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

Rhea-AI Filing Summary

Benjamin Hohl, Chief Financial Officer of Enliven Therapeutics, Inc. (ELVN), reported option exercise and subsequent sale of shares under a Rule 10b5-1 plan. On 08/27/2025 the reporting person exercised a stock option with a $2.48 exercise price to acquire 3,250 shares that were fully vested and exercisable, and then sold 3,250 shares in multiple trades at a weighted-average sale price of $20.6273, reducing his beneficial ownership to 23,000 shares. The filings state the transactions were effected pursuant to a 10b5-1 trading plan adopted on June 26, 2023, and the sale prices ranged from $20.27 to $20.8689.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating a pre-established framework for the trades
• All option shares were fully vested and exercisable at the time of exercise, per the filing
• Sale price details provided including weighted-average price and range ($20.27 to $20.8689) and a willingness to provide per-trade detail on request

Negative

• Beneficial ownership decreased to 23,000 shares following the option exercise and sale
• Insider sold 3,250 shares, representing a reduction in direct holdings reported on this Form 4

Insights

Securities Analyst

TL;DR: Routine insider option exercise and sale under a pre-established 10b5-1 plan; no new company disclosures are made here.

This Form 4 discloses that the CFO exercised vested options at a $2.48 strike and sold the resulting 3,250 shares through multiple trades at a weighted-average price of $20.6273 under a Rule 10b5-1 plan adopted June 26, 2023. The report confirms the insider reduced beneficial ownership to 23,000 shares. As a securities disclosure, it documents insider liquidity but does not include operational or financial performance details about the issuer.

Corporate Governance Expert

TL;DR: Disclosure shows compliance with Rule 10b5-1 and fully vested option exercise; appears procedurally standard.

The filing explicitly states the transactions were made pursuant to a Rule 10b5-1 trading plan and that all option shares were fully vested and exercisable as of the transaction date. The registrant and reporting person provided price-range details and committed to furnish transaction-level sale information upon request, which aligns with best-practice transparency for insider trades.

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^*

Hohl Benjamin

(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 FINANCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		M(1)		3,250	A	$2.48	26,250	D
Common Stock	08/27/2025		S(1)		3,250	D	$20.6273(2)	23,000	D

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
Stock Option (right to buy)	$2.48	08/27/2025		M(1)			3,250	(3)	08/02/2031	Common Stock	3,250	$0	108,306	D

Explanation of Responses:

1. The option exercise and sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 26, 2023.

2. This transaction was executed in multiple trades at prices ranging from $20.27 to $20.8689. 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. All of the shares subject to this option are fully vested and exercisable as of the date hereof.

	/s/ Benjamin Hohl	08/29/2025
	** 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 transactions did Benjamin Hohl report on the Form 4 for Enliven Therapeutics (ELVN)?

The Form 4 reports that on 08/27/2025 Mr. Hohl exercised a stock option at a $2.48 exercise price to acquire 3,250 shares and sold 3,250 shares in multiple trades at a weighted-average price of $20.6273.

Were the exercised options vested when Benjamin Hohl exercised them?

Yes. The filing states that all of the shares subject to the option were fully vested and exercisable as of the transaction date.

Was the sale planned or part of an open-market trade?

The filing states the option exercise and sales were effected pursuant to a Rule 10b5-1 trading plan adopted on June 26, 2023.

What was the reporting person’s beneficial ownership after the transactions?

Following the reported transactions, the filing shows beneficial ownership of 23,000 shares.

What price range did the shares sell for in the reported transaction?

The sale trades occurred at prices ranging from $20.27 to $20.8689, with a weighted-average sale price of $20.6273.