[Form 4] Virtu Financial, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Etsy, Inc. (ETSY) Form 4 – Insider award

On 07/30/2025 Etsy certified performance goals tied to a previously granted Performance Stock Unit (PSU) award for President & Chief Growth Officer Kruti Patel Goyal. As a result, she acquired 29,512 shares of common stock at no cash cost (1-for-1 conversion). The earned tranche equals 75 % of the target award; the remaining 25 % can still be earned if additional performance hurdles are met before period end. The shares will vest in three equal installments on 01 Oct 2025, 01 Apr 2026 and 01 Apr 2027, conditioned on continued employment. Goyal authorized share withholding to cover taxes, so no open-market sale occurred. Post-transaction she beneficially owns 29,512 derivative securities directly. The filing signals achievement of internal growth metrics and provides a multi-year retention incentive, while introducing only modest incremental dilution to existing shareholders.

Positive

• Performance criteria met: Certification of 75 % of the PSU target suggests Etsy achieved internal growth or financial hurdles.
• Leadership retention: Three-year vesting schedule helps keep the President & Chief Growth Officer in place through 2027.

Negative

• Incremental dilution: 29,512 new shares, while small, add to share count.
• Unmet portion: 25 % of the PSU award remains contingent on future performance, so full target has not yet been reached.

Insights

Equity Compensation Analyst

TL;DR: Officer earned 29.5k PSUs; achievement of targets implies strong performance and builds retention, minimal dilution.

The certification of 75 % of Kruti Patel Goyal’s 2022 PSU grant indicates Etsy met or exceeded key operational metrics embedded in the award. At today’s share count, 29,512 shares represent <0.025 % dilution—immaterial but directionally positive, as it stems from growth accomplishments, not discretionary grants. Multi-year vesting aligns the executive with shareholders through 2027, lowering key-person risk. No shares were sold, so insider sentiment remains neutral-to-positive. Overall impact: modestly favorable signal on operating momentum and leadership stability.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

Lee Cindy

(Last) (First) (Middle)

1633 BROADWAY

41ST FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Virtu Financial, Inc. [ VIRT ]

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)
08/01/2025

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
Class A common stock	08/01/2025		M		11,667	A	(1)	25,044	D
Class A common stock	08/01/2025		F		6,452	D	(2)	18,592	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
Restricted Stock Unit	(3)	08/01/2025		M			11,667	(4)	(4)	Class A common stock	11,667	$0	35,434	D
Non-voting common interest units of Virtu Financial LLC	(5)							(5)	(5)	Class A common stock	4,760		4,760	I	See footnote(6)

Explanation of Responses:

1. Shares of Class A common stock issued in settlement of vested restricted stock units ("RSUs") granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan.

2. Shares of Class A common stock withheld for tax by the Issuer in relation to the settlement of vested RSUs in accordance with the Issuer's Second Amended and Restated 2015 Management Incentive Plan.

3. Each RSU is granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan and represents a contingent right to receive one share of Class A common stock of the Issuer.

4. The RSUs vested August 1, 2025.

5. Pursuant to the terms of the Exchange Agreement, effective as of April 15, 2015, by and among the Issuer, Virtu Financial LLC and the equityholders of Virtu Financial LLC (the "Exchange Agreement"), Virtu Financial Units, together with a corresponding number of shares of Class C Common Stock, may be exchanged for shares of Class A Common Stock, which have one vote per share and economic rights (including rights to dividends and distributions upon liquidation), on a one-for-one basis at the discretion of the holder. The exchange rights under the Exchange Agreement do not expire.

6. By Virtu Employee Holdco LLC, a holding vehicle through which employees and directors of the Issuer hold vested and unvested Virtu Financial Units and shares of Class C Common Stock. The reporting person disclaims beneficial ownership in such Virtu Financial Units and shares held by Virtu Employee Holdco LLC except to the extent of his pecuniary interest therein.

Remarks:

	Justin Waldie, as Attorney-in-Fact	08/01/2025
	** 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 Etsy (ETSY) disclose in the latest Form 4?

Etsy reported that President & Chief Growth Officer Kruti Patel Goyal earned 29,512 PSUs after performance goals were certified on 07/30/2025.

Was there any open-market sale of Etsy shares by the executive?

No. Shares were withheld for taxes; no shares were sold on the open market.

When will the earned Etsy PSUs vest?

Vesting occurs in three equal installments on Oct 1 2025, Apr 1 2026, and Apr 1 2027.

How much of the original PSU target has been earned?

75 % of the target shares were earned; the remaining 25 % depend on future performance.

Does this Form 4 filing affect Etsy’s share count?

Yes, it introduces 29,512 additional shares, a dilution of less than 0.025 % of outstanding shares.