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

Rhea-AI Filing Summary

Insider sales by Enliven Therapeutics director and CEO Samuel Kintz were reported on Form 4. The filing shows Mr. Kintz, as trustee of The Kintz & Egan Trust Dated March 30, 2019, sold 10,393 shares of Enliven common stock on 08/18/2025 at a weighted average price of $20.0237 and sold 590 shares on 08/19/2025 at $20. After these transactions the trust beneficially owned 929,409 shares. The sales were executed under a Rule 10b5-1 trading plan adopted November 15, 2024. The Form 4 was signed by Ben Hohl by power of attorney on 08/20/2025.

Positive

• Sales conducted under a Rule 10b5-1 plan, which provides a pre-authorized framework and reduces questions about insider timing
• Significant retained stake: The Kintz & Egan Trust continues to hold 929,409 shares after the reported sales

Negative

• Insider dispositions: A total of 10,983 shares were sold on 08/18–08/19/2025, which reduces the reporting person’s indirect holdings
• Form 4 executed by power of attorney rather than the reporting person personally, which may prompt routine verification requests

Insights

Financial Analyst

TL;DR: CEO sold ~10.98k shares under a pre-established 10b5-1 plan; trust still holds ~929k shares.

The transactions are routine disposition activity by an insider using a Rule 10b5-1 plan, which reduces ambiguity about intent because trades were pre-authorized. The amounts sold—10,393 shares on 08/18/2025 at a weighted average of $20.0237 and 590 shares on 08/19/2025 at $20—are clearly disclosed and represent modest turnover relative to the remaining beneficial holding of 929,409 shares held indirectly by the Kintz & Egan Trust. There is no information here about company operational performance or changes to ownership control.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan and POA signature suggests procedural compliance and delegated filing execution.

The filing documents compliance with Section 16 reporting and notes the use of a 10b5-1 trading plan adopted November 15, 2024, which provides an affirmative defense to insider trading claims if the plan meets required conditions. The Form 4 is executed by a power of attorney, indicating delegated administrative handling. The disclosure specifies that the shares are held of record by a trust for which Mr. Kintz is trustee, clarifying indirect beneficial ownership. No governance breaches or unexplained transactions are evident from this filing alone.

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^*

Kintz Samuel

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		S(1)		10,393	D	$20.0237(2)	929,999	I	See footnote(3)
Common Stock	08/19/2025		S(1)		590	D	$20	929,409	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 by the Reporting Person on November 15, 2024.

2. This transaction was executed in multiple trades at prices ranging from $19.75 to $20.715. 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 of record by The Kintz & Egan Trust Dated March 30, 2019 for which the reporting person serves as trustee.

	/s/ Ben Hohl, by power of attorney	08/20/2025
	** 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 Samuel Kintz report selling in the Form 4 for Enliven Therapeutics (ELVN)?

The filing reports sales of 10,393 shares on 08/18/2025 at a weighted average price of $20.0237 and 590 shares on 08/19/2025 at $20.

Were the Enliven (ELVN) sales part of a pre-arranged trading plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 15, 2024.

How many Enliven shares does the reporting trust hold after these transactions?

Following the reported transactions the trust beneficially owned 929,409 shares.

Who signed the Form 4 for Samuel Kintz?

The Form 4 was signed on behalf of the reporting person by Ben Hohl, by power of attorney, dated 08/20/2025.

Are the sold shares held directly or indirectly?

The filing states the shares are held of record by The Kintz & Egan Trust Dated March 30, 2019, for which the reporting person serves as trustee, indicating indirect beneficial ownership.