Bullish director's firm sells 100 shares at $40.10

The Bullish director's separate direct holding included 5,877 restricted share units scheduled to vest in full on September 1, 2027.

Rhea-AI Filing Summary

Bullish director Andrew Bliss reported that Bliss Capital Limited, an entity he controls, sold 100 ordinary shares on September 24, 2026, at $40.10 per share in one trade. The transaction was made under a Rule 10b5-1 trading plan. Following the sale, Bliss Capital Limited held 4,794,773 ordinary shares, and Bliss's separate direct holding was 10,016 ordinary shares.

Insider Trade Summary 10b5-1

Net Seller: 100 shares

Net Sell 2 txns

Insider Bliss Andrew

Role Director

Sold 100 shs ($4K)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares F1, F3	100	$40.10	$4K
holding	Ordinary Shares F2	--	--	--

Holdings After Transaction: Ordinary Shares — 4,794,773 shares (Indirect, By Bliss Capital Limited); Ordinary Shares — 10,016 shares (Direct)

Footnotes (3)

1. F1. This transaction was executed in one trade at a price of $40.10.
2. F2. Includes 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.
3. F3. 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

Shares sold: 100 ordinary shares Sale price: $40.10 per share Indirect holding: 4,794,773 ordinary shares +2 more

5 metrics

Shares sold 100 ordinary shares September 24, 2026

Sale price $40.10 per share One trade on September 24, 2026

Indirect holding 4,794,773 ordinary shares Held through Bliss Capital Limited following the transaction

Direct holding 10,016 ordinary shares Reported following the transaction

Restricted share units 5,877 RSUs Vest in full on September 1, 2027

Key Terms

Rule 10b5-1 trading plan, restricted share units, Omnibus Incentive Plan, beneficially own

4 terms

Rule 10b5-1 trading plan regulatory

"transaction was made under a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

restricted share units financial

"Includes 5,877 restricted share units"

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.

Omnibus Incentive Plan financial

"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.

beneficially own financial

"deemed to beneficially own the shares"

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.

FAQ

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

How many BLSH shares did Andrew Bliss sell, and at what price?

Bliss Capital Limited, an entity controlled by Bullish director Andrew Bliss, sold 100 ordinary shares on September 24, 2026, at $40.10 per share in one trade. The transaction was made under a Rule 10b5-1 trading plan.

When do Andrew Bliss's 5,877 BLSH restricted share units vest?

The 5,877 restricted share units included in the reported direct holding vest in full on September 1, 2027. Each unit represents a right to receive one ordinary share of Bullish upon vesting.

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

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Available on EDGAR 09/28/2026 - 05:55 PM Accepted by SEC EDGAR 09/28/2026 - 05:54 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).

X

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)

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2026

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	09/24/2026		S		100	D	$40.1(1)	4,794,773	I	By Bliss Capital Limited(3)
Ordinary Shares								10,016(2)	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. This transaction was executed in one trade at a price of $40.10.

2. Includes 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.

3. 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	09/28/2026
	** 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)