<SEC-DOCUMENT>0000950170-25-068288.txt : 20250509
<SEC-HEADER>0000950170-25-068288.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509173145
ACCESSION NUMBER:		0000950170-25-068288
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NASDAQ, INC.
		CENTRAL INDEX KEY:			0001120193
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				521165937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-78034
		FILM NUMBER:		25931875

	BUSINESS ADDRESS:	
		STREET 1:		151 W. 42ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		1 212 401 8700

	MAIL ADDRESS:	
		STREET 1:		151 W. 42ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NASDAQ OMX GROUP, INC.
		DATE OF NAME CHANGE:	20080227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NASDAQ STOCK MARKET INC
		DATE OF NAME CHANGE:	20010423

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Argus Seller, LP
		CENTRAL INDEX KEY:			0001993263
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		ONE MARKET PLAZA, SPEAR TOWER
		STREET 2:		SUITE 2400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94150
		BUSINESS PHONE:		415-263-3660

	MAIL ADDRESS:	
		STREET 1:		ONE MARKET PLAZA, SPEAR TOWER
		STREET 2:		SUITE 2400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94150

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adenza Parent, LP
		DATE OF NAME CHANGE:	20230912
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001993263</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>05/07/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001120193</issuerCIK>
        <issuerCUSIP>631103108</issuerCUSIP>
        <issuerName>Nasdaq, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">151 W. 42nd Street</street1>
          <city xmlns="http://www.sec.gov/edgar/common">New York</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NY</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">10036</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Gerald T. Nowak</personName>
          <personPhoneNum>(312) 254-3300</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">110 N. Wacker Drive</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">32nd Floor</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Chicago</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">IL</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">60606</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001993263</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Argus Seller, LP</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>SC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>25474207</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>25474207</sharedDispositivePower>
        <aggregateAmountOwned>25474207</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.44</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001813487</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Thoma Bravo UGP, LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>25474207</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>25474207</sharedDispositivePower>
        <aggregateAmountOwned>25474207</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.44</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>Nasdaq, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">151 W. 42nd Street</street1>
          <city xmlns="http://www.sec.gov/edgar/common">New York</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NY</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">10036</zipCode>
        </issuerPrincipalAddress>
        <commentText>Explanatory Note

     The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on November 3, 2023, as amended by Amendment No. 1 filed on July 30, 2024 (the "Existing 13D"), is hereby amended in this Amendment No. 2 as set forth below (the "Amendment" or "Statement"). Except as set forth herein, the Existing 13D is unmodified and remains in full force and effect. Capitalized terms not defined herein have the meanings ascribed to them in the Existing 13D.

     The Amendment is being filed to report changes in the beneficial ownership of the Reporting Persons with respect to the voting common stock, par value $0.01 per share (the "Common Stock"), of Nasdaq, Inc., a Delaware corporation (the "Issuer"), and reflects a reduction in reported beneficial ownership due to a sale of Common Stock made by the Reporting Persons in an open market transaction.

     Item 1 of the Existing 13D is hereby amended and restated in its entirety to state the following:

     The class of equity security to which this Statement relates is the Common Stock of the Issuer. The principal executive offices of the Issuer are located at 151 W. 42nd Street, New York, New York 10036. Percentages in this Statement are calculated assuming 574,121,620 shares of Common Stock outstanding as of April 22, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on April 28, 2025.

     As of May 7, 2025, as reflected in this Statement, the Reporting Persons beneficially owned that number of shares of Common Stock set forth on the cover pages hereto, which information is hereby incorporated by reference into this Item 1.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>     Items 5(a) and (b) of the Existing 13D are hereby amended and restated in their entirety:

     (a) - (b) The percentages of beneficial ownership in this Statement are based on an aggregate of 574,121,620 shares of Common Stock outstanding as of April 22, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on April 28, 2025.

     The aggregate number of shares of Common Stock beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Statement and are incorporated herein by reference.
</percentageOfClassSecurities>
        <numberOfShares>The response to Item 5(a) is incorporated herein by reference.</numberOfShares>
        <transactionDesc>     The Reporting Persons did not effect any transactions in the Common Stock during the sixty day period prior to the filing of this Amendment that have not been previously reported, other than the sale on May 7, 2025 of 17,330,000 shares of Common Stock in an open market transaction at a price of $77.90 per share.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>     Effective on May 7, 2025, Argus Seller and Thoma Bravo UGP ceased to beneficially own more than five percent of the outstanding shares of Common Stock of the Issuer.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>99.1	Joint Filing Agreement, dated November 3, 2023, by and among the Reporting Persons (incorporated by reference to Exhibit 99.1 to Schedule 13D filed with the Securities and Exchange Commission by the Reporting Persons on November 3, 2023).</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Argus Seller, LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Holden Spaht</signature>
          <title>Holden Spaht, Vice President and Assistant Treasurer</title>
          <date>05/09/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Thoma Bravo UGP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Holden Spaht</signature>
          <title>Holden Spaht, Managing Partner</title>
          <date>05/09/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
