Bullish (NYSE: BLSH) releases April 2026 trading and volatility data

Rhea-AI Filing Summary

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.

Key Figures

Revised ETH volatility: 60% Original ETH volatility: 46% Price interval granularity: 1-minute +1 more

4 metrics

Revised ETH volatility 60% March 2026 Ethereum annualized volatility after update

Original ETH volatility 46% Initial March 2026 Ethereum volatility before revision

Price interval granularity 1-minute Interval used to compute BTC and ETH volatility

Annualization factor √365 Factor applied to daily volatility to annualize

Key Terms

Trading Volume, Average Trading Spread, perpetual futures, standard deviation, +2 more

6 terms

Trading Volume financial

"Trading Volume represents the notional value of trades, i.e. the product of the quantity of assets transacted"

Trading volume is the total number of shares, units, or contracts that are bought and sold within a specific period. It indicates how active or busy a market is, much like how many customers visit a store in a day. Higher trading volume generally suggests greater interest and can influence the price movements of a financial asset.

Average Trading Spread financial

"Average Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period"

The average trading spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is asking for a financial asset, averaged over a certain period. It indicates how easily the asset can be bought or sold without affecting its price; a smaller spread usually means better liquidity and lower transaction costs for investors.

perpetual futures financial

"this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates"

Perpetual futures are contracts that let investors bet on an asset’s price without a set expiration date, combining the ability to use borrowed funds with a recurring small payment or receipt that keeps the contract price close to the actual market price. They matter because they offer continuous, high-leverage exposure and deep liquidity—useful for quick trading and price discovery—but also raise the risk of forced exits and amplified losses, so they change how investors manage risk.

standard deviation financial

"We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes"

automated market making financial

"integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity"

Automated market making is an electronic system that uses pre-set rules to constantly quote prices and buy or sell a security so trades can happen without a human middleman. Think of it like a vending machine that always lists a price and accepts trades: it makes it easier to buy or sell quickly, usually lowers the gap between buying and selling prices, and therefore affects transaction costs and how easily investors can enter or exit positions.

MiCAR regulatory

"Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services"

MiCAR is a regulatory framework from the European Union that sets rules for crypto assets and the firms that issue, trade, or manage them, like a traffic code for digital tokens and the services around them. It matters to investors because it aims to reduce fraud and operational risk, increase transparency, and create consistent rules across markets so crypto offerings and platforms become easier to compare and potentially safer to hold or trade.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of May 2026

Commission File No. 001-42797

BULLISH

Office 101, 103, 105 Suite 70202, Unit 7A-2B, 2nd Floor

Building A, Block 7, 60 Nexus Way, Camana Bay,

George Town, Grand Cayman, Cayman Islands, KY1-9005

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On May 7, 2026, Bullish issued a press release titled “Bullish releases April 2026 monthly metrics.” A copy of the press release and the monthly metrics for April 2026 are furnished as Exhibits 99.1 and 99.2, respectively, to this report on Form 6-K.

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press release of Bullish dated May 7, 2026
99.2	Monthly Metrics Report for April 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BULLISH
Date: May 7, 2026	By:	/s/ Jose A. Torres
		Jose A. Torres
		Chief Accounting Officer

Exhibit 99.1

Bullish releases April 2026 monthly metrics

5/7/2026

Cayman Islands, May 7, 2026 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for April 2026 on Thursday, May 7, 2026. 

These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors.bullish.com. 

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets. 

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X. 

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments. 

Contacts

Media: media@bullish.com 

Investor Relations: investors@bullish.com 

Source: Bullish 

Exhibit 99.2

Bullish

Monthly Metrics Report for April 2026

(Unaudited)

		2025																																																2026
		Jan				Feb				Mar				Apr				May				Jun				Jul				Aug				Sep				Oct				Nov				Dec				Jan				Feb				Mar				Apr
(B - in billions)
Trading Volume ($B)
Spot - BTC			34.6				30.9				43.2				39.2				32.8				19.9				20.8				18.2				16.4				38.2				38.4				25.9				22.5				41.8				29.1				20.9
Spot - ETH			18.3				19.2				14.9				10.9				12.0				9.5				11.1				12.8				8.8				15.1				14.1				9.6				8.4				12.9				8.0				5.4
Spot - Stablecoin		19.4				20.9					17.0				13.3				10.3				8.1				12.9				8.6				8.1				19.6				18.4				13.8				11.2				19.0				13.2				9.6
Spot - Other			4.8				3.8				2.7				2.2				2.6				2.4				4.0				4.6				4.1				4.6				4.4				2.9				3.4				3.7				2.7				2.1
Total Spot			77.1				74.8				77.7				65.5				57.6				39.9				48.8				44.3				37.3				77.5				75.3				52.2				45.4				77.4				52.9				38.0
Options																															0.0				0.0				0.0				2.8				6.2				4.8				3.6				3.2				5.6
Perpetual			6.6				7.8				8.0				6.8				5.8				4.1				5.0				4.6				2.2				3.0				2.7				2.6				2.0				3.1				4.4				3.4
Total Trading Volume			83.7				82.5				85.7				72.3				63.4				44.0				53.8				48.8				39.6				80.5				80.8				61.1				52.2				84.1				60.4				46.9
Average Trading Spread (bps)
Spot			2.14				1.97				1.87				1.65				1.55				1.58				1.76				2.55				1.96				1.75				1.94				1.82				1.74				2.22				2.01				2.05
Options																															1.00				0.93				1.29				1.34				1.66				1.95				2.42				1.86				2.50
Perpetual			(1.06	)			(1.41	)			(2.38	)			(1.47	)			(0.86	)			(1.22	)			(0.80	)			(0.65	)			0.21				(2.67	)			(0.13	)			(0.30	)			(0.61	)			0.37				0.09				(0.08	)
Average Trading Spread			1.90				1.65				1.47				1.36				1.32				1.32				1.52				2.25				1.86				1.59				1.85				1.71				1.67				2.16				1.86				1.95
Monthly Average Volatility
BTC			48	%			44	%			50	%			44	%			33	%			28	%			27	%			28	%			23	%			38	%			45	%			39	%			33	%			61	%			48	%			35	%
ETH			60	%			78	%			69	%			70	%			67	%			54	%			54	%			60	%			42	%			58	%			68	%			53	%			46	%			82	%			60	%1			44	%

**Figures may not sum due to rounding

¹The March 2026 ETH volatility figure has been revised from 46% to 60% to reflect updated market data; no Bullish financial metrics were affected.

Additional Information & Disclosures

This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at investors.bullish.com.

The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.

Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.

We use our Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Definitions

Trading Volume represents the notional value of trades, i.e. the product of the quantity of assets transacted and the trade price at the time the transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.

Average Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.

Volatility is calculated using 1-minute price intervals from CoinDesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period. 

FAQ

What did Bullish (BLSH) disclose in its April 2026 monthly metrics?

Bullish released April 2026 monthly metrics showing trading volume, average trading spreads, and volatility for Bitcoin and Ethereum. The figures give a high-level view of platform activity and market conditions for its spot, options and perpetual products on an unaudited, preliminary basis.

Which key metrics are included in Bullish (BLSH) April 2026 report?

The report includes notional trading volume in billions of dollars, average trading spreads in basis points, and monthly volatility for BTC and ETH. These metrics help describe trading activity, transaction costs and price variability on Bullish’s digital asset exchange platform.

How does Bullish (BLSH) define trading volume and average trading spread?

Trading volume is the notional value of matched trades, calculated as transacted quantity times trade price in U.S. dollar terms. Average trading spread equals total commissions earned in a period expressed as a percentage of trading volume, reflecting average revenue per unit of trading activity.

How is Bitcoin and Ethereum volatility calculated in Bullish’s April 2026 metrics?

Volatility uses one-minute price intervals from CoinDesk Data’s Adaptive Diversified Liquidity Index for BTC and ETH. Bullish calculates the standard deviation of minute-by-minute price changes, then annualizes this daily volatility by multiplying by the square root of 365, a standard risk-measure practice.

What change did Bullish (BLSH) make to March 2026 ETH volatility?

Bullish revised the March 2026 Ethereum volatility metric from 46% to 60% to reflect updated market data from CoinDesk Data. The company states that this revision affected only the reported volatility figure and did not impact any Bullish financial metrics in the monthly package.

Are Bullish (BLSH) April 2026 monthly metrics audited financials?

No. Bullish states that the monthly metrics, including those for months in the most recent fiscal quarter, are unaudited and preliminary. They are based on internal estimates and subject to completion of financial closing procedures, so final quarterly figures in SEC filings may differ.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 6.5 KB
• EX-99.2 EXHIBIT 99.2 199.0 KB