Bullish (BLSH) filings document foreign private issuer current reports and exhibits for an institutionally focused digital asset platform. Form 6-K reports furnish monthly metrics packages, earnings releases, and presentations covering trading volume, average trading spread, Bitcoin and Ethereum volatility measures, operating results, and capital-structure disclosures.
The filings also describe Bullish Exchange, Bullish Europe’s MiCAR-regulated spot trading and custody services, and CoinDesk’s indices, data, media, insights, and events businesses. Disclosure categories include material-event reports, governance matters, material agreements, shareholder voting matters, and financial and operating results.
Bullish director and 10% owner Yuan Kokuei has filed an initial Form 3 detailing his ownership in the company’s ordinary shares. The filing reports direct ownership of 36,453,037 ordinary shares, plus an additional 4,139 restricted share units granted on November 6, 2025 that vest in full on September 1, 2026.
The document also notes 35,666 ordinary shares held indirectly through EFM Global Alternatives Growth Feeder Fund and related master funds. Kokuei holds non-voting shares in this fund, giving him a pecuniary interest in these securities, while he disclaims beneficial ownership beyond that economic interest.
Bullish director Andrew Bliss filed an amended insider ownership report showing his current stake in the company. He is deemed to beneficially own 5,040,002 Ordinary Shares held through Bliss Capital Limited, which he controls. He also holds 4,139 restricted share units granted on November 6, 2025 under the Bullish 2025 Omnibus Incentive Plan, which vest in full on September 1, 2026, with each RSU representing one ordinary share upon vesting.
Bullish director and ten percent owner Brendan Francis Blumer has filed an initial ownership report showing direct and indirect stakes in the company’s Ordinary Shares. The filing lists 39,157,869 Ordinary Shares held directly and an additional block of shares held indirectly through Buttonwood Investments 1, a Cayman Islands company in which he holds 100% of the equity interests but disclaims beneficial ownership except to the extent of any pecuniary interest. The report also notes 4,139 restricted share units granted on November 6, 2025 under the Bullish 2025 Omnibus Incentive Plan, which are scheduled to vest in full on September 1, 2026.
Bullish filed an initial insider ownership report for Chief Executive Officer Thomas W. Farley. He holds incentive units in subsidiary BMC1 that are exchangeable for up to 5,053,528 Ordinary Shares of Bullish upon vesting. The units vest based on time and performance conditions, and as of this filing, the underlying 3,370,308 Ordinary Shares are vested. No cash consideration is payable when the incentive units convert into Ordinary Shares.
Bullish director Bliss Andrew filed an initial ownership report showing indirect beneficial ownership of 5,040,002 Ordinary Shares. These shares are held by Bliss Capital Limited, an entity he controls, so he is deemed to beneficially own them.
The filing also notes 4,139 restricted share units granted on November 6, 2025 under the Bullish 2025 Omnibus Incentive Plan. These RSUs vest in full on September 1, 2026, with each unit delivering one Bullish ordinary share upon vesting.
Bullish filed an initial insider ownership report for its Chief Financial Officer, David Bonanno, detailing his equity-linked incentives. He holds incentive units in subsidiary BMC1 that are exchangeable into up to 1,736,976 Ordinary Shares of Bullish upon meeting time-based vesting and performance conditions. As of this filing, the footnote states that 1,141,146 of the underlying Ordinary Shares are vested. No cash consideration is payable when these incentive units convert into Ordinary Shares.
Bullish director Simon Karen Jo has filed a Form 3 reporting current equity holdings in the company. The filing shows direct ownership of 20,270 ordinary shares. It also reports 4,139 restricted share units granted on November 6, 2025 that vest in full on November 6, 2026, and 6,208 restricted share units granted on the same date that vest in three equal annual installments from the grant date. Each RSU converts into one ordinary share upon vesting, so these awards represent additional potential future share ownership as they vest over time.
Bullish director Wynn Andrew Charles filed an initial ownership report showing grants of restricted share units under the Bullish 2025 Omnibus Incentive Plan. He holds 4,139 RSUs granted on November 6, 2025 that vest in full on September 1, 2026, and 6,208 RSUs granted the same day that vest in three equal annual installments from September 1, 2025. Each RSU converts into one ordinary share of Bullish upon vesting.
Bullish files its annual report detailing a complex, high-risk business built around digital asset trading, data and media. The company prepares IFRS financials, completed a one-for-two reverse stock split effective August 1, 2025, and, after related IPO reorganization steps, had 115,833,916 ordinary shares issued and outstanding.
Bullish highlights heavy exposure to volatile crypto markets, DeFi protocols and stablecoins, including treasury holdings in BTC and ETH and use of automated market making on its exchange. It discloses significant indebtedness, including $505.6 million of long-term debt and a loan from SPV KY Limited totaling $514.4 million with a 7% interest rate as of December 31, 2025.
The report devotes extensive discussion to regulatory uncertainty, cybersecurity, custody and private-key risks, leveraged and derivatives trading, dependence on key banking and data vendors, and reputational and conflict-of-interest concerns tied to its ownership of CoinDesk-branded information and events businesses.
Bullish, an institutionally focused digital asset platform, furnished its February 2026 monthly metrics. Total trading volume for February 2026 was $84.1 billion, covering spot, perpetual and options activity on the Bullish Exchange.
The average trading spread in February 2026 was 2.16 basis points, reflecting commissions and related items as a percentage of trading volume. Monthly average annualized volatility measured from CoinDesk Data indices was 61% for Bitcoin and 82% for Ethereum.
The metrics are unaudited and February 2026 figures are preliminary, subject to completion of financial closing procedures and potential differences from results later reported in quarterly and annual filings.