SCHEDULE 13G/A 0001140361-25-018934 0001512805 XXXXXXXX LIVE 1 Class A ordinary shares, $0.0001 par value per share 06/30/2025 0002029023 GSR III Acquisition Corp. G4R103107 5900 Balcones Drive Suite 100 Austin TX 78731 Rule 13d-1(b) Westchester Capital Management, LLC b DE 136057 380080 136057 380080 516137 N 2.2 IA * Based on 23,422,500 Shares outstanding as of May 14, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025. Virtus Investment Advisers, LLC DE 0 380080 0 380080 380080 N 1.62 IA * Based on 23,422,500 Shares outstanding as of May 14, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025. The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G. The Merger Fund MA 0 352805 0 352805 352805 N 1.51 IV * Based on 23,422,500 Shares outstanding as of May 14, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025. The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G. GSR III Acquisition Corp. 5900 Balcones Drive, Suite 100, Austin, Texas, 78731 This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, Virtus Investment Advisers, LLC ("Virtus"), a Delaware limited liability company, and The Merger Fund ("MF"), a Massachusetts business trust. Virtus, a registered investment adviser, serves as the investment adviser to MF and The Merger Fund VL ("MF VL"). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, MF VL and JNL Multi-Manager Alternative Fund ("JARB", together with MF and MF VL, the "Funds"). The Funds directly hold Ordinary Shares of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester. Westchester Capital Management, LLC 100 Summit Lake Drive, Valhalla, NY 10595 Virtus Investment Advisers, LLC One Financial Plaza, Hartford, CT 06103 The Merger Fund 101 Munson Street, Greenfield, MA 01301-9683 Each of Westchester and Virtus are organized under the laws of the State of Delaware. MF is organized under the laws of the State of Massachusetts. N IA IV Westchester Capital Management, LLC: 516,137 Virtus Investment Advisers, LLC: 380,080 The Merger Fund: 352,805 Westchester Capital Management, LLC: 2.20% Virtus Investment Advisers, LLC: 1.62% The Merger Fund: 1.51% Westchester Capital Management, LLC: 136,057 Virtus Investment Advisers, LLC: 0 The Merger Fund: 0 Westchester Capital Management, LLC: 380,080 Virtus Investment Advisers, LLC: 380,080 The Merger Fund: 352,805 Westchester Capital Management, LLC: 136,057 Virtus Investment Advisers, LLC: 0 The Merger Fund: 0 Westchester Capital Management, LLC: 380,080 Virtus Investment Advisers, LLC: 380,080 The Merger Fund: 352,805 N Y Y Y Y Y N 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. Westchester Capital Management, LLC /s/ CaSaundra Wu 08/14/2025 Virtus Investment Advisers, LLC /s/ Chetram Persaud 08/14/2025 The Merger Fund /s/ Daphne Chisolm 08/14/2025