<SEC-DOCUMENT>0001704720-25-000222.txt : 20251202
<SEC-HEADER>0001704720-25-000222.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202172051
ACCESSION NUMBER:		0001704720-25-000222
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251202

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			System1, Inc.
		CENTRAL INDEX KEY:			0001805833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				923978051
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91754
		FILM NUMBER:		251544185

	BUSINESS ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL REY
		STATE:			CA
		ZIP:			90066
		BUSINESS PHONE:		310-924-6037

	MAIL ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL RAY
		STATE:			CA
		ZIP:			90066

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trebia Acquisition Corp.
		DATE OF NAME CHANGE:	20200306

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOLEY WILLIAM P II
		CENTRAL INDEX KEY:			0000903213
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	MAIL ADDRESS:	
		STREET 1:		FIDELITY NATIONAL FINANCIAL, INC.
		STREET 2:		601 RIVERSIDE AVENUE
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32204
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000903213-23-000011</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000903213</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class A Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>11/05/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001805833</issuerCik>
        <issuerName>System1, Inc.</issuerName>
        <issuerCusip>87200P109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>4235 Redwood Avenue</com:street1>
          <com:city>Marina Del Rey</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>90066</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>William P. Foley, II</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>390473.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>390473.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>390473.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.8</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>The calculation in this Amendment No. 1 of the percentage of Class A common stock outstanding beneficially owned by the Reporting Persons is based on 8,128,321 shares of Class A common stock outstanding as of October 29, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025. As a result, the Reporting Persons' ownership changed by more than one percent from its ownership reported in the Schedule 13G originally filed.

As of the date of this Amendment No. 1, the Reporting Persons beneficially owned an aggregate of 390,473 shares of Class A Common Stock, which includes (i) 385,137 shares of Class A Common Stock directly owned by William P. Foley, II and (ii) 5,336 shares of Class A Common Stock directly owned by Trasimene Trebia, LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Trasimene Trebia, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>5336.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>5336.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5336.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.1</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The calculation in this Amendment No. 1 of the percentage of Class A common stock outstanding beneficially owned by the Reporting Persons is based on 8,128,321 shares of Class A common stock outstanding as of October 29, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025. As a result, the Reporting Persons' ownership changed by more than one percent from its ownership reported in the Schedule 13G originally filed.

As of the date of this Amendment No. 1, the Reporting Persons beneficially owned an aggregate of 390,473 shares of Class A Common Stock, which includes (i) 385,137 shares of Class A Common Stock directly owned by William P. Foley, II and (ii) 5,336 shares of Class A Common Stock directly owned by Trasimene Trebia, LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>System1, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>4235 Redwood Avenue, Marina Del Rey, CA, 90066</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is being filed on behalf of William P. Foley, II ("Mr. Foley") and Trasimene Trebia, LLC ("TT") (collectively, the "Reporting Persons").  TT is a Delaware limited liability company and Mr. Foley is a citizen of the United States and is the sole member and Manager and Executive Chairman of TT.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1701 Village Center Circle
Las Vegas, NV 89134</principalBusinessOfficeOrResidenceAddress>
        <citizenship>UNITED STATES</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Incorporated by reference from item 9 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.</amountBeneficiallyOwned>
        <classPercent>Incorporated by reference from item 11 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Incorporated by reference from item 5 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Incorporated by reference from item 6 of each cover page of this Amendment No. 1 to schedule 13G.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Incorporated by reference from item 7 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Incorporated by reference from item 8 of each cover page of this Amendment No. 1 to schedule 13G.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, 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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>William P. Foley, II</reportingPersonName>
      <signatureDetails>
        <signature>William P. Foley, II</signature>
        <title>William P. Foley, II</title>
        <date>12/02/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Trasimene Trebia, LLC</reportingPersonName>
      <signatureDetails>
        <signature>Trasimene Trebia, LLC</signature>
        <title>William P. Foley, II, Manager and Executive Chairman</title>
        <date>12/02/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
