<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-03-10</periodOfReport>

    <issuer>
        <issuerCik>0001743725</issuerCik>
        <issuerName>GRID DYNAMICS HOLDINGS, INC.</issuerName>
        <issuerTradingSymbol>GDYN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001805673</rptOwnerCik>
            <rptOwnerName>Gryzlov Yury</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GRID DYNAMICS HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>6101 BOLLINGER CANYON ROAD, SUITE 465</rptOwnerStreet2>
            <rptOwnerCity>SAN RAMON</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94583</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>CHIEF OPERATING OFFICER</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>true</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-03-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>21266</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.22</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>523413</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 13, 2025.</footnote>
        <footnote id="F2">This transaction was executed in multiple trades at prices ranging from $6.07 to $6.45. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Anil Doradla, by power of attorney</signatureName>
        <signatureDate>2026-03-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
