[Form 4] Bitwise MARA Option Income Strategy ETF Insider Trading Activity

Rhea-AI Filing Summary

Anish Patel, Chief Operating Officer of Enliven Therapeutics, Inc. (ELVN), reported a sale of common stock under a pre-established Rule 10b5-1 plan. The filing shows 6,667 shares sold on 09/08/2025 at a weighted average price of $20.2426, leaving beneficial ownership of 283,308 shares held indirectly by The Patel / Dong Family Trust. The 10b5-1 trading plan was adopted on September 30, 2024, and the sale was executed in multiple trades at prices ranging from $19.915 to $20.64. The Form 4 was signed by a power of attorney on 09/10/2025. The filer offers to provide, upon request, the breakdown of shares sold at each execution price.

Positive

• Transaction executed under a documented Rule 10b5-1 plan, supporting compliance and preplanned execution
• Filing discloses execution range and weighted average price, with an offer to provide per-trade details upon request

Negative

• Insider disposed of 6,667 shares, representing a reduction in beneficial holdings
• Shares are held indirectly in a family trust, which may complicate direct insider ownership analysis

Insights

Securities Analyst

TL;DR: Insider sold a small portion of holdings under a pre-established 10b5-1 plan; transaction appears procedural and preplanned.

The sale of 6,667 shares was effected pursuant to a Rule 10b5-1 trading plan adopted September 30, 2024, which provides an affirmative defense to insider trading claims if properly structured. The filing discloses a weighted average sale price of $20.2426 and a trade range of $19.915 to $20.64, and it confirms the remaining indirect beneficial ownership of 283,308 shares held by the Patel / Dong Family Trust. From an informative compliance perspective, the filing is complete in its disclosures and offers to provide detailed execution-level data upon request.

Corporate Governance Expert

TL;DR: The transaction is preplanned and documented, reducing regulatory risk but still represents insider liquidity.

The Form 4 clearly ties the disposals to a 10b5-1 plan, which is an important governance control for planned insider trades. The disclosure that sales occurred across multiple prices with a weighted average is consistent with routine execution. The indirect ownership remains with a family trust for which the reporting person is trustee, which is properly noted in the filing. No indications of amendments or additional derivative activity are present in this Form 4.

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).

X

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^*

Patel Anish

(Last) (First) (Middle)

C/O ENLIVEN THERAPEUTICS, INC.

6200 LOOKOUT ROAD

(Street)

BOULDER CO 80301

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Enliven Therapeutics, Inc. [ ELVN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF OPERATING OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		S(1)		6,667	D	$20.2426(2)	283,308	I	See footnote(3)

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. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on September 30, 2024 by the Reporting Person and by The Patel / Dong Family Trust Dated August 24, 2017, for which the Reporting Person serves as trustee (the "Patel / Dong Family Trust").

2. This transaction was executed in multiple trades at prices ranging from $19.915 to $20.64. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

3. The shares are held by The Patel / Dong Family Trust.

	/s/ Ben Hohl, by power of attorney	09/10/2025
	** 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

What did Anish Patel (ELVN) report on Form 4?

The form reports the sale of 6,667 shares of Enliven Therapeutics common stock on 09/08/2025 under a Rule 10b5-1 plan.

At what price were the ELVN shares sold?

The sales were executed at prices ranging from $19.915 to $20.64, with a reported weighted average sale price of $20.2426.

How many ELVN shares does the reporting person beneficially own after the sale?

The filing shows 283,308 shares beneficially owned following the reported transaction, held indirectly by The Patel / Dong Family Trust.

Was the sale part of a prearranged trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on September 30, 2024.

Who signed the Form 4?

The Form 4 was signed by Ben Hohl by power of attorney on 09/10/2025.