[SCHEDULE 13G] Bullish SEC Filing

Rhea-AI Filing Summary

Bullish (BLSH): Schedule 13G ownership filing. EFM Asset Management, EFM Group Limited, Pu Luo Chung VC Private Limited (PLCVC), and Jeffrey Gerard Emmanuel reported beneficial ownership of 17,375,638 ordinary shares, representing 11.89% of the class.

The filing lists sole voting and dispositive power over 17,375,638 shares and no shared power. PLCVC directly holds 14,651,315 shares, and three private funds managed by an EFM subsidiary hold 2,135,863, 562,500, and 25,960 shares. The percentage is based on 146,183,739 shares outstanding as of August 13, 2024, as reported in the issuer’s prospectus. The stated event date for this ownership is August 13, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Bullish

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G16910120

(CUSIP Number)

08/13/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G16910120

1

Names of Reporting Persons

EFM Asset Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,375,638.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,375,638.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,375,638.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.89 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G16910120

1

Names of Reporting Persons

EFM Group Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,375,638.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,375,638.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,375,638.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.89 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G16910120

1

Names of Reporting Persons

Pu Luo Chung VC Private Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,651,315.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,651,315.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,651,315.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.02 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G16910120

1

Names of Reporting Persons

Jeffrey Gerard Emmanuel

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,375,638.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,375,638.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,375,638.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.89 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bullish
(b)	Address of issuer's principal executive offices: 10A Building A, 60 Nexus Way, Camana Bay, George Town, Grand Cayman, Cayman Islands, KY1-9005
Item 2.
(a)	Name of person filing: EFM Asset Management (the "Investment Manager"), EFM Group Limited (the "Investment Manager Parent"), Pu Luo Chung VC Private Limited ("PLCVC") and Mr. Jeffrey Gerard Emmanuel (collectively, the "Filing Persons").
(b)	Address or principal business office or, if none, residence: For the Investment Manager, the Investment Manager Parent and Mr. Jeffrey Gerard Emmanuel: c/o Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104, Cayman Islands For PLCVC: 37 Jalan Pemimpin #06-12 Mapex Singapore (577177)
(c)	Citizenship: The Investment Manager is an exempted company incorporated with limited liability under the laws of the Cayman Islands. The Investment Manager Parent is a company incorporated in the Cayman Islands. PLCVC is a limited company incorporated under the laws of Singapore. Mr. Jeffrey Gerard Emmanuel is a citizen of Australia.
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G16910120
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 17,375,638 (the "Shares")
(b)	Percent of class: 11.89%*
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 17,375,638
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 17,375,638
	(iv) Shared power to dispose or to direct the disposition of: 0 *This percentage is based upon 146,183,739 Shares of the Issuer outstanding, which is the total number of Shares of the Issuer outstanding as of August 13, 2024, as reported in the Issuer's Prospectus filed with the U.S. Securities and Exchange Commission on August 13, 2024.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Shares are owned directly by PLCVC, which is managed and advised by the Investment Manager, and three private funds (the "Private Funds" and together with PLCVC, the "Accounts") that are managed and advised by a subsidiary of the Investment Manager. The Private Funds own 2,135,863 Shares, 562,500 Shares and 25,960 Shares, respectively. The Investment Manager may be deemed to be a beneficial owner under Rule 13d-3 of the United States Securities Exchange Act of 1934, as amended (the "1934 Act"), of the Shares held by PLCVC, as, in its capacity as investment manager of PLCVC, it has the power to vote and dispose of, or direct the voting and disposition of, the Shares held by PLCVC. The Private Funds are directly controlled by a subsidiary of the Investment Manager and, as the owner of this subsidiary, the Investment Manager may be deemed to beneficially own the Shares held by the Private Funds under Rule 13d-3 of the 1934 Act. The Investment Manager is directly controlled by the Investment Manager Parent. As the owner of the Investment Manager, the Investment Manager Parent may be deemed to beneficially own the Shares under Rule 13d-3 of the 1934 Act. The Investment Manager is indirectly controlled by Mr. Jeffrey Gerard Emmanuel, who is the Chief Investment Officer of the Investment Manager and the controlling shareholder of the Investment Manager Parent. As the Chief Investment Officer of the Investment Manager and the controlling shareholder of the Investment Manager Parent, Mr. Jeffrey Gerard Emmanuel may be deemed to beneficially own the Shares under Rule 13d-3 of the 1934 Act.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

EFM Asset Management

Signature:	/s/Jeffrey Gerard Emmanuel
Name/Title:	Jeffrey Gerard Emmanuel Chief Investment Officer
Date:	11/14/2025

EFM Group Limited

Signature:	/s/Jeffrey Gerard Emmanuel
Name/Title:	Jeffrey Gerard Emmanuel Director
Date:	11/14/2025

Pu Luo Chung VC Private Limited

Signature:	/s/Jeffrey Gerard Emmanuel
Name/Title:	Jeffrey Gerard Emmanuel Director
Date:	11/14/2025

Jeffrey Gerard Emmanuel

Signature:	/s/Jeffrey Gerard Emmanuel
Name/Title:	Jeffrey Gerard Emmanuel
Date:	11/14/2025

Comments accompanying signature: Joint Filing Agreement dated November 14, 2025, by and among the Investment Manager, the Investment Manager Parent, PLCVC and Mr. Jeffrey Gerard Emmanuel.

FAQ

What stake did EFM report in Bullish (BLSH)?

The filing reports 17,375,638 ordinary shares, representing 11.89% of Bullish’s outstanding shares.

Who are the reporting persons in the Bullish (BLSH) 13G?

EFM Asset Management, EFM Group Limited, Pu Luo Chung VC Private Limited, and Jeffrey Gerard Emmanuel.

How many shares does PLCVC directly own of BLSH?

PLCVC directly owns 14,651,315 shares.

What voting and dispositive powers are reported?

The filing lists sole voting power over 17,375,638 shares and sole dispositive power over 17,375,638 shares; 0 shared power.

What share count was used to calculate the 11.89% ownership?

The percentage uses 146,183,739 shares outstanding as of August 13, 2024, from the issuer’s prospectus.

What is the event date tied to this 13G for BLSH?

The stated date of the event requiring the filing is August 13, 2025.