Welcome to our dedicated page for BULLISH SEC filings (Ticker: BLSH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 reported that the Gibraltar Financial Services Commission has approved its platform to offer trading in issuer-sponsored tokenized securities. This positions Bullish as one of the first regulated venues for these products and targets eligible non-U.S. investors within Gibraltar’s supervisory framework.
The company links this approval to its strategy of building end-to-end infrastructure for tokenized securities. In May 2026, Bullish agreed to acquire Equiniti, a global transfer agent serving nearly 3,000 issuers and over 20 million shareholders, aiming to connect issuance, registry, and secondary trading on blockchain-based rails.
Trading in tokenized securities is expected to go live in the coming weeks, subject to pre-go-live conditions and ongoing work with the Gibraltar regulator. Bullish highlights potential benefits such as 24/7 trading, near-instant settlement, and more transparent issuer–shareholder relationships, while cautioning that these plans remain subject to regulatory and integration risks.
Bullish, an institutionally focused digital asset platform, released unaudited monthly metrics for May 2026. The report covers trading volume across spot, options and perpetual futures, average trading spreads and volatility for Bitcoin and Ethereum.
For May 2026, total trading volume was $32.9 billion, including $30.0 billion in total spot activity. The overall average trading spread was 2.23 basis points, indicating the average fee level relative to traded volume. Monthly average volatility was 28% for BTC and 36% for ETH, measuring how much prices moved during the period.
The company reiterates that these figures are unaudited and preliminary for the current quarter and should be considered alongside its latest quarterly and annual results and other SEC filings available on its investor relations website.
Bullish reports that 916.Investments Pte. Ltd., Nine One Six Limited and Alexander See each beneficially own 9,864,857 ordinary shares, representing 6.5% of outstanding ordinary shares.
The filing states 916.Investments Pte. Ltd. is the direct owner; Nine One Six Limited is the sole shareholder of 916 and an indirect beneficial owner; Alexander See is a controlling person and is deemed to share voting and dispositive power over the same 9,864,857 shares. The Schedule lists shared voting power and shared dispositive power of 9,864,857 and shows zero sole voting or dispositive power for each reporting person. Signatures by Alexander See are dated 05/20/2026.
Bullish reported a larger IFRS net loss for Q1 2026 but much stronger adjusted profitability. For the three months ended March 31, 2026, net loss widened to $604.9M, with basic and diluted loss per share of $3.85, mainly reflecting a $559.6M negative change in fair value of digital assets and sizeable impairment charges.
On a non-IFRS basis, adjusted revenue rose to $92.8M and adjusted EBITDA to $35.1M, with adjusted net income of $20.3M, all up sharply from Q1 2025. Gross liquid assets were $3.04B and net liquid assets $2.27B, while operating activities generated $90.9M of cash. Management reaffirmed full-year 2026 guidance. After quarter-end, Bullish agreed to acquire Equiniti in a transaction valued at about $4.2B, expected to close in the first quarter of 2027, subject to regulatory approvals and customary conditions.
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.