Bullish grants 5,877 RSUs to director Bliss

Bullish director Andrew Bliss received 5,877 RSUs that vest in 2027, increasing his reported direct and indirect equity exposure to the company.

Rhea-AI Filing Summary

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

Bullish (BLSH) reported that director Andrew Bliss received a grant of 5,877 restricted share units (RSUs) on September 3, 2026 under the Bullish 2025 Omnibus Incentive Plan. These RSUs vest in full on September 1, 2027, with each RSU delivering one ordinary share upon vesting.

Following this award, Bliss holds 10,016 ordinary shares directly and is deemed to beneficially own an additional 5,040,002 ordinary shares indirectly through Bliss Capital Limited, an entity he controls. Bullish is treated as a foreign private issuer, so these transactions are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act.

Insider Trade Summary

Grant/Award: 5,877 shares

Grant/Award 2 txns

Insider Bliss Andrew

Role Director

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 — 10,016 shares (Direct); Ordinary Shares — 5,040,002 shares (Indirect, By Bliss Capital Limited)

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. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.
2. F2. The reported securities are held indirectly through Bliss Capital Limited, an entity controlled by the Reporting Person. The Reporting Person is deemed to beneficially own the shares held by Bliss Capital Limited.

Key Figures

RSUs granted: 5,877 units RSU vesting date: September 1, 2027 Direct ordinary shares after transaction: 10,016 shares +2 more

5 metrics

RSUs granted 5,877 units Restricted share units granted to Andrew Bliss on September 3, 2026

RSU vesting date September 1, 2027 Date on which the 5,877 RSUs vest in full

Direct ordinary shares after transaction 10,016 shares Direct Bullish ordinary shares reported as held by Andrew Bliss after the grant

Indirect ordinary shares 5,040,002 shares Ordinary shares held indirectly through Bliss Capital Limited, deemed beneficially owned

Transaction price per RSU $0.00 per unit Grant, award, or other acquisition of RSUs with no purchase price

Key Terms

restricted share units, foreign private issuer, beneficially own, Omnibus Incentive Plan

4 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.

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.

beneficially own financial

"The Reporting Person is deemed to beneficially own the shares held by Bliss Capital Limited"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Bullish (BLSH) report for Andrew Bliss?

Bullish reported that director Andrew Bliss received a grant of 5,877 restricted share units (RSUs) on September 3, 2026 under the Bullish 2025 Omnibus Incentive Plan, with each RSU representing a right to receive one ordinary share upon vesting.

How many Bullish (BLSH) RSUs were granted and when do they vest?

Andrew Bliss was granted 5,877 RSUs, which vest in full on September 1, 2027. Upon vesting, each RSU entitles him to receive one ordinary share of Bullish.

What are Andrew Bliss’s direct Bullish (BLSH) share holdings after this Form 4?

After the reported RSU grant, Andrew Bliss holds 10,016 ordinary shares directly of Bullish, as stated in the filing’s post-transaction ownership data.

What indirect Bullish (BLSH) holdings does Andrew Bliss have?

The filing states that 5,040,002 ordinary shares are held indirectly through Bliss Capital Limited, an entity controlled by Andrew Bliss. He is deemed to beneficially own the shares held by Bliss Capital Limited.

Was the Bullish (BLSH) RSU grant to Andrew Bliss made under a Rule 10b5-1 plan?

The document-level indicator shows no Rule 10b5-1 trading plan for the reported transactions, and the footnotes do not describe any pre-arranged trading plan.

How does Bullish’s foreign private issuer status affect this Form 4?

The remarks state that, as a foreign private issuer, Bullish’s equity transactions by the reporting person are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 04:08 PM Accepted by SEC EDGAR 09/10/2026 - 04:07 PM 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^*

Bliss Andrew

(Last) (First) (Middle)

UNIT B1, THE GROVE TOO

ESTERLEY TIBBETTS HIGHWAY

(Street)

GRAND CAYMAN KY1-9006

(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
	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	10,016	D
Ordinary Shares								5,040,002	I	By Bliss Capital Limited(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. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

2. The reported securities are held indirectly through Bliss Capital Limited, an entity controlled by the Reporting Person. The Reporting Person is deemed to beneficially own the shares held by Bliss Capital Limited.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (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/ Andrew C. Bliss	09/10/2026
	** 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)