Bullish (BLSH) director Yuan Kokuei lists major share and RSU holdings

Rhea-AI Filing Summary

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.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Yuan Kokuei

(Last) (First) (Middle)

BULLISH, BUILDING A BLOCK 7 60 NEXUS WAY

CAMANA BAY, GEORGE TOWN

(Street)

GRAND CAYMAN CAYMAN ISLANDS KY1-9005

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Bullish [ BLSH ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	36,453,037	D
Ordinary Shares	35,666	I	See footnote(1)
Ordinary Shares(2)	4,139	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported securities are held indirectly through EFM Global Alternatives Growth Feeder Fund (the "Fund"), which invests through two master funds (the "Master Funds") that hold the reported securities. The Reporting Person holds non-voting shares in the Fund, which provide him with a pecuniary interest in the reported securities. The Reporting Person disclaims any beneficial ownership of the Fund, the Master Funds, or of any investment manager of any such entities, except to the extent of his pecuniary interests therein, and this report shall not be deemed an admission that such securities are beneficially owned by him for Section 16 or any other purpose.

2. Represents 4,139 restricted share units ("RSUs") granted to the Reporting Person on November 6, 2025, pursuant to the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2026. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Act, the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.

	/s/ Kokuei Yuan	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Yuan Kokuei’s Form 3 filing show for Bullish (BLSH)?

The Form 3 shows initial ownership by director and 10% owner Yuan Kokuei in Bullish. It lists large direct share holdings, indirect fund-linked holdings, and restricted share units that will convert into ordinary shares when they vest.

How many Bullish (BLSH) shares does Yuan Kokuei directly hold?

Yuan Kokuei directly holds 36,453,037 ordinary shares of Bullish. This position is reported as part of his initial Form 3 as a director and more than 10% owner, establishing his significant direct equity stake in the company.

What indirect Bullish (BLSH) holdings are reported for Yuan Kokuei?

The filing reports 35,666 ordinary shares held indirectly through EFM Global Alternatives Growth Feeder Fund and related master funds. Kokuei holds non-voting shares in the fund, giving him only a pecuniary interest in these Bullish securities.

What RSUs does Yuan Kokuei hold in Bullish (BLSH) and when do they vest?

Kokuei holds 4,139 restricted share units (RSUs) granted under the Bullish 2025 Omnibus Incentive Plan. These RSUs vest in full on September 1, 2026, with each RSU representing the right to receive one ordinary share at vesting.

Does Yuan Kokuei control voting or investment decisions for the indirect Bullish (BLSH) shares?

No. The filing explains Kokuei owns non-voting shares in the feeder fund that holds Bullish securities. He disclaims beneficial ownership of the fund and its managers, except for his pecuniary interest in those indirect holdings.

Why is Yuan Kokuei considered a 10% owner of Bullish (BLSH)?

He is reported as a more than 10% owner because of his substantial stake in Bullish ordinary shares. The Form 3 combines his direct holdings, indirect economic interests, and RSUs to reflect his overall equity exposure to the company.