Bullish (BLSH) CEO sells 80,000 shares, retaining 4.97M stake

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

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.

Insider Trade Summary 10b5-1

Net Seller: 80,000 shares ($2,912,819)

Net Sell 3 txns

Insider Farley Thomas W

Role Chief Executive Officer

Sold 80,000 shs ($2.91M)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares	29,858	$36.13	$1.08M
Sale	Ordinary Shares	49,042	$36.56	$1.79M
Sale	Ordinary Shares	1,100	$37.34	$41K

Holdings After Transaction: Ordinary Shares — 4,923,386 shares (Direct)

Footnotes (1)

The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. Represents the weighted average price of shares sold at prices that ranged from $35.30 to $36.29. 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. Represents the weighted average price of shares sold at prices that ranged from $36.30 to $37.29. 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. Represents the weighted average price of shares sold at prices that ranged from $37.32 to $37.38. 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.

Key Figures

Shares sold: 80,000 shares Post-transaction holdings: 4,973,528 shares Sale block 1: 29,858 shares at $36.13 +5 more

8 metrics

Shares sold 80,000 shares Total Ordinary Shares sold on April 10, 2026

Post-transaction holdings 4,973,528 shares Ordinary Shares directly owned after sales

Sale block 1 29,858 shares at $36.13 Open-market sale of Ordinary Shares on April 10, 2026

Sale block 2 49,042 shares at $36.56 Open-market sale of Ordinary Shares on April 10, 2026

Sale block 3 1,100 shares at $37.34 Open-market sale of Ordinary Shares on April 10, 2026

Price range 1 $35.30–$36.29 Range underlying weighted average price in footnote F2

Price range 2 $36.30–$37.29 Range underlying weighted average price in footnote F3

Price range 3 $37.32–$37.38 Range underlying weighted average price in footnote F4

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, Ordinary Shares, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"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 $35.30 to $36.29."

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.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Ordinary Shares financial

""security_title": "Ordinary Shares""

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

beneficially owned financial

"total_shares_following_transaction": "4973528.0000""

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Form 4 Insider Transactions: What Each Field Means →

04/13/2026 - 04:05 PM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Farley Thomas W

(Last)

(First)

(Middle)

OFFICE 101, 103, 105 SUITE 70202, BLDG A

BLOCK 7, 60 NEXUS WAY, CAMANA BAY

(Street)

GEORGE TOWN, GRAND CAYMAN

KY1-9005

(City)

(State)

(Zip)

CAYMAN ISLANDS

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Shares	04/10/2026		S		29,858⁽¹⁾	D	$36.13⁽²⁾	4,923,386	D
Ordinary Shares	04/10/2026		S		49,042⁽¹⁾	D	$36.56⁽³⁾	4,972,428	D
Ordinary Shares	04/10/2026		S		1,100⁽¹⁾	D	$37.34⁽⁴⁾	4,973,528	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

2. Represents the weighted average price of shares sold at prices that ranged from $35.30 to $36.29. 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.

3. Represents the weighted average price of shares sold at prices that ranged from $36.30 to $37.29. 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.

4. Represents the weighted average price of shares sold at prices that ranged from $37.32 to $37.38. 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.

	/s/ Thomas W. Farley	04/13/2026
	** 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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Bullish (BLSH) disclose in this Form 4 insider filing?

Bullish reported that CEO Thomas W. Farley sold 80,000 Ordinary Shares on April 10, 2026. The transactions were open-market sales executed under a Rule 10b5-1 trading plan, and he continued to hold 4,973,528 Ordinary Shares directly after the trades.

How many Bullish (BLSH) shares did the CEO sell and at what prices?

The CEO sold a total of 80,000 Ordinary Shares of Bullish. Weighted average sale prices fell within ranges of $35.30–$36.29, $36.30–$37.29, and $37.32–$37.38, with 29,858, 49,042 and 1,100 shares sold in each respective price range.

Does the Bullish (BLSH) Form 4 indicate a pre-planned trading arrangement?

Yes. A footnote states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. Such plans allow insiders to schedule trades in advance, helping separate routine portfolio management from discretionary market timing.

How many Bullish (BLSH) shares does the CEO hold after these sales?

Following the reported transactions, CEO Thomas W. Farley directly held 4,973,528 Ordinary Shares of Bullish. This post-transaction holding is disclosed in the Form 4 table as the total shares beneficially owned after the final open-market sale on April 10, 2026.

What type of transactions are reported in this Bullish (BLSH) Form 4?

All reported trades are non-derivative open-market sales of Ordinary Shares, coded as “S.” The filing’s transaction summary shows three sale transactions totaling 80,000 shares sold and no derivative exercises, gifts, tax withholdings, or restructuring-related movements.