction timing, acquisition origin, and prior sale amounts. On the scale of potential investor impact, the disclosed volumes are small relative to the 59,000,000 shares outstanding, suggesting limited market-moving significance.

Corporate Governance Expert

TL;DR: Disclosure appears complete for a Rule 144 notice; signer attests to lack of material nonpublic information.

The document follows Rule 144 disclosure conventions: it identifies the class, broker, quantity, acquisition details (founder shares from Enliven Therapeutics on 09/01/2019), and recent disposals by the same person. The filing includes the required representation that the seller is unaware of material undisclosed facts. No additional governance events, plan adoption dates, or unusual payment arrangements are provided. As presented, this is a standard insider sale notice without governance red flags in the disclosed fields.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Jefferies LLC 520 Madison Ave 4th Fl New York NY 10022	12500	246875.00	59000000	08/19/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/01/2019	Founder shares	Enliven Therapeutics			12500	09/01/2019	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Joseph Lyssikatos 6200 Lookout Rd 1st Fl Boulder CO 80301	Enliven Therapeutics Inc	06/03/2025	7500	150219.98
Joseph Lyssikatos 6200 Lookout Rd 1st Fl Boulder CO 80301	Enliven Therapeutics Inc	06/20/2025	12500	267457.63
Joseph Lyssikatos 6200 Lookout Rd 1st Fl Boulder CO 80301	Enliven Therapeutics Inc	07/21/2025	12500	278646.38

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for IMRA disclose?

The filing discloses a proposed sale of 12,500 common shares via Jefferies on 08/19/2025 with an aggregate market value of $246,875 and shows prior sales totaling 32,500 shares in June–July 2025.

Who is the seller named in the Form 144 for IMRA?

The seller is identified as Joseph Lyssikatos, with prior sales listed at his address and the shares were originally acquired as founder shares from Enliven Therapeutics on 09/01/2019.

How many shares outstanding does the filing report?

The filing reports 59,000,000 shares outstanding for the issuer.

What were the gross proceeds of the recent insider sales reported?

The filing lists gross proceeds of $150,219.98 on 06/03/2025, $267,457.63 on 06/20/2025, and $278,646.38 on 07/21/2025.

Does the Form 144 state whether the seller knows material nonpublic information?

Yes. By signing, the filer represents that he does not know any material adverse information about the issuer that has not been publicly disclosed.