Bullish awards 5,877 RSUs to director Simon Karen Jo

Director Simon Karen Jo received 5,877 RSUs in Bullish, vesting in 2027 and increasing reported direct holdings to 36,494 ordinary shares.

Rhea-AI Filing Summary

Bullish (BLSH) reported that director Simon Karen Jo received a grant of 5,877 restricted share units (RSUs) on September 3, 2026 under the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2027, and total direct holdings will be 36,494 ordinary shares after this award. Each RSU converts into one ordinary share upon vesting, and no cash price was paid for the grant.

Insider Trade Summary

Grant/Award: 5,877 shares

Grant/Award 1 txn

Insider Simon Karen Jo

Role Director

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

Holdings After Transaction: Ordinary Shares — 36,494 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. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

Key Figures

RSUs granted: 5,877 units Holdings after transaction: 36,494 shares Vesting date: September 1, 2027 +2 more

5 metrics

RSUs granted 5,877 units Restricted share units granted to Simon Karen Jo on September 3, 2026

Holdings after transaction 36,494 shares Total direct Bullish ordinary shares reported following the RSU grant

Vesting date September 1, 2027 Date when the 5,877 RSUs vest in full

Grant price $0.00 per share Reported per-unit price for the 5,877 RSUs granted as equity compensation

RSU-to-share ratio 1 RSU = 1 ordinary share Each RSU represents a right to receive one Bullish ordinary share upon vesting

Key Terms

restricted share units, Bullish 2025 Omnibus Incentive Plan, foreign private issuer, Sections 16(b) and 16(c)

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.

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) regulatory

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

FAQ

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

What insider transaction did Bullish (BLSH) report for Simon Karen Jo?

Bullish reported that director Simon Karen Jo received a grant of 5,877 restricted share units (RSUs) on September 3, 2026. The award was made under the Bullish 2025 Omnibus Incentive Plan and represents an equity-based compensation grant, not an open-market purchase.

When do the new RSUs granted to Bullish (BLSH) director Simon Karen Jo vest?

The 5,877 RSUs granted to director Simon Karen Jo vest in full on September 1, 2027. Upon vesting, each RSU entitles the holder to receive one ordinary share of Bullish, subject to the terms of the Bullish 2025 Omnibus Incentive Plan.

How many Bullish (BLSH) ordinary shares does Simon Karen Jo hold after this RSU grant?

After the reported grant, Simon Karen Jo is shown as directly holding 36,494 ordinary shares of Bullish. This figure reflects the addition of the 5,877 RSUs reported in the filing as an acquisition under a grant or award transaction.

Did Simon Karen Jo pay a purchase price for the new Bullish (BLSH) RSUs?

No cash purchase price was reported for the grant. The filing shows 5,877 RSUs acquired at a reported price of $0.00 per share, indicating the award was provided as equity compensation under the Bullish 2025 Omnibus Incentive Plan.

Are Bullish (BLSH) insider transactions by Simon Karen Jo subject to Section 16(b) and 16(c)?

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

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

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

Simon Karen Jo

(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	36,494	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. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

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/ Karen J. Simon	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)