Bullish CEO sells 80,000 shares under 10b5-1 plan
Bullish Chief Executive Officer Farley Thomas W reported a mix of option exercises and share sales.
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Form Type
4
Rhea-AI Filing Summary
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.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
8 txns
Insider
Farley Thomas W
Role
Chief Executive Officer
Sold
80,000 shs ($3.52M)
Approx. gross sale proceeds
$3.52M
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Ordinary Shares | 5,500 | $42.25 | $232K |
| Sale | Ordinary Shares | 21,050 | $43.47 | $915K |
| Sale | Ordinary Shares | 50,146 | $44.27 | $2.22M |
| Sale | Ordinary Shares | 3,304 | $44.95 | $149K |
| Exercise | Incentive Units | 80,000 | $0.00 | $0.00 |
| Exercise | Ordinary Shares | 80,000 | $0.00 | $0.00 |
| Exercise | Incentive Units | 80,000 | $0.00 | $0.00 |
| Exercise | Ordinary Shares | 80,000 | $0.00 | $0.00 |
Holdings After Transaction:
Incentive Units — 4,893,528 contracts (Direct);
Ordinary Shares — 0 shares (Direct)
Footnotes (6)
- F1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.
- F2. Represents the weighted average price of shares sold at prices that ranged from $41.90 to $42,89. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- F3. Represents the weighted average price of shares sold at prices that ranged from $42.90 to $43.89. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- F4. Represents the weighted average price of shares sold at prices that ranged from $43.91 to $44.90. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- F5. Represents the weighted average price of shares sold at prices that ranged from $44.91 to $45.00. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- F6. The incentive units in BMC1, a subsidiary of Bullish, are exchangeable for Ordinary Shares of Bullish upon vesting at any time, at the holder's election, and have no expiration date.
Key Figures
Shares sold: 80,000 Ordinary Shares
Sale price range: $41.90–$45.00 per share
Shares acquired via exercise: 160,000 Ordinary Shares
+3 more
6 metrics
Shares sold
80,000 Ordinary Shares
Open-market sales on May 11, 2026
Sale price range
$41.90–$45.00 per share
Weighted average price ranges from footnotes
Shares acquired via exercise
160,000 Ordinary Shares
Derivative exercise/conversion on April 2 and April 27, 2026
Incentive Units remaining
4,893,528 Incentive Units
Exchangeable into Ordinary Shares upon vesting, no expiration
Post-sale Ordinary Shares
0 Ordinary Shares
Total direct holdings after May 11, 2026 sales
Exercise price
$0.00 per share
Conversion price for exercised derivative awards
Key Terms
Rule 10b5-1 trading plan, weighted average price, Incentive Units, derivative exercise/conversion, +1 more
5 terms
Rule 10b5-1 trading plan financial
"The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"Represents the weighted average price of shares sold at prices that ranged from $41.90 to $42,89."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
Incentive Units financial
"The incentive units in BMC1, a subsidiary of Bullish, are exchangeable for Ordinary Shares of Bullish upon vesting at any time."
Incentive units are ownership stakes a company grants to employees, contractors or advisors as part of pay, which become valuable only after certain conditions are met (for example, after a period of time or when performance targets are hit). They matter to investors because they create potential future claims on profits or ownership—similar to performance-based coupons that convert into a slice of the business—and can dilute existing holders or change incentives for management.
derivative exercise/conversion financial
"transaction_action: derivative exercise/conversion for 80,000 Incentive Units into Ordinary Shares."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Bullish (BLSH) CEO Farley Thomas report?
Bullish CEO Farley Thomas reported exercising derivative awards for 160,000 Ordinary Shares and selling 80,000 Ordinary Shares on May 11, 2026. All sales were open-market transactions executed under a pre-arranged Rule 10b5-1 trading plan.
What derivative awards or Incentive Units does Bullish (BLSH) CEO still hold?
After the reported transactions, the CEO continued to hold 4,893,528 Incentive Units in BMC1, a Bullish subsidiary. These Incentive Units are exchangeable for Bullish Ordinary Shares upon vesting at the holder’s election and have no expiration date.
What was the scale of the Bullish (BLSH) CEO’s derivative exercises?
The CEO exercised derivative awards twice, on April 2 and April 27, 2026, each time for 80,000 Ordinary Shares. In total, 160,000 Ordinary Shares were acquired through derivative exercise/conversion transactions at a stated conversion price of $0.00 per share.
AI-generated analysis. How Rhea-AI works. Not financial advice.
