Blumer Brendan Francis 4

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.