STAHL MURRAY Form 4 Filed 2025-06-06

FORM 4

☐	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ^*

STAHL MURRAY

2. Issuer Name and Ticker or Trading Symbol
Horizon Kinetics Holding Corp [HKHC]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
CEO and CIO

(Last)

(First)

(Middle)

470 PARK AVENUE SOUTH, 8TH FLOOR SOUTH

3. Date of Earliest Transaction (Month/Day/Year)
06/05/2025

(Street)

NEW YORK, NY 10016

(City)

(State)

(Zip)

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check applicable line)

______ Form Filed by One Reporting Person
__X__ Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/05/2025		P		8	A	$41	248,833⁽¹⁾	D
Common Stock	06/05/2025		P		2	A	$41	8,216,555⁽²⁾	I	Horizon Common Inc.
Common Stock								5	I	Spouse
Common Stock								823,863⁽³⁾	I	FRMO Corp.
Common Stock								6,900⁽⁴⁾	I	Kinetics Institutional Partners LP
Common Stock								5,810⁽⁴⁾	I	Kinetics Partners LP
Common Stock								951⁽⁴⁾	I	Horizon Kinetics Asset Management LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
STAHL MURRAY 470 PARK AVENUE SOUTH 8TH FLOOR SOUTH NEW YORK, NY 10016	X	X	CEO and CIO
Horizon Common Inc 470 PARK AVENUE SOUTH 8TH FLOOR SOUTH NEW YORK, NY 10016		X

Explanation of Responses:

1.	Mr. Stahl received 248,460 shares on August 1, 2024 in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc.
2.	Horizon Common Inc. received 8,214,337 shares in connection with the merger between Horizon Kinetics LLC and Scott's Liquid Gold-Inc. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 21% of those held by Horizon Common Inc. He disclaims beneficial ownership over the remaining shares.
3.	FRMO Corp. received 823,863 shares in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 16% of those held by FRMO Corp. He disclaims beneficial ownership over the remaining shares.
4.	Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

	Signatures
	/s/ Jay Kesslen, attorney-in-fact	06/06/2025
	** Signature of Reporting Person	Date
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