Blumer Brendan Francis 4
4 · Bullish · Filed Apr 6, 2026
Research Summary
AI-generated summary of this filing
Bullish (BLSH) 10% Owner Brendan Blumer Exercises 7,813 Option Shares
What Happened
Brendan Blumer, a 10% owner of Bullish (BLSH), exercised and settled 7,813 shares subject to a previously disclosed call option agreement on April 2, 2026. The transaction shows $0.00 paid per share (no cash consideration reported) and a total reported value of $0 for this exercise/settlement. This was a derivative exercise/settlement rather than an open‑market buy or sell.
Key Details
- Transaction date: 2026-04-02; Form 4 filed: 2026-04-06 (timely filed within the two-business-day reporting window).
- Transaction type: Exercise/settlement of in‑the‑money derivative (call option) — 7,813 shares; reported price: $0.00; reported value: $0.
- Shares owned after transaction: Not specified in the provided excerpt; footnote disclaims beneficial ownership of these shares except to the extent of any pecuniary interest.
- Notable footnotes:
- F2: The 7,813 shares were exercised/settled under a call option agreement between Buttonwood Investments I (a Cayman entity) and optionholders. Blumer holds 100% of Buttonwood and is a director; he disclaims beneficial ownership of these securities for Section 16 purposes except for any pecuniary interest.
- F1: Separately, Blumer was granted 4,139 RSUs on Nov 6, 2025 that vest in full on Sep 1, 2026 (not part of the Apr 2 transaction).
- Filing remark: Bullish is a foreign private issuer; the report notes transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.
Context
This was a derivative exercise/settlement tied to a private option agreement (not an open‑market trade). For 10% owners and related entities like Buttonwood, filings often reflect institutional arrangements and disclaimers of direct beneficial ownership under Section 16; such transactions don’t necessarily signal typical insider buying/selling intent. The zero cash reported suggests settlement terms of the option agreement rather than a standard cash exercise.
Insider Transaction Report
- Exercise of In-Money
Call Option (obligation to sell)
[F2]2026-04-02−7,813→ 0 total(indirect: See Footnote)Exercise: $11.10From: 2026-04-02Exp: 2026-04-02→ Ordinary Shares (7,813 underlying)
- 39,157,869
Ordinary Shares
- 4,139
Ordinary Shares
[F1]
Footnotes (2)
- [F1]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.
- [F2]Represents the exercise and settlement of the remaining 7,813 shares subject to a previously disclosed call option agreement, as amended and modified from time to time, between Buttonwood Investments I ("Buttonwood") and the optionholders thereto. Buttonwood is an exempted company domiciled in the Cayman Islands with limited liability. Brendan Blumer (the "Reporting Person") holds 100% of the outstanding equity interests in Buttonwood and is a director of Buttonwood. The Reporting Person disclaims beneficial ownership of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is or was the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose