Bullish grants 5,877 RSUs to director Blumer

Bullish director and ten percent owner Brendan Francis Blumer received a 5,877-RSU equity award vesting in 2027, bringing his direct holdings to over 39 million Ordinary Shares.

Rhea-AI Filing Summary

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

Bullish (BLSH) reported that director and ten percent owner Brendan Francis Blumer received an award of 5,877 restricted share units (RSUs) of Ordinary Shares on September 3, 2026. The RSUs vest in full on September 1, 2027. Following this grant, he holds 39,167,885 Ordinary Shares directly. The grant was made at a stated price of $0.00 per share under the Bullish 2025 Omnibus Incentive Plan, and no Rule 10b5-1 trading plan is reported. Bullish notes that, as a foreign private issuer, these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.

Insider Trade Summary

Grant/Award: 5,877 shares

Grant/Award 1 txn

Insider Blumer Brendan Francis

Role Director, 10% Owner

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

Holdings After Transaction: Ordinary Shares — 39,167,885 shares (Direct)

Footnotes (1)

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.

Key Figures

RSUs granted: 5,877 restricted share units Transaction price per share: $0.00 per share Shares owned after transaction: 39,167,885 Ordinary Shares +2 more

5 metrics

RSUs granted 5,877 restricted share units Equity award to Brendan Francis Blumer on September 3, 2026

Transaction price per share $0.00 per share Stated price for the RSU award on September 3, 2026

Shares owned after transaction 39,167,885 Ordinary Shares Direct holdings of Brendan Francis Blumer following the RSU grant

RSU vesting date September 1, 2027 Date when 5,877 RSUs granted to Brendan Francis Blumer vest in full

Number of acquisition transactions 1 transaction Form 4 reports one non-derivative grant/award acquisition

Key Terms

restricted share units ("RSUs"), Bullish 2025 Omnibus Incentive Plan, foreign private issuer, Sections 16(b) and 16(c) of the Exchange Act

4 terms

restricted share units ("RSUs") financial

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

Bullish 2025 Omnibus Incentive Plan financial

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

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.

Sections 16(b) and 16(c) of the Exchange Act regulatory

"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c)"

FAQ

What insider transaction did Bullish (BLSH) report for Brendan Francis Blumer?

Bullish reported that Brendan Francis Blumer, a director and ten percent owner, received a grant of 5,877 restricted share units (RSUs) of Ordinary Shares on September 3, 2026 as an equity award under the Bullish 2025 Omnibus Incentive Plan.

How many Bullish (BLSH) shares does Brendan Francis Blumer hold after this Form 4 transaction?

After the reported RSU grant, Brendan Francis Blumer is shown as directly holding 39,167,885 Ordinary Shares of Bullish. This total reflects his position following the acquisition of 5,877 RSUs reported in the Form 4.

When do the newly granted RSUs to Brendan Francis Blumer at Bullish (BLSH) vest?

The 5,877 RSUs granted to Brendan Francis Blumer vest in full on September 1, 2027. Until that vesting date, the award remains subject to the terms and conditions of the Bullish 2025 Omnibus Incentive Plan.

Did Brendan Francis Blumer pay a price per share for the Bullish (BLSH) RSU grant?

No cash purchase price is indicated. The Form 4 reports the transaction price per share as $0.00, which is consistent with an equity award of restricted share units (RSUs) granted as compensation rather than bought on the market.

Was the Bullish (BLSH) insider transaction under a Rule 10b5-1 trading plan?

The filing indicates no Rule 10b5-1 trading plan: the plan-related checkbox is not marked, and the footnotes do not state that the RSU grant to Brendan Francis Blumer was made under a pre-arranged trading plan.

How are Bullish (BLSH) insider transactions treated under U.S. Exchange Act Sections 16(b) and 16(c)?

Bullish states that, due to its status as a foreign private issuer under Rule 3a12-3(b) of the Exchange Act, 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 09/08/2026 - 09:54 PM Accepted by SEC EDGAR 09/08/2026 - 09:54 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^*

Blumer Brendan Francis

(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	39,167,885	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)
				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.

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/ Brendan Francis Blumer	09/08/2026
	** 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)