Bullish (BLSH) filings document foreign private issuer current reports and exhibits for an institutionally focused digital asset platform. Form 6-K reports furnish monthly metrics packages, earnings releases, and presentations covering trading volume, average trading spread, Bitcoin and Ethereum volatility measures, operating results, and capital-structure disclosures.
The filings also describe Bullish Exchange, Bullish Europe’s MiCAR-regulated spot trading and custody services, and CoinDesk’s indices, data, media, insights, and events businesses. Disclosure categories include material-event reports, governance matters, material agreements, shareholder voting matters, and financial and operating results.
Bullish Chief Executive Officer Farley Thomas W reported a mix of option exercises and share sales. On April 2 and April 27, 2026, he exercised derivative awards to acquire a total of 160,000 Ordinary Shares at a conversion price of $0.00, linked to Incentive Units in a Bullish subsidiary.
On May 11, 2026, he sold 80,000 Ordinary Shares in open-market transactions at weighted average prices ranging from about $41.90 to $45.00, under a pre-arranged Rule 10b5-1 trading plan. Following these transactions, his direct Ordinary Share holdings reported in this filing were reduced to 0, while he continued to hold 4,893,528 Incentive Units that are exchangeable into Ordinary Shares upon vesting with no expiration date.
Bullish furnished its April 2026 monthly metrics, highlighting trading activity and market conditions on its digital asset platform. The report covers trading volume in billions of dollars across spot, options and perpetual products, average trading spreads in basis points, and monthly volatility for Bitcoin (BTC) and Ethereum (ETH).
The metrics are unaudited and preliminary for months in the latest fiscal quarter and may differ from final results in future SEC filings. Bullish also revised its March 2026 ETH volatility figure to 60% from 46% based on updated CoinDesk Data, noting that no Bullish financial metrics were affected. Definitions explain how trading volume, spreads and volatility are calculated.
Bullish furnished its April 2026 monthly metrics, highlighting trading activity and market conditions on its digital asset platform. The report covers trading volume in billions of dollars across spot, options and perpetual products, average trading spreads in basis points, and monthly volatility for Bitcoin (BTC) and Ethereum (ETH).
The metrics are unaudited and preliminary for months in the latest fiscal quarter and may differ from final results in future SEC filings. Bullish also revised its March 2026 ETH volatility figure to 60% from 46% based on updated CoinDesk Data, noting that no Bullish financial metrics were affected. Definitions explain how trading volume, spreads and volatility are calculated.
Bullish Chief Executive Officer Farley Thomas W reported selling 494 Ordinary Shares of the company on May 5, 2026 in two open-market transactions. After these sales, he directly holds 4,973,281 Ordinary Shares, indicating the trades were very small relative to his overall position.
Bullish plans to acquire Equiniti in a transaction valued at approximately $4.2 billion, combining Bullish’s digital-asset platform with Equiniti’s global transfer agent franchise. Bullish will assume $1.85 billion of Equiniti debt and issue about 61 million new shares, implying equity consideration of roughly $2.35 billion at $38.48 per share.
Management projects the combined company to generate about $1.3 billion of adjusted revenue and $500 million of adjusted EBITDA less capex in 2026, before synergies. Medium-term, they target 6–8%+ annual revenue growth, near 50% adjusted EBITDA less capex margins by 2029 and roughly $1 billion of cumulative free cash flow.
Bullish plans to acquire Equiniti from Siris in an all-stock transaction valued at $4.2 billion. Bullish will issue new ordinary shares, priced off a 30‑day VWAP of $38.4797, to Orbit I and Orbit II instead of paying cash, relying on private-offering exemptions.
Equiniti is a major global transfer agent for nearly 3,000 public companies, handling about $500 billion in annual payments and serving over 20 million shareholders. The deal is intended to create a leading transfer agent for tokenized securities, combining Equiniti’s registry infrastructure with Bullish’s blockchain, trading and CoinDesk data businesses.
Closing is targeted for the first quarter of 2027, subject to regulatory approvals and other customary conditions. A related option allows a Siris affiliate to buy designated non-core Equiniti assets for $100 million in cash. Post-closing, Siris-linked shareholders will receive board representation and be subject to staged lock-up and voting restrictions.
Bullish, an institutionally focused global digital asset platform, will release its first quarter 2026 financial results on May 14, 2026, and host an earnings conference call at 8:30 a.m. Eastern Time the same day, with a live webcast and replay on its investor relations website.
The company calculated fully diluted outstanding shares of 161,206,073 based on a Q1 2026 average BLSH close price of $35.071, and 161,266,541 shares based on the March 31, 2026 close price of $35.73. Bullish also highlights that it uses its website and X account to distribute information relevant to investors.
Bullish Chief Executive Officer Thomas W. Farley sold 80,000 Ordinary Shares of Bullish on 2026-04-10 in open-market transactions. The shares were sold at weighted average prices within ranges of $35.30 to $37.38, as disclosed in related footnotes.
The sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by the reporting person. After completing these transactions, Farley directly owned 4,973,528 Ordinary Shares.
Bullish furnished a Form 6-K presenting its unaudited monthly operating metrics for March 2026. Total trading volume reached $60.4B, including $52.9B in spot trading and additional activity in options and perpetual futures. The platform’s overall average trading spread, a proxy for trading cost and revenue yield, was 1.86 bps in March 2026. Reported monthly average volatility was 48% for BTC and 46% for ETH, based on CoinDesk Data indices.
The company emphasizes that these figures are unaudited, preliminary for the current fiscal quarter, and may differ from final results reported in its quarterly and annual filings. Bullish plans to continue releasing similar monthly metric packages after each month-end via its investor relations website.
Bullish director and 10% owner Brendan Blumer, through Buttonwood Investments I, exercised and settled a call option agreement covering 7,813 ordinary shares at an exercise price of $11.10 per share on April 2, 2026, eliminating this remaining derivative position.
Following these transactions, Blumer reports 39,157,869 ordinary shares held directly, plus 4,139 restricted share units granted on November 6, 2025 under the Bullish 2025 Omnibus Incentive Plan, which vest in full on September 1, 2026. He disclaims beneficial ownership of Buttonwood’s securities except to the extent of any pecuniary interest.
Bullish director and 10% owner Yuan Kokuei has filed an initial Form 3 detailing his ownership in the company’s ordinary shares. The filing reports direct ownership of 36,453,037 ordinary shares, plus an additional 4,139 restricted share units granted on November 6, 2025 that vest in full on September 1, 2026.
The document also notes 35,666 ordinary shares held indirectly through EFM Global Alternatives Growth Feeder Fund and related master funds. Kokuei holds non-voting shares in this fund, giving him a pecuniary interest in these securities, while he disclaims beneficial ownership beyond that economic interest.