TIGR Schedule 13G Disclosure: ADS Positions and 5.3% Stake Detailed

Rhea-AI Filing Summary

Schedule 13G summary: This filing discloses that G1 Execution Services, LLC and Susquehanna Securities, LLC (the "Reporting Persons") collectively beneficially own 142,856,205 Class A ordinary shares of UP Fintech Holding Limited, representing 5.3% of the class. Holdings are reported in ADS terms: Susquehanna reports 1,982,850 ADSs plus options to buy 7,540,500 ADSs, and G1 reports 397 ADSs. Each ADS equals 15 ordinary shares.

The filing cites the company's 2024 outstanding share count of 2,705,826,751 for the percentage calculation. The Reporting Persons note they are affiliated independent broker-dealers and that the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control. Voting and dispositive powers are reported as both sole and shared where applicable.

Insights

Securities Analyst

TL;DR: A broker-dealer group discloses a >5% economic stake via ADS positions and options, which is material disclosure but not a control claim.

The filing reports an aggregate beneficial ownership of 142,856,205 shares or 5.3% of the outstanding Class A shares based on the company's 2024 share count. The position is presented in ADSs, with each ADS representing 15 ordinary shares, and includes 7,540,500 ADS-equivalent options attributable to Susquehanna. As broker-dealers, the Reporting Persons state acquisitions were in the ordinary course of business and disclaim an intent to influence control. For investors, this is a material disclosure of concentration but not an assertion of control.

Risk & Compliance Analyst

TL;DR: Compliance disclosure is complete: affiliated broker-dealers report shared and sole powers and certify ordinary-course acquisition.

The Schedule identifies the filers as affiliated independent broker-dealers and discloses both sole and shared voting and dispositive powers in the cover entries, which clarifies allocation of authority among the Reporting Persons. The report explicitly includes ADS counts and options, and references the issuer's outstanding share figure used to calculate the 5.3% ownership. The filing also contains a certification that the holdings were not acquired to affect control, addressing a central regulatory concern for broker-dealer positions above the 5% threshold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

UP Fintech Holding Limited

(Name of Issuer)

Class A Ordinary Shares, US$0.00001 par value per share

(Title of Class of Securities)

91531W106

(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. 91531W106

1

Names of Reporting Persons

G1 Execution Services, LLC

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,955.00
6	Shared Voting Power 142,856,205.00
7	Sole Dispositive Power 5,955.00
8	Shared Dispositive Power 142,856,205.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

142,856,205.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 91531W106

1

Names of Reporting Persons

Susquehanna Securities, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 142,850,250.00
6	Shared Voting Power 142,856,205.00
7	Sole Dispositive Power 142,850,250.00
8	Shared Dispositive Power 142,856,205.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

142,856,205.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UP Fintech Holding Limited
(b)	Address of issuer's principal executive offices: 1 Raffles Place, #35-61 One Raffles Place, Singapore (048616)
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Class A Ordinary Shares, US$0.00001 par value per share (the "Shares"), of UP Fintech Holding Limited (the "Company"). (i) G1 Execution Services, LLC (ii) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Class A Ordinary Shares, US$0.00001 par value per share
(e)	CUSIP No.: 91531W106
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).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by G1 Execution Services, LLC consists of 397 ADSs. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC consists of (i) 1,982,850 ADSs and (ii) options to buy 7,540,500 ADSs. Each ADS represents fifteen (15) Shares. The Company's Annual Report on Form 20-F, filed on April 23, 2025, indicates that there were 2,705,826,751 Shares outstanding as of December 31, 2024.
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	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.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement