SCHEDULE: Cascade Investment, Bill Gates Boosts Ginkgo Bioworks Stake

Cascade Investment, L.L.C. and William H. Gates III have reported a 7.5% beneficial ownership stake in Ginkgo Bioworks Holdings, Inc., including potential earn-out shares.

Summary

• Cascade Investment, L.L.C. and William H. Gates III collectively beneficially own 3,621,636 shares of Ginkgo Bioworks Holdings, Inc. Class A Common Stock.
• This ownership represents 7.5% of the Issuer's Class A Common Stock outstanding.
• The total shares beneficially owned include 299,052 earn-out shares.
• These earn-out shares are contingent on Ginkgo Bioworks' Common Stock achieving specific price thresholds over 20 trading days out of 30 consecutive trading days prior to September 16, 2026.
• The percentage of class is based on 48,523,595 shares of Common Stock outstanding as of October 31, 2025, as reported in the Issuer's Form 10-Q filed on November 6, 2025.
• The securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued investment by a highly influential individual and entity, William H. Gates III and Cascade Investment, L.L.C., in Ginkgo Bioworks. This substantial stake (7.5%) and the inclusion of performance-based earn-out shares suggest a long-term, confident outlook on the company's future growth and stock performance, which is generally viewed positively by the market. The statement that the investment is not for control purposes also reduces potential concerns about activist intervention.

Positives

• A significant beneficial ownership stake (7.5%) by a prominent investor like William H. Gates III and Cascade Investment, L.L.C. signals confidence in Ginkgo Bioworks Holdings, Inc.
• The inclusion of 299,052 earn-out shares suggests a long-term investment horizon and alignment with future stock price performance.

Negatives

• NA

Risks

• The vesting of 299,052 earn-out shares is contingent on the Issuer's Common Stock achieving specific price per share thresholds for 20 trading days out of 30 consecutive trading days prior to September 16, 2026. Failure to meet these thresholds would mean these shares do not vest.

Future Outlook

The future outlook includes the potential vesting of 299,052 earn-out shares for Cascade Investment and William H. Gates III, contingent upon Ginkgo Bioworks' Common Stock achieving specific price thresholds for 20 trading days out of 30 consecutive trading days prior to September 16, 2026. This indicates a forward-looking incentive tied to the company's stock performance.

Management Comments

• "All shares of the Class A common stock... held by Cascade Investment, L.L.C. ('Cascade') may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade."
• "The number of shares beneficially owned includes 299,052 earn-out shares that will vest in substantially equal installments if the Issuer's Common Stock achieves a price per share for any period of 20 trading days out of 30 consecutive trading days prior to September 16, 2026 that equals or exceeds certain thresholds as set forth in the Merger Agreement."
• "The securities referred to above 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."

Industry Context

This filing highlights continued investment by a prominent figure in the biotechnology and synthetic biology sector, specifically in Ginkgo Bioworks. Such an investment by William H. Gates III, known for his long-term vision and investments in transformative technologies, could be seen as a positive signal for the broader synthetic biology industry, suggesting confidence in its growth potential and the specific company's role within it.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by a high-profile investor like William H. Gates III could instill greater confidence in existing shareholders and attract new investors, potentially positively influencing stock valuation.
• Management: The continued investment and the structure of earn-out shares align the interests of the reporting persons with management's goal of increasing shareholder value and stock price.

Next Steps

• Monitoring the performance of Ginkgo Bioworks' Common Stock to determine if the price thresholds for the 299,052 earn-out shares are met prior to September 16, 2026.

Key Dates

Recommendation

The filing reveals a significant and continued stake by a prominent investor, William H. Gates III, and Cascade Investment, L.L.C., in Ginkgo Bioworks. This 7.5% beneficial ownership, including performance-based earn-out shares, signals a long-term, confident outlook on the company's potential. While this is a positive indicator of institutional confidence, the filing itself does not provide new operational or financial performance data to warrant an immediate "buy" or "sell" action. It primarily confirms a substantial existing investment. Therefore, a "hold" recommendation is appropriate, suggesting investors maintain their current positions while acknowledging the positive signal from this influential investor. Further analysis of the company's financial performance and strategic developments would be needed for a stronger recommendation.

Keywords

Ginkgo Bioworks Holdings Inc., Cascade Investment, William H. Gates III, Beneficial Ownership, SEC Filing, Schedule 13G, Class A Common Stock, Earn-out shares, Biotechnology, Synthetic Biology