SCHEDULE: LMR Partners Discloses 6.7% Stake in Grabagun Digital

LMR Partners and its affiliates have disclosed a 6.7% beneficial ownership stake in Grabagun Digital Holdings, Inc., primarily through warrants.

Summary

• LMR Partners LLP, LMR Partners Limited, LMR Partners LLC, LMR Partners AG, LMR Partners (DIFC) Limited, LMR Partners (Ireland) Limited (collectively, the "LMR Investment Managers"), along with individuals Ben Levine and Stefan Renold, have filed a Schedule 13G.
• The reporting persons collectively beneficially own 2,252,544 shares of Common Stock of Grabagun Digital Holdings, Inc.
• This ownership represents approximately 6.7% of the outstanding Common Stock, based on 31,542,268 shares outstanding as of August 14, 2025.
• The beneficially owned shares are primarily derived from warrants to purchase 2,252,544 shares of Common Stock, held by LMR Multi-Strategy Master Fund Limited and LMR CCSA Master Fund Ltd.
• The reporting persons have shared voting and dispositive power over all 2,252,544 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership, indicating a neutral sentiment. It does not contain positive or negative performance metrics or strategic announcements.

Positives

• A significant stake (6.7%) by an institutional investor group like LMR Partners could be interpreted as a vote of confidence in Grabagun Digital Holdings, Inc.'s long-term prospects.
• The investment is stated to be in the ordinary course of business, indicating a passive, investment-oriented approach rather than an activist one.

Future Outlook

The filing does not contain any forward-looking statements or guidance from the reporting persons regarding Grabagun Digital Holdings, Inc.'s future performance or strategic direction. The investment is certified as being held in the ordinary course of business and not for the purpose of influencing control.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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 represents a standard disclosure of a significant passive investment by an institutional fund manager in a publicly traded company. It does not provide specific insights into broader industry trends or competitive dynamics, but rather reflects an investment decision within the digital holdings sector.

Related Party Transactions

• LMR Partners LLP, LMR Partners Limited, LMR Partners LLC, LMR Partners AG, LMR Partners (DIFC) Limited, and LMR Partners (Ireland) Limited serve as investment managers to LMR Multi-Strategy Master Fund Limited and LMR CCSA Master Fund Ltd, which directly hold the warrants and shares. Ben Levine and Stefan Renold are ultimately in control of the investment and voting decisions of the LMR Investment Managers.

Stakeholder Impact

• Shareholders may view the disclosure of a significant stake by an institutional investor group as a positive signal, potentially indicating confidence in the company's value or future prospects.
• The passive nature of the investment, as certified by the reporting persons, suggests no immediate intent to influence management or corporate strategy, which may reassure current management and other long-term shareholders.

Key Dates

Keywords

Grabagun Digital Holdings, LMR Partners, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Warrants, Passive Investment