Bullish CFO David Bonanno converts units to 1.74M shares

Of the 1,736,976 ordinary shares received, 1,141,146 were vested as of the filing date; the remaining shares remain subject to vesting.

Rhea-AI Filing Summary

On October 20, 2026, Bullish (BLSH) CFO David Bonanno disposed of 1,736,976 BMC1 incentive units and acquired 1,736,976 Bullish ordinary shares in an internal reorganization. BMC1, a Bullish subsidiary, merged with and into BMC3 LLC, another Bullish subsidiary; the incentive units were cancelled and converted into ordinary shares, with no cash or other consideration paid or received. The ordinary shares are subject to time-based vesting and performance conditions. As of the filing date, 1,141,146 shares were vested, and the remaining shares remain subject to vesting.

Insider Trade Summary

Other: 3,473,952 shares

Other 2 txns

Insider Bonanno David

Role CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Other	Incentive Units F1	1,736,976	$0.00	$0.00
Other	Ordinary Shares F1, F2	1,736,976	$0.00	$0.00

Holdings After Transaction: Incentive Units — 0 contracts (Direct); Ordinary Shares — 1,736,976 shares (Direct)

Footnotes (2)

1. F1. On October 20, 2026, BMC1, a subsidiary of Bullish, merged with and into BMC3 LLC, a subsidiary of Bullish, as part of an internal reorganization. As consideration in the merger, incentive units of BMC1 held by the Reporting Person were cancelled and converted into 1,736,976 ordinary shares of the Issuer. No cash or other consideration was paid or received.
2. F2. The ordinary shares received by the Reporting Person are subject to time-based vesting and performance conditions. As of the date of this filing, 1,141,146 of the ordinary shares are vested, and the remaining shares remain subject to vesting.

Key Figures

Incentive units cancelled: 1,736,976 incentive units Ordinary shares acquired: 1,736,976 ordinary shares Ordinary shares vested: 1,141,146 ordinary shares

3 metrics

Incentive units cancelled 1,736,976 incentive units October 20, 2026

Ordinary shares acquired 1,736,976 ordinary shares Received in the conversion on October 20, 2026

Ordinary shares vested 1,141,146 ordinary shares Vested as of the filing date

Key Terms

internal reorganization, Incentive Units, time-based vesting, performance conditions, +1 more

5 terms

internal reorganization technical

"as part of an internal reorganization"

Incentive Units technical

"incentive units of BMC1 held by the Reporting Person were cancelled"

Incentive units are ownership stakes a company grants to employees, contractors or advisors as part of pay, which become valuable only after certain conditions are met (for example, after a period of time or when performance targets are hit). They matter to investors because they create potential future claims on profits or ownership—similar to performance-based coupons that convert into a slice of the business—and can dilute existing holders or change incentives for management.

time-based vesting technical

"subject to time-based vesting"

Time-based vesting is a schedule that gives employees or contractors ownership of granted stock or options gradually as they remain with a company, like unlocking rewards in a loyalty program the longer you stick around. For investors, it matters because it affects future share supply, management incentives and staff retention — all of which can influence company performance and dilution of existing shareholders.

performance conditions technical

"subject to time-based vesting and performance conditions"

foreign private issuer regulatory

"issuer's status as a foreign private issuer"

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.

FAQ

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

What happened to David Bonanno's BLSH incentive units?

On October 20, 2026, BMC1, a Bullish subsidiary, merged with and into BMC3 LLC, another Bullish subsidiary, as part of an internal reorganization. The incentive units were cancelled and converted into ordinary shares; no cash or other consideration was paid or received.

How many of David Bonanno's BLSH shares were vested?

As of the filing date, 1,141,146 of the 1,736,976 ordinary shares received were vested. The ordinary shares are subject to time-based vesting and performance conditions, and the remaining shares remain subject to vesting.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/22/2026 - 04:02 PM EDT Accepted by SEC EDGAR 10/22/2026 - 04:02 PM EDT 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^*

Bonanno David

(Last) (First) (Middle)

BULLISH, 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/20/2026

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	10/20/2026		J		1,736,976(1)(2)	A	$0(1)	1,736,976	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
Incentive Units	$0	10/20/2026		J			1,736,976	(1)	(1)	Ordinary Shares	1,736,976	$0	0	D

Explanation of Responses:

1. On October 20, 2026, BMC1, a subsidiary of Bullish, merged with and into BMC3 LLC, a subsidiary of Bullish, as part of an internal reorganization. As consideration in the merger, incentive units of BMC1 held by the Reporting Person were cancelled and converted into 1,736,976 ordinary shares of the Issuer. No cash or other consideration was paid or received.

2. The ordinary shares received by the Reporting Person are subject to time-based vesting and performance conditions. As of the date of this filing, 1,141,146 of the ordinary shares are vested, and the remaining shares remain subject to 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/ David Bonanno	10/22/2026
	** 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)