# EDGAR Filing Document

**Accession Number:** 0001872195
**File Stem:** 0000000000-25-006815
**Filing Date:** 2025-6
**Character Count:** 4478
**Document Hash:** f134028bd22f3045907bbd7fa9160d41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006815.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000000000-25-006815

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250627

**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

```

                                                            June 27, 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. 4 to Draft Registration Statement on Form F-1
           Submitted June 18, 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 4, 2025 letter.

Amendment No. 4 to Draft Registration Statement on Form F-1
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Liquidity and Capital Resources
Digital Assets held - intangible assets, inventories and financial assets, page
166

1.     We acknowledge your response to prior comment 3. As a supplement to risk
factor
       and other MD&A disclosure, please revise footnote (ii) to the table on
page 166 that
       provides either the exact amounts of wrapped bitcoin and wrapped ether
included in
       the table or a statement that provides a sense of the magnitude of
wrapped tokens.
 June 27, 2025
Page 2

Notes to the Consolidated Financial Statements
Note 12. Taxation
(b) Reconciliation between tax expense and accounting loss at applicable tax
rates, page F-46

2.     We acknowledge your response to prior comment 6. Please address the
following:
           Tell us the amount of your compensation accrual and the related tax
impact at
         both December 31, 2023 and 2024.
           Tell us how the accrual for bonuses results in a tax expense in 2024
when bonus
         accruals typically are viewed as deductible temporary differences and
are not
         expected to impact the rate reconciliation required by IAS 12.81(c).
           As you characterize the reconciling item as related to unrecognized
temporary
         differences, clarify whether you did not take a tax deduction for book
purposes for
         bonuses earned and accrued in 2024. If so, tell us why not and
reference for us the
         authoritative literature you rely upon to support your accounting.

        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._