[SCHEDULE 13G] Spotify Technology S.A. SEC Filing

Rhea-AI Filing Summary

Baillie Gifford & Co, a UK-based investment adviser, filed a Schedule 13G showing a 4.7 % stake in Spotify Technology S.A. (SPOT) as of 30 Jun 2025. The firm beneficially owns 9,628,910 ordinary shares, holds sole voting power over 6,814,982 shares, and retains sole dispositive power over the full position; no shared voting or dispositive power is reported.

Because the filing activates Item 5 (“Ownership of 5 Percent or Less”), Baillie Gifford’s holding has dropped below the 5 % threshold that typically requires disclosure—implying recent share sales since its prior report. While the position remains material, the reduction may temper perceptions of long-term conviction.

The firm states the shares are held in the ordinary course of business and not to influence control. Investors should monitor future ownership reports to gauge whether the trimming continues or stabilises.

Positive

• Baillie Gifford remains a significant holder with 9.6 million shares, reflecting ongoing institutional confidence in Spotify.

Negative

• Stake fell below 5 %, suggesting recent share sales and potentially weaker conviction from a key long-term investor.

Insights

Financial Analyst

TL;DR: Baillie Gifford cut Spotify stake below 5%; still owns 9.6 m shares, neutral-to-slightly negative for sentiment.

The amended 13G shows Baillie Gifford now controls 4.7 % of SPOT, down from >5 %. Falling under the threshold suggests profit-taking but not a strategic exit. With sole voting/dispositive power unchanged, governance impact is minimal. The move may create mild selling pressure yet leaves a large institutional anchor. Net effect: modest and primarily sentiment-driven.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Spotify Technology S.A.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

L8681T102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. L8681T102

1

Names of Reporting Persons

BAILLIE GIFFORD & CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,814,982.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,628,910.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,628,910.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spotify Technology S.A.
(b)	Address of issuer's principal executive offices: 33 BOULEVARD PRINCE HENRI, LUXEMBOURG, CALIFORNIA, L-1724
Item 2.
(a)	Name of person filing: Baillie Gifford & Co
(b)	Address or principal business office or, if none, residence: Calton Square 1 Greenside Row Edinburgh EH1 3AN Scotland UK
(c)	Citizenship: Scotland
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: L8681T102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Adviser
Item 4.	Ownership
(a)	Amount beneficially owned: 9,628,910
(b)	Percent of class: 4.70 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,814,982
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 9,628,910
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAILLIE GIFFORD & CO

Signature:	Grant Meikle
Name/Title:	Manager
Date:	08/08/2025

FAQ

How many Spotify (SPOT) shares does Baillie Gifford now own?

The Schedule 13G reports 9,628,910 ordinary shares.

What percentage of Spotify’s outstanding shares does that represent?

Baillie Gifford’s ownership equals 4.7 % of the outstanding class.

Did Baillie Gifford reduce its SPOT stake?

Yes. Item 5 states ownership is 5 % or less, indicating the position fell below the 5 % threshold.

Does Baillie Gifford share voting power with others?

No. The filing lists 0 shared voting and dispositive power; all control remains sole.

Why was this Schedule 13G filed?

A 13G amendment is required when a passive owner’s stake crosses key thresholds; here, Baillie Gifford disclosed falling below 5 % as of 30 Jun 2025.