Bullish (BLSH) Director Andrew Bliss Sells Shares

What Happened

• Andrew Bliss, a director of Bullish (BLSH), disposed of 245,129 ordinary shares in open-market sales across three days (Sept 21–23, 2026), generating total proceeds of $9,918,975 (about $9.92M).
  • 2026-09-21: 76,953 shares @ $40.20 = $3,093,888 (footnote: weighted-price transactions ranged $40.00–$40.58)
  • 2026-09-22: 108,200 shares @ $40.79 = $4,413,056 (footnote: weighted-price transactions ranged $40.00–$41.41)
  • 2026-09-23: 59,976 shares @ $40.22 = $2,412,031 (footnote: weighted-price transactions ranged $40.00–$40.97)
• These were sales (dispositions), not purchases or exercises — sales are generally routine disclosures and do not, by themselves, indicate management sentiment.

Key Details

• Transaction dates: Sept 21, 22 and 23, 2026; reported on Form 4 filed Sept 23, 2026. The filing does not indicate a late-filing flag.
• Per-trade proceeds and reported per-share prices are listed above; footnotes note those per-trade prices represent weighted averages across multiple executions within the stated ranges.
• Post-transaction ownership: the filing indicates the reported securities are held indirectly through By Bliss Capital Limited (entity controlled by the reporting person). The Form 4 excerpt provided does not state the total shares owned after these sales.
• Grants/awards referenced: the filing notes 5,877 restricted share units (RSUs) granted under the Bullish 2025 Omnibus Incentive Plan that vest on Sept 1, 2027.
• Regulatory note: because Bullish is a foreign private issuer under Rule 3a12-3(b), these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (per the filing remarks).

Context

• Sales by insiders can be for many reasons (diversification, liquidity, taxes, etc.); they are not definitive signals of company prospects. These transactions were straightforward open-market sales by a director, reported as disposals and held indirectly through a controlled entity.