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

Rhea-AI Filing Summary

Enliven Therapeutics, Inc. (ELVN) Chief Operating Officer Anish Patel reported sales of the issuer's common stock on 08/07/2025 via Form 4. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted September 30, 2024, and involved The Patel / Dong Family Trust, for which Mr. Patel serves as trustee. The report discloses weighted-average sale prices of $18.1969 and $18.9297, with execution price ranges of $17.78–$18.73 and $18.805–$19.16 noted in the footnotes. The Form reports indirect beneficial ownership figures of 290,380 and 289,975 shares held by the trust following the transactions, and the filing was signed by power of attorney on 08/11/2025.

Positive

• Sales executed under a Rule 10b5-1 trading plan, indicating pre-established trading instructions
• Weighted-average sale prices disclosed ($18.1969 and $18.9297) with execution price ranges provided
• Willingness to provide trade-level details upon request, enhancing transparency
• Filing executed by power of attorney, showing completion of required disclosure

Negative

• Insider sales were reported, which may be perceived negatively by some investors
• Reported indirect beneficial holdings declined to figures reported as 290,380 and 289,975 shares following the transactions

Insights

Financial Analyst

TL;DR: Insider sales executed under a pre-established 10b5-1 plan; disclosure is routine and likely neutral to holders absent other company news.

The Form 4 shows the COO sold common stock on 08/07/2025 under a Rule 10b5-1 plan established 09/30/2024. The filing provides weighted-average sale prices of $18.1969 and $18.9297 and reports indirect beneficial ownership levels of 290,380 and 289,975 shares held by the Patel / Dong Family Trust after the transactions. Because trades were executed under a documented pre-existing plan and the filing discloses price ranges and weighted averages, this disclosure aligns with routine insider liquidity activity rather than an ad hoc disposition.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan and detailed footnote disclosure show procedural compliance and transparency in insider trading reporting.

The report explicitly states the trades were made pursuant to a Rule 10b5-1 plan adopted by the reporting person and The Patel / Dong Family Trust, with the reporting person serving as trustee. The filing includes weighted-average prices and price ranges and offers to provide trade-level details upon request, which supports regulatory transparency. The form was executed by a power of attorney, consistent with procedural filing practices.

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)
08/07/2025

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	08/07/2025		S(1)		6,262	D	$18.1969(2)	290,380	I	See footnote(3)
Common Stock	08/07/2025		S(1)		405	D	$18.9297(4)	289,975	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 $17.78 to $18.73. 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.

4. This transaction was executed in multiple trades at prices ranging from $18.805 to $19.16. 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.

	/s/ Ben Hohl, by power of attorney	08/11/2025
	** 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 insider trades were reported for Enliven Therapeutics (ELVN)?

The Form 4 reports that COO Anish Patel sold common stock on 08/07/2025 under a Rule 10b5-1 plan; weighted-average sale prices reported were $18.1969 and $18.9297.

Were the sales made under a pre-arranged trading plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on September 30, 2024.

How many shares are reported as beneficially owned after the transactions?

The Form reports indirect beneficial ownership figures of 290,380 and 289,975 shares held by The Patel / Dong Family Trust following the reported transactions.

What price ranges were the trades executed at?

Footnotes disclose execution price ranges of $17.78–$18.73 for one set of trades and $18.805–$19.16 for the other; the filing reports weighted averages of $18.1969 and $18.9297.

Who signed the Form 4 filing?

The Form 4 was signed by Ben Hohl by power of attorney on 08/11/2025.