content: <?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
    <headerData>
      <submissionType>144</submissionType>
      <filerInfo>
        <filer>
          <filerCredentials>
            <cik>0001717494</cik>
            <ccc>XXXXXXXX</ccc>
          </filerCredentials>
        </filer>
        <liveTestFlag>LIVE</liveTestFlag>
  
  
  
      </filerInfo>
    </headerData>
    <formData>
      <issuerInfo>
        <issuerCik>0001531978</issuerCik>
        <issuerName>Paragon 28, Inc.</issuerName>
        <secFileNumber>001-40902</secFileNumber>
        <issuerAddress>
          <com:street1>14445 GRASSLANDS DRIVE</com:street1>
          <com:city>ENGLEWOOD</com:city>
          <com:stateOrCountry>CO</com:stateOrCountry>
          <com:zipCode>80112</com:zipCode>
        </issuerAddress>
        <issuerContactPhone>720-912-1332</issuerContactPhone>
        <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Piper Sandler Merchant Banking Fund II, L.P.</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
        <relationshipsToIssuer>
          <relationshipToIssuer>Director</relationshipToIssuer>
        </relationshipsToIssuer>
      </issuerInfo>
      <securitiesInformation>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <brokerOrMarketmakerDetails>
          <name>Piper Sandler &amp; Co Inc</name>
          <address>
            <com:street1>800 Nicollet Mall</com:street1>
            <com:city>Minneapolis</com:city>
            <com:stateOrCountry>MN</com:stateOrCountry>
            <com:zipCode>55402</com:zipCode>
          </address>
        </brokerOrMarketmakerDetails>
        <noOfUnitsSold>397500</noOfUnitsSold>
        <aggregateMarketValue>4054500.00</aggregateMarketValue>
        <noOfUnitsOutstanding>83720346</noOfUnitsOutstanding>
        <approxSaleDate>11/19/2024</approxSaleDate>
        <securitiesExchangeName>NYSE</securitiesExchangeName>
      </securitiesInformation>
      <securitiesToBeSold>
        <securitiesClassTitle>Common Stock</securitiesClassTitle>
        <acquiredDate>07/28/2020</acquiredDate>
        <natureOfAcquisitionTransaction>Investment</natureOfAcquisitionTransaction>
        <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
        <isGiftTransaction>N</isGiftTransaction>
        <amountOfSecuritiesAcquired>397500</amountOfSecuritiesAcquired>
        <paymentDate>07/28/2020</paymentDate>
        <natureOfPayment>Cash</natureOfPayment>
      </securitiesToBeSold>
      <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
      <noticeSignature>
        <noticeDate>11/19/2024</noticeDate>
        <planAdoptionDates>
          <planAdoptionDate>08/21/2024</planAdoptionDate>
        </planAdoptionDates>
        <signature>Alex Johnson, a duly authorized representative of Piper Sandler &amp; Co Corporate &amp; Venture Services FA, as attorney-in-fact for PS MB Fund II LP</signature>
      </noticeSignature>
    </formData>
  </edgarSubmission>
metadata_documents: [{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 2983}]
text: 144
  0001717494
  XXXXXXXX
  LIVE
  0001531978
  Paragon 28, Inc.
  001-40902
  14445 GRASSLANDS DRIVE
  ENGLEWOOD
  CO
  80112
  720-912-1332
  Piper Sandler Merchant Banking Fund II, L.P.
  Director
  Common Stock
  Piper Sandler & Co Inc
  800 Nicollet Mall
  Minneapolis
  MN
  55402
  397500
  4054500.00
  83720346
  11/19/2024
  NYSE
  Common Stock
  07/28/2020
  Investment
  Issuer
  N
  397500
  07/28/2020
  Cash
  Y
  11/19/2024
  08/21/2024
  Alex Johnson, a duly authorized representative of Piper Sandler & Co Corporate & Venture Services FA, as attorney-in-fact for PS MB Fund II LP