Bullish (BLSH) 10% Owner Yuan Kokuei Receives RSU Award

What Happened
Yuan Kokuei, listed as a 10% owner, was granted 5,877 restricted share units (RSUs) in Bullish on September 3, 2026. The Form 4 reports the award at $0.00 (no cash paid at grant). The RSUs vest in full on September 1, 2027. The filing notes the reported securities are held indirectly through the EFM Global Alternatives Growth Feeder Fund, giving the reporting person a pecuniary interest rather than direct beneficial ownership.

Key Details

• Transaction date: 2026-09-03; Form 4 filed: 2026-09-09.
• Transaction type/code: Award/Grant (A). Amount: 5,877 RSUs at $0.00.
• Vesting: All RSUs vest on September 1, 2027 (footnote F1).
• Holding structure: Securities held indirectly via EFM Global Alternatives Growth Feeder Fund; reporting person holds non-voting shares and disclaims beneficial ownership beyond pecuniary interest (footnote F2).
• Shares owned after transaction: Not disclosed in the filing.
• Regulatory note: As a foreign private issuer, Bullish’s insider transactions are noted as exempt from Sections 16(b) and 16(c) (remark).

Context
RSUs are a grant that convert to shares (or cash) only when they vest, so this award does not represent immediate transferable shares or an open‑market purchase. Because the reported stake is held indirectly through a fund and the reporting person disclaims direct beneficial ownership (except pecuniary interest), this filing mainly documents a compensation award rather than a straightforward insider buy or sell.