Statement of Changes in Beneficial Ownership (4)

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 OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Livshitz Victoria	2. Issuer Name and Ticker or Trading Symbol GRID DYNAMICS HOLDINGS, INC. [ GDYN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) EVP of Customer Success
(Last)          (First)          (Middle) C/O GRID DYNAMICS HOLDINGS, INC., 5000 EXECUTIVE PARKWAY, SUITE 520	3. Date of Earliest Transaction (MM/DD/YYYY) 3/13/2021
(Street) SAN RAMON, CA 94583 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ 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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	3/13/2021		F		16299 (1)	D	$15.48	223888	D
Common Stock								627414	I	See footnote (2)
Common Stock								269176	I	See footnote (3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	Represents shares that have been withheld by the Issuer to satisfy tax withholding and remittance obligations in connection with the net settlement of restricted stock units.
(2)	The shares are held of record by the Victoria Livschitz Charitable Trust, for which the Reporting Person serves as trustee. Includes 349,610 shares received as a liquidating distribution from VLSK 2019 LLC in a transaction that was pro rata, in-kind, without consideration, in accordance with the exemptions under Rule 16a-9(a) and Rule 16a-13 of the Securities Exchange Act of 1934, as amended. In prior reports the Reporting Person reported beneficial ownership of the shares of Issuer held by VLSK 2019 LLC.
(3)	The shares are held of record by the Livschitz Children's Charitable Trust, for which the Reporting Person serves as trustee. Victoria Livschitz Charitable Trust, for which the Reporting Person serves as trustee. Includes 149,833 shares received as a liquidating distribution from VLSK 2019 LLC in a transaction that was pro rata, in-kind, without consideration, in accordance with the exemptions under Rule 16a-9(a) and Rule 16a-13 of the Securities Exchange Act of 1934, as amended. In prior reports the Reporting Person reported beneficial ownership of the shares of Issuer held by VLSK 2019 LLC.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Livshitz Victoria C/O GRID DYNAMICS HOLDINGS, INC. 5000 EXECUTIVE PARKWAY, SUITE 520 SAN RAMON, CA 94583			EVP of Customer Success

Signatures
/s/ Anil Doradla, by power of attorney		3/16/2021
**Signature of Reporting Person		Date