SCHEDULE: Goldman Sachs Reports Minimal Stake in GSR III Acquisition Corp

Goldman Sachs Group and its subsidiary Goldman Sachs & Co. LLC report a 0.0% beneficial ownership in GSR III Acquisition Corp's Class A ordinary shares.

Summary

• The Goldman Sachs Group, Inc. and its subsidiary, Goldman Sachs & Co. LLC, have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in GSR III ACQUISITION CORP.
• As of September 30, 2025, the reporting persons beneficially own an aggregate of 86.00 Class A ordinary shares, representing 0.0% of the class.
• Both entities share voting and dispositive power over these 86.00 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Goldman Sachs & Co. LLC is identified as a broker or dealer and an investment adviser, and a subsidiary of The Goldman Sachs Group, Inc.

Sentiment

Score: 5

Explanation: Neutral. This is a routine regulatory filing disclosing a negligible, passive ownership stake by a major financial institution. It provides no positive or negative operational or financial news about the issuer.

Positives

• Goldman Sachs' ownership is passive, indicating no intent to influence control.
• The filing is routine and demonstrates compliance with SEC regulations.

Negatives

• The ownership percentage is negligible (0.0%), suggesting minimal investment or a divestment to a very small holding.

Future Outlook

No forward-looking statements or guidance from GSR III ACQUISITION CORP are provided in this filing. The filing only concerns Goldman Sachs' current ownership.

Management Comments

• 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 is a routine disclosure by a major financial institution (Goldman Sachs) regarding a very small, passive stake in a Special Purpose Acquisition Company (SPAC). Such small holdings are common for large financial firms that may hold shares for various reasons (e.g., client accounts, market making, residual positions) without strategic intent. The 0.0% ownership indicates it is not a significant investment for Goldman Sachs.

Comparison to Industry Standards

• The 0.0% ownership by Goldman Sachs is extremely low, indicating it is not a significant institutional investor in GSR III ACQUISITION CORP.
• Compared to other institutional investors who typically file Schedule 13G for holdings above 5%, Goldman Sachs' stake is negligible and does not suggest any strategic interest or significant capital allocation to this particular SPAC.
• This contrasts with filings where major institutions take substantial positions (e.g., 5% or more) in companies, often signaling a strategic investment or active interest.

Corporate Governance

Stakeholder Impact

• Shareholders of GSR III ACQUISITION CORP: Minimal impact. The disclosure of a 0.0% stake by Goldman Sachs indicates no significant institutional interest or endorsement.
• Goldman Sachs Group Shareholders: No material impact. This is a negligible holding for a firm of Goldman Sachs' size.

Key Dates

Keywords

Goldman Sachs, GSR III Acquisition Corp, Schedule 13G, Beneficial Ownership, Class A ordinary share, SEC filing, Institutional Ownership, Passive Investment