Form 4: Insider Boost: Larry Robbins Buys BFLY Stock

Butterfly Network Director and 10% owner Larry Robbins increased his indirect stake in the company by purchasing 21,370 shares of Class A Common Stock.

Summary

• Larry Robbins, a Director and 10% owner of Butterfly Network, Inc. (BFLY), reported the acquisition of Class A Common Stock.
• On December 11, 2025, 21,370 shares of Class A Common Stock were purchased at a weighted average price of $3.0169 per share.
• The actual transaction prices for these shares ranged from $3.015 to $3.02.
• These shares were purchased by Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd., and Glenview Healthcare Master Fund, L.P. (collectively, the "Glenview Investment Funds").
• Mr. Robbins, as Founder, Portfolio Manager, and CEO of Glenview Capital Management, LLC, which manages the Glenview Investment Funds, shares voting and dispositive power over these shares.
• Following these transactions, Mr. Robbins' indirect beneficial ownership through the Glenview Investment Funds totals 14,335,055 shares.
• Additionally, Mr. Robbins indirectly beneficially owns 4,546,687 shares through Longview Investors LLC, where he is the managing member.
• Mr. Robbins directly beneficially owns 365,505 shares, which includes 80,434 unvested restricted stock units (RSUs).
• The RSUs are scheduled to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on Mr. Robbins' continued service on the Board of Directors.

Sentiment

Score: 7

Explanation: The purchase of additional shares by a director and 10% owner, Larry Robbins, through affiliated investment funds, indicates a positive sentiment and confidence in Butterfly Network's future performance. While the transaction size is not massive relative to total holdings, it is a clear signal of insider belief.

Positives

• A Director and 10% owner, Larry Robbins, increased his beneficial ownership in Butterfly Network, signaling confidence in the company's future prospects.
• The purchase of additional shares by entities managed by Mr. Robbins suggests a positive outlook from a significant insider.

Future Outlook

The vesting of 80,434 unvested restricted stock units (RSUs) on the date of the Issuer's 2026 Annual Stockholders Meeting is contingent on Mr. Robbins' continued service on the Board of Directors.

Management Comments

• Mr. Robbins disclaims beneficial ownership over any securities owned by Longview and the Glenview Investment Funds other than to the extent of any pecuniary interest he may have therein.

Industry Context

Insider buying, particularly by a director and significant shareholder, can be interpreted as a positive signal within the medical technology and health-tech industry, suggesting that key stakeholders believe the company's stock is undervalued or poised for growth.

Related Party Transactions

• The reported transaction involves the purchase of Class A Common Stock by Glenview Investment Funds, which are managed by Glenview Capital Management, LLC, where Larry Robbins serves as Founder, Portfolio Manager, and CEO. Mr. Robbins is also the managing member of Longview Investors LLC, another entity through which he holds beneficial ownership.

Stakeholder Impact

• Shareholders may view this insider purchase as a positive indicator of management's confidence in the company's valuation and future prospects, potentially leading to increased investor interest.
• Employees may perceive this as a sign of stability and positive outlook from leadership.

Next Steps

• The 80,434 unvested restricted stock units (RSUs) held by Mr. Robbins are expected to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to his continued service on the Board of Directors.

Key Dates

Recommendation

The purchase of shares by Larry Robbins, a Director and 10% owner, through his affiliated investment funds, is a strong signal of insider confidence. Such a move by a significant stakeholder often suggests a belief that the company's stock is undervalued or has significant upside potential. This insider buying activity provides a positive data point for investors considering an investment in Butterfly Network, Inc.

Keywords

Butterfly Network, BFLY, Larry Robbins, Insider Trading, Form 4, Stock Purchase, Director, 10% Owner, Glenview Capital, Longview Investors, Equity Acquisition