Bullish director exercises 7,813-share call option
Accepted by SEC EDGAR
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Form Type
4
Rhea-AI Filing Summary
Bullish director and 10% owner Brendan Blumer, through Buttonwood Investments I, exercised and settled a call option agreement covering 7,813 ordinary shares at an exercise price of $11.10 per share on April 2, 2026, eliminating this remaining derivative position.
Following these transactions, Blumer reports 39,157,869 ordinary shares held directly, plus 4,139 restricted share units granted on November 6, 2025 under the Bullish 2025 Omnibus Incentive Plan, which vest in full on September 1, 2026. He disclaims beneficial ownership of Buttonwood’s securities except to the extent of any pecuniary interest.
Insider Trade Summary
7,813 shares exercised/converted
Exercise
1 txn
Insider
Blumer Brendan Francis
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| In-the-Money Exercise | Call Option (obligation to sell) | 7,813 | $0.00 | $0.00 |
| Holding | Ordinary Shares | -- | -- | -- |
| Holding | Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
Call Option (obligation to sell) — 0 contracts (Indirect, See Footnote);
Ordinary Shares — 39,162,008 shares (Direct)
Footnotes (2)
- F1. 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.
- F2. Represents the exercise and settlement of the remaining 7,813 shares subject to a previously disclosed call option agreement, as amended and modified from time to time, between Buttonwood Investments I ("Buttonwood") and the optionholders thereto. Buttonwood is an exempted company domiciled in the Cayman Islands with limited liability. Brendan Blumer (the "Reporting Person") holds 100% of the outstanding equity interests in Buttonwood and is a director of Buttonwood. The Reporting Person disclaims beneficial ownership of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is or was the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose
Key Figures
Optioned shares exercised: 7,813 shares
Exercise price: $11.10 per share
Direct ordinary share holdings: 39,157,869 shares
+2 more
5 metrics
Optioned shares exercised
7,813 shares
Call option exercise and settlement on April 2, 2026
Exercise price
$11.10 per share
Call option on 7,813 ordinary shares
Direct ordinary share holdings
39,157,869 shares
Total ordinary shares held directly after transactions
Restricted share units
4,139 RSUs
Granted November 6, 2025; vesting September 1, 2026
Derivative positions remaining
0 derivative securities
All 7,813 shares under the call option exercised and settled
Key Terms
restricted share units, Bullish 2025 Omnibus Incentive Plan, pecuniary interest, Section 16 of the Securities Exchange Act of 1934, +1 more
5 terms
Bullish 2025 Omnibus Incentive Plan financial
"granted to the Reporting Person on November 6, 2025, pursuant to the Bullish 2025 Omnibus Incentive Plan"
pecuniary interest regulatory
"except to the extent of his pecuniary interest therein, if any"
Section 16 of the Securities Exchange Act of 1934 regulatory
"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"
A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.
call option agreement financial
"exercise and settlement of the remaining 7,813 shares subject to a previously disclosed call option agreement"
A call option agreement is a contract that gives one party the right, but not the obligation, to buy a specified number of shares or another asset from the other party at a pre-agreed price before a set deadline. Think of it like a refundable ticket that locks in a purchase price for a future date; it matters to investors because it offers a way to profit from or protect against price moves with less upfront cash, while the seller takes on the obligation and potential downside.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Bullish (BLSH) report for Brendan Blumer?
Bullish reported that an entity associated with director and 10% owner Brendan Blumer exercised and settled a call option covering 7,813 ordinary shares at $11.10 per share on April 2, 2026, closing out this remaining derivative position linked to those shares.
Who is Buttonwood Investments I in relation to Bullish (BLSH) insider transactions?
Buttonwood Investments I is a Cayman Islands exempted company referenced in the option agreement. Brendan Blumer holds 100% of Buttonwood’s equity interests and is a director, but he disclaims beneficial ownership of its securities for Section 16 purposes except to the extent of his pecuniary interest.
Did Brendan Blumer’s Bullish (BLSH) Form 4 involve open-market buying or selling?
The Form 4 describes an exercise and settlement of a call option covering 7,813 shares at an $11.10 exercise price, not an open-market purchase or sale. The filing focuses on closing this derivative position, alongside updating Blumer’s direct share and RSU holdings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
