Form 4: Director Robbins Boosts BFLY Stake by 2.8M Shares

Butterfly Network Director Larry Robbins increased his beneficial ownership by purchasing 2.8 million Class A Common Stock shares through Glenview Investment Funds.

Summary

• Larry Robbins, a Director and 10% owner of Butterfly Network, Inc. (BFLY), reported significant purchases of Class A Common Stock.
• On November 19, 2025, 1,000,000 shares were purchased at a weighted average price of $2.3539, with actual prices ranging from $2.0137 to $2.50.
• On November 20, 2025, another 1,000,000 shares were purchased at a weighted average price of $2.366, with actual prices ranging from $2.305 to $2.43.
• On November 21, 2025, 800,000 shares were purchased at a weighted average price of $2.5802, with actual prices ranging from $2.355 to $2.65.
• These purchases, totaling 2,800,000 shares, were made by Glenview Investment Funds, for which Mr. Robbins serves as Founder, Portfolio Manager, and CEO of the investment manager.
• Following these transactions, the Glenview Investment Funds beneficially own 12,755,144 shares.
• Mr. Robbins also indirectly beneficially owns 4,546,687 shares through Longview Investors LLC and directly owns 365,505 shares, which include 80,434 unvested restricted stock units.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 8

Explanation: The significant insider buying by a director and 10% owner, especially through institutional funds, indicates strong confidence in the company's valuation and future prospects. This is generally a very positive signal for investors.

Positives

• Director Larry Robbins, a 10% owner, significantly increased his beneficial ownership by 2,800,000 shares, signaling confidence in the company.
• The purchases were made through Glenview Investment Funds, indicating institutional backing and a substantial investment.
• The transactions were executed under a Rule 10b5-1(c) plan, suggesting a pre-planned investment strategy.

Future Outlook

The filing indicates that 80,434 unvested restricted stock units held by Mr. Robbins are scheduled to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on his continued service on the Board of Directors.

Industry Context

Insider buying by a significant director and 10% owner, especially through institutional funds, can be interpreted as a strong vote of confidence in the company's future prospects within the healthcare technology sector. This could signal an expectation of future growth or undervaluation relative to industry peers.

Comparison to Industry Standards

• NA

Related Party Transactions

• The purchases were made by Glenview Investment Funds, which are managed by Glenview Capital Management, LLC, where Mr. Robbins is Founder, Portfolio Manager, and CEO. Mr. Robbins also has indirect beneficial ownership through Longview Investors LLC, where he is the managing member. These represent transactions where Mr. Robbins has a pecuniary interest and influence.

Stakeholder Impact

• Shareholders may view the significant insider buying as a positive signal, potentially increasing investor confidence and demand for the stock.
• Employees might perceive this as a sign of stability and positive future outlook for the company.

Next Steps

• Mr. Robbins has undertaken to provide full information regarding the number of shares purchased at each separate price upon request by the Commission staff, the Issuer, or a security holder.

Key Dates

Recommendation

The substantial insider buying by a key director and 10% owner, Larry Robbins, through well-known institutional funds (Glenview Capital), is a powerful indicator of management's confidence in Butterfly Network's future. Such significant purchases, totaling 2.8 million shares, often precede positive developments or reflect a belief that the stock is undervalued. This action, especially when executed under a 10b5-1 plan, suggests a strategic and informed investment, making it a strong 'buy' signal for seasoned investors.

Keywords

Butterfly Network, BFLY, Larry Robbins, Insider Buying, SEC Form 4, Stock Purchase, Director Ownership, Glenview Capital, 10b5-1 Plan, Healthcare Technology