# EDGAR Filing Document

**Accession Number:** 0001872195
**File Stem:** 0000000000-25-007514
**Filing Date:** 2025-7
**Character Count:** 3894
**Document Hash:** 24dcab203af390a5db4f138a98051116
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007514.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000000000-25-007514

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bullish
- **CENTRAL INDEX KEY:** 0001872195
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07418

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UGLAND HOUSE, BOX 309
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 852-3761-9140

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UGLAND HOUSE, BOX 309
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1104
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-24-095542

## Text-Extract

```

                                                            July 16, 2025

Thomas W. Farley
Chief Executive Officer
Bullish
10A Building A, 60 Nexus Way
Camana Bay, George Town
Grand Cayman, Cayman Islands, KY1-9005

       Re: Bullish
           Amendment No. 5 to Draft Registration Statement on Form F-1
           Submitted July 7, 2025
           CIK No. 0001872195
Dear Thomas W. Farley:

     We have reviewed your amended draft registration statement and have the
following
comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments. Unless we note otherwise, any references to prior comments are to
comments in
our June 27, 2025 letter.

Amendment No. 5 to Draft Registration Statement on Form F-1
Summary
Recent Developments, page 20

1.     We note your intention to provide preliminary information in the form of
ranges for
       the three months ended June 30, 2025. When you update your submission
with this
       preliminary information, please also discuss any trends evident from
this information
       as well as the underlying causes for changes in amounts compared to the
actual
       amounts provided for the three months ended June 30, 2024.
 July 16, 2025
Page 2

Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations
Comparison of the three months ended March 31, 2025 and 2024
Change in fair value of digital assets held, net, page 167

2.     Please revise your disclosure to explain the $142 million impairment
losses of digital
       assets held - intangible assets. To the extent appropriate, link this
disclosure to your
       other comprehensive income/loss disclosure at the bottom of page 168.
        Please contact Mark Brunhofer at 202-551-3638 or Jason Niethamer at
202-551-3855
if you have questions regarding comments on the financial statements and
related
matters. Please contact David Gessert at 202-551-2326 or J. Nolan McWilliams at
202-551-
3217 with any other questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Crypto
Assets
cc:   Erin E. Martin

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._