Bullish director gets 5,877 RSUs equity award

Director and ten percent owner Yuan Kokuei received 5,877 RSUs in Bullish (BLSH) that vest in 2027, increasing his reported direct and indirect equity exposure.

Rhea-AI Filing Summary

Bullish (symbol: BLSH) is the issuer of record for a Form 4 filing submitted to the SEC. Yuan Kokuei reported acquisition or exercise transactions in this Form 4 filing.

Bullish (BLSH) reported that director and ten percent owner Yuan Kokuei received a grant of 5,877 restricted share units (RSUs) of Ordinary Shares on September 3, 2026, under the Bullish 2025 Omnibus Incentive Plan at a stated price of $0.00 per share.

The RSUs vest in full on September 1, 2027. After this award, Yuan Kokuei holds 36,463,053 Ordinary Shares directly, and an additional 35,666 Ordinary Shares indirectly through an investment fund in which he has only a pecuniary, non‑voting interest.

Insider Trade Summary

Grant/Award: 5,877 shares

Grant/Award 2 txns

Insider Yuan Kokuei

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Ordinary Shares F1	5,877	$0.00	$0.00
holding	Ordinary Shares F2	--	--	--

Holdings After Transaction: Ordinary Shares — 36,463,053 shares (Direct); Ordinary Shares — 35,666 shares (Indirect, See footnote)

Footnotes (2)

1. F1. Represents 5,877 restricted share units ("RSUs") granted to the Reporting Person pursuant to the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2027.
2. F2. 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.

Key Figures

RSUs granted: 5,877 RSUs RSU vesting date: September 1, 2027 Direct Ordinary Shares after transaction: 36,463,053 shares +2 more

5 metrics

RSUs granted 5,877 RSUs Restricted share units granted to Yuan Kokuei on September 3, 2026

RSU vesting date September 1, 2027 Vesting date for the 5,877 RSUs granted under the 2025 Omnibus Incentive Plan

Direct Ordinary Shares after transaction 36,463,053 shares Direct holdings of Bullish Ordinary Shares reported for Yuan Kokuei following the grant

Indirect Ordinary Shares 35,666 shares Indirect holdings through EFM Global Alternatives Growth Feeder Fund and its master funds

Award price per share $0.00 per share Stated price for the RSU grant of 5,877 Ordinary Shares

Key Terms

restricted share units, Omnibus Incentive Plan, foreign private issuer, pecuniary interest, +1 more

5 terms

restricted share units financial

"Represents 5,877 restricted share units ("RSUs") granted to the Reporting Person"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Omnibus Incentive Plan financial

"granted to the Reporting Person pursuant to the Bullish 2025 Omnibus Incentive Plan"

An omnibus incentive plan is a single, flexible program a company uses to give employees and executives different types of pay tied to performance — for example stock options, restricted shares, cash bonuses and other awards — all governed by one set of rules. It matters to investors because it determines how many new shares may be created, how leaders are motivated and how much the company will spend on compensation over time; think of it as a master toolbox that affects both costs and the total share supply.

foreign private issuer regulatory

"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

pecuniary interest financial

"provide him with a pecuniary interest in the reported securities"

beneficial ownership regulatory

"disclaims any beneficial ownership of the Fund, the Master Funds"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

What insider transaction did Bullish (BLSH) report for Yuan Kokuei?

Bullish reported that Yuan Kokuei, a director and ten percent owner, received a grant of 5,877 RSUs of Ordinary Shares on September 3, 2026 under the Bullish 2025 Omnibus Incentive Plan, with a stated price of $0.00 per share as an equity award.

When do the 5,877 RSUs granted to Yuan Kokuei at Bullish (BLSH) vest?

The 5,877 RSUs granted to Yuan Kokuei vest in full on September 1, 2027. Once vested, each RSU represents the right to receive one Ordinary Share, according to the grant description in the Bullish 2025 Omnibus Incentive Plan.

How many Bullish (BLSH) shares does Yuan Kokuei hold directly after this Form 4?

After the reported RSU grant, Yuan Kokuei holds 36,463,053 Ordinary Shares directly. This figure reflects his direct ownership position following the September 3, 2026 award transaction disclosed in the filing.

What indirect Bullish (BLSH) holdings are reported for Yuan Kokuei and through which entity?

The Form 4 reports 35,666 Ordinary Shares held indirectly through EFM Global Alternatives Growth Feeder Fund, which invests via two master funds. He holds non-voting shares in this fund, giving him only a pecuniary interest in those securities.

Are Bullish (BLSH) insider transactions by Yuan Kokuei subject to Exchange Act Sections 16(b) and 16(c)?

The filing states that because Bullish is a foreign private issuer under Rule 3a12‑3(b), the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Exchange Act.

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Available on EDGAR 09/09/2026 - 06:05 AM Accepted by SEC EDGAR 09/09/2026 - 06:04 AM Learn about SEC filing dates

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^*

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

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)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	09/03/2026		A		5,877(1)	A	$0	36,463,053	D
Ordinary Shares								35,666	I	See footnote(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 5,877 restricted share units ("RSUs") granted to the Reporting Person pursuant to the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2027.

2. 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.

Remarks:

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

	/s/ Kokuei Yuan	09/09/2026
	** 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)