Bullish Director's Firm Sells 245,129 Shares

The reported direct holding includes 5,877 restricted share units that vest in full on September 1, 2027.

Rhea-AI Filing Summary

Bullish (BLSH) director Andrew Bliss reported three indirect sales by Bliss Capital Limited, an entity he controls, totaling 245,129 ordinary shares on September 21–23, 2026. The weighted average sale prices were $40.2049 on September 21, $40.7861 on September 22, and $40.2166 on September 23. The sales were made under a Rule 10b5-1 plan. A direct holding reported on September 21 was 10,016 ordinary shares, including 5,877 RSUs that vest in full on September 1, 2027.

Insider Trade Summary 10b5-1

Net Seller: 245,129 shares

Net Sell 4 txns

Insider Bliss Andrew

Role Director

Sold 245,129 shs ($9.92M)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares F3, F5	59,976	$40.2166	$2.41M
Sale	Ordinary Shares F2, F5	108,200	$40.7861	$4.41M
Sale	Ordinary Shares F1, F5	76,953	$40.2049	$3.09M
holding	Ordinary Shares F4	--	--	--

Holdings After Transaction: Ordinary Shares — 4,794,873 shares (Indirect, By Bliss Capital Limited); Ordinary Shares — 10,016 shares (Direct)

Footnotes (5)

1. F1. Represents the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $40.58.
2. F2. Represents the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $41.41.
3. F3. Represents the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $40.97.
4. F4. 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.
5. F5. The reported securities are held indirectly through By 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: 76,953 shares Weighted average sale price: $40.2049 per share Shares sold: 108,200 shares +5 more

8 metrics

Shares sold 76,953 shares September 21, 2026

Weighted average sale price $40.2049 per share September 21, 2026

Shares sold 108,200 shares September 22, 2026

Weighted average sale price $40.7861 per share September 22, 2026

Shares sold 59,976 shares September 23, 2026

Weighted average sale price $40.2166 per share September 23, 2026

Direct ordinary-share holding 10,016 shares Reported on September 21, 2026

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

Key Terms

weighted average price, restricted share units, beneficially own

3 terms

weighted average price financial

"Represents the weighted average price of shares sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

restricted share units financial

"Includes 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.

beneficially own regulatory

"deemed to beneficially own the shares held by Bliss Capital Limited"

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 Bullish (BLSH) shares were sold?

Bliss Capital Limited sold 245,129 ordinary shares across September 21, 22, and 23, 2026. The shares were held indirectly through the entity, which is controlled by director Andrew Bliss; he is deemed to beneficially own the shares held by the entity.

What were the BLSH sale prices?

The weighted average sale prices were $40.2049 per share on September 21, 2026, $40.7861 per share on September 22, 2026, and $40.2166 per share on September 23, 2026.

Were the Bullish share sales made under a trading plan?

Yes. The reported sales were made under a Rule 10b5-1 plan and covered 245,129 shares sold by Bliss Capital Limited on September 21, 22, and 23, 2026.

How many Bullish shares and RSUs were reported as directly held?

The direct holding reported on September 21, 2026 was 10,016 ordinary shares, including 5,877 restricted share units. The RSUs vest in full on September 1, 2027, and each represents a right to receive one ordinary share upon vesting.

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

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Available on EDGAR 09/23/2026 - 09:31 PM Accepted by SEC EDGAR 09/23/2026 - 09:30 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)
09/21/2026

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	09/21/2026		S		76,953	D	$40.2049(1)	4,963,049	I	By Bliss Capital Limited(5)
Ordinary Shares	09/22/2026		S		108,200	D	$40.7861(2)	4,854,849	I	By Bliss Capital Limited(5)
Ordinary Shares	09/23/2026		S		59,976	D	$40.2166(3)	4,794,873	I	By Bliss Capital Limited(5)
Ordinary Shares								10,016(4)	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 the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $40.58.

2. Represents the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $41.41.

3. Represents the weighted average price of shares sold in multiple transactions at prices that ranged from $40.00 to $40.97.

4. 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.

5. The reported securities are held indirectly through By 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	09/23/2026
	** 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)