Kokuei Yuan - 18 Mar 2026 Form 3 Insider Report for Bullish (BLSH)

Role: Director, 10%+ Owner
Signature: /s/ Kokuei Yuan
Issuer symbol: BLSH
Transactions as of: 18 Mar 2026
Net transactions value: $0
Form type: 3
Filing time: 18 Mar 2026, 21:18:23 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Yuan Kokuei	Director, 10%+ Owner	BULLISH, BUILDING A BLOCK 7 60 NEXUS WAY, CAMANA BAY, GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS	/s/ Kokuei Yuan	17 Mar 2026	0001974189

Transactions Table

Type	Sym	Class	Shares After	Date	Ownership	Footnotes
holding	BLSH	Ordinary Shares	36,453,037	18 Mar 2026	Direct
holding	BLSH	Ordinary Shares	35,666	18 Mar 2026	See footnote	F1
holding	BLSH	Ordinary Shares	4,139	18 Mar 2026	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported securities are held indirectly through EFM Global Alternatives Growth Feeder Fund (the "Fund"), which invests through two master funds (the "Master Funds") that hold the reported securities. The Reporting Person holds non-voting shares in the Fund, which provide him with a pecuniary interest in the reported securities. The Reporting Person disclaims any beneficial ownership of the Fund, the Master Funds, or of any investment manager of any such entities, except to the extent of his pecuniary interests therein, and this report shall not be deemed an admission that such securities are beneficially owned by him for Section 16 or any other purpose.
F2	Represents 4,139 restricted share units ("RSUs") granted to the Reporting Person on November 6, 2025, pursuant to the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2026. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

Content

The reported securities are held indirectly through EFM Global Alternatives Growth Feeder Fund (the "Fund"), which invests through two master funds (the "Master Funds") that hold the reported securities. The Reporting Person holds non-voting shares in the Fund, which provide him with a pecuniary interest in the reported securities. The Reporting Person disclaims any beneficial ownership of the Fund, the Master Funds, or of any investment manager of any such entities, except to the extent of his pecuniary interests therein, and this report shall not be deemed an admission that such securities are beneficially owned by him for Section 16 or any other purpose.

Represents 4,139 restricted share units ("RSUs") granted to the Reporting Person on November 6, 2025, pursuant to the Bullish 2025 Omnibus Incentive Plan. The RSUs vest in full on September 1, 2026. Each RSU represents a right to receive one ordinary share of Bullish upon vesting.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under 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.