Form 4: Butterfly Network Director Sells Over 100K Shares

Jonathan M. Rothberg, a Director and 10% Owner of Butterfly Network, Inc., sold 100,502 shares of Class A Common Stock for $3.078 per share.

Summary

• Jonathan M. Rothberg, a Director and 10% Owner of Butterfly Network, Inc. (BFLY), reported a transaction involving the sale of company stock.
• He sold 100,502 shares of Class A Common Stock on November 3, 2025.
• The shares were sold at a weighted average price of $3.078 per share, with individual sales ranging from $3.07 to $3.095 per share.
• This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted by Dr. Rothberg on March 5, 2025.
• Following this transaction, Dr. Rothberg directly beneficially owns 2,880,252 shares of Class A Common Stock.
• He also indirectly beneficially owns 1,140,007 shares of Class A Common Stock through EJR TR, LLC, 1,240,509 shares each through NVR TR, LLC, JNR TR, LLC, JAR TR, LLC, and GBR TR, LLC, and 726,696 shares through Bonnie E Gould Rothberg MD.
• Additionally, Dr. Rothberg indirectly beneficially owns Class B Common Stock through various 4C Holdings LLCs: 9,716,596 shares via 4C Holdings I, LLC; 2,621,701 shares each via 4C Holdings II, LLC, 4C Holdings III, LLC, and 4C Holdings IV, LLC; and 8,845,238 shares via 4C Holdings V, LLC.
• Dr. Rothberg disclaims beneficial ownership of securities held by these entities and his spouse, except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: Neutral. This is a routine insider transaction filed under a pre-arranged 10b5-1 plan, which typically reduces the speculative impact of insider sales. It does not inherently indicate positive or negative company performance or outlook.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may observe a reduction in direct holdings by a key insider, Jonathan M. Rothberg, a Director and 10% Owner. However, the sale was executed under a pre-arranged Rule 10b5-1 trading plan, which often indicates a planned liquidity event rather than a change in confidence in the company's future.

Key Dates

Recommendation

The filing reports a pre-scheduled sale of shares by a director and 10% owner under a Rule 10b5-1 trading plan. Such planned transactions are typically not indicative of a change in the company's fundamental outlook or the insider's long-term confidence. Investors should monitor future insider activity and company performance, but this specific filing does not provide a strong signal for a 'buy' or 'sell' recommendation.

Keywords

Butterfly Network, BFLY, Jonathan M. Rothberg, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Director, 10% Owner