# EDGAR Filing Document

**Accession Number:** 0002095565
**File Stem:** 0001140361-25-042273
**Filing Date:** 2025-11
**Character Count:** 16660
**Document Hash:** 1553e2f3c9c7c3b3190ae14b1ac22f62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-042273.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001140361-25-042273

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95203
- **FILM NUMBER:** 251484913

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EFM Asset Management
- **CENTRAL INDEX KEY:** 0002095565

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 549300L7KIEPMY7ETI45

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** LEVEL 19, LL TOWER, 2 SHELLEY STREET
- **STREET 2:** CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 01185237920166

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** LEVEL 19, LL TOWER, 2 SHELLEY STREET
- **STREET 2:** CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

## Exhibit 99.1

------

#### Exhibit 99.1<br>

#### <br>

#### JOINT FILING AGREEMENT

This Joint Filing Agreement, dated as of November 14, 2025, is by and among EFM Asset Management, EFM Group Limited, Pu Luo Chung VC Private Limited and Mr. Jeffrey Gerard Emmanuel (collectively, the "Filers"). Each of the Filers may be required to file with the United States Securities and Exchange Commission a statement on Schedule 13G with respect to Ordinary Shares of Bullish beneficially owned by them from time to time.

Pursuant to and in accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement on Schedule 13G on behalf of each of the Filers, and hereby further agree to file this Joint Filing Agreement as an exhibit to such statement, as required by such rule.

Each of the Filers agrees to be responsible for the timely filing of the Schedule 13G and for the completeness and accuracy of the information concerning itself contained therein. This Joint Filing Agreement may be terminated by any of the Filers upon written notice.

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 14th day of November, 2025.

---

| |
|:---|
| **EFM Asset Management** |
| By: |
| /s/ Jeffrey Gerard Emmanuel |
| Jeffrey Gerard Emmanuel |
| Chief Investment Officer |
| **EFM Group Limited** |
| By: |
| /s/ Jeffrey Gerard Emmanuel |
| Jeffrey Gerard Emmanuel |
| Director |
| **Pu Luo Chung VC Private Limited** |
| By: |
| /s/ Jeffrey Gerard Emmanuel |
| Jeffrey Gerard Emmanuel |
| Director |
| /s/ Jeffrey Gerard Emmanuel |
| Jeffrey Gerard Emmanuel |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Bullish

**Title of Class of Securities:** Ordinary Shares

**CUSIP Number:** G16910120

**Date of Event Which Requires Filing of this Statement:** 08/13/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>EFM Asset Management | Names of Reporting Persons<br>EFM Asset Management |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.89% | Percent of Class Represented by Amount in Row (9)<br>11.89% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>EFM Group Limited | Names of Reporting Persons<br>EFM Group Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.89% | Percent of Class Represented by Amount in Row (9)<br>11.89% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Pu Luo Chung VC Private Limited | Names of Reporting Persons<br>Pu Luo Chung VC Private Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>U0 | Citizenship or Place of Organization<br>U0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14651315 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14651315 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14651315 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14651315 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>10.02% | Percent of Class Represented by Amount in Row (9)<br>10.02% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Jeffrey Gerard Emmanuel | Names of Reporting Persons<br>Jeffrey Gerard Emmanuel |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>C3 | Citizenship or Place of Organization<br>C3 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>17375638 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>17375638 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.89% | Percent of Class Represented by Amount in Row (9)<br>11.89% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**Item 1(a). Name of Issuer:**
Bullish

**Item 1(b). Address of Issuer's Principal Executive Offices:**
10A Building A, 60 Nexus Way, Camana Bay, George Town, Grand Cayman, Cayman Islands, KY1-9005

**Item 2(a). Name of Person Filing:**
EFM Asset Management (the "Investment Manager"), EFM Group Limited (the "Investment Manager Parent"), Pu Luo Chung VC Private Limited ("PLCVC") and Mr. Jeffrey Gerard Emmanuel (collectively, the "Filing Persons").

**Item 2(b). Address of Principal Business Office:**
For the Investment Manager, the Investment Manager Parent and Mr. Jeffrey Gerard Emmanuel:

c/o Maples Corporate Services Limited
PO Box 309, Ugland House
Grand Cayman, KY1-1104, Cayman Islands

For PLCVC:

37 Jalan Pemimpin
#06-12 Mapex
Singapore (577177)

**Item 2(c). Citizenship:**
The Investment Manager is an exempted company incorporated with limited liability under the laws of the Cayman Islands. The Investment Manager Parent is a company incorporated in the Cayman Islands. PLCVC is a limited company incorporated under the laws of Singapore. Mr. Jeffrey Gerard Emmanuel is a citizen of Australia.

**Item 2(d). Title of Class of Securities:**
Ordinary Shares

**Item 2(e). CUSIP Number:**
G16910120

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

17,375,638 (the "Shares")

**(b) Percent of class:**

11.89%*

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

17,375,638

**(ii) Shared power to vote or to direct the vote:**

0

**(iii) Sole power to dispose or to direct the disposition of:**

17,375,638

**(iv) Shared power to dispose or to direct the disposition of:**

0
*This percentage is based upon 146,183,739 Shares of the Issuer outstanding, which is the total number of Shares of the Issuer outstanding as of August 13, 2024, as reported in the Issuer's Prospectus filed with the U.S. Securities and Exchange Commission on August 13, 2024.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

The Shares are owned directly by PLCVC, which is managed and advised by the Investment Manager, and three private funds (the "Private Funds" and together with PLCVC, the "Accounts") that are managed and advised by a subsidiary of the Investment Manager. The Private Funds own 2,135,863 Shares, 562,500 Shares and 25,960 Shares, respectively.

The Investment Manager may be deemed to be a beneficial owner under Rule 13d-3 of the United States Securities Exchange Act of 1934, as amended (the "1934 Act"), of the Shares held by PLCVC, as, in its capacity as investment manager of PLCVC, it has the power to vote and dispose of, or direct the voting and disposition of, the Shares held by PLCVC. The Private Funds are directly controlled by a subsidiary of the Investment Manager and, as the owner of this subsidiary, the Investment Manager may be deemed to beneficially own the Shares held by the Private Funds under Rule 13d-3 of the 1934 Act.

The Investment Manager is directly controlled by the Investment Manager Parent. As the owner of the Investment Manager, the Investment Manager Parent may be deemed to beneficially own the Shares under Rule 13d-3 of the 1934 Act.

The Investment Manager is indirectly controlled by Mr. Jeffrey Gerard Emmanuel, who is the Chief Investment Officer of the Investment Manager and the controlling shareholder of the Investment Manager Parent. As the Chief Investment Officer of the Investment Manager and the controlling shareholder of the Investment Manager Parent, Mr. Jeffrey Gerard Emmanuel may be deemed to beneficially own the Shares under Rule 13d-3 of the 1934 Act.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**EFM Asset Management**

**Date:** 11/14/2025

**By:** /s/Jeffrey Gerard Emmanuel

**Name & Title:** Jeffrey Gerard Emmanuel Chief Investment Officer

**EFM Group Limited**

**Date:** 11/14/2025

**By:** /s/Jeffrey Gerard Emmanuel

**Name & Title:** Jeffrey Gerard Emmanuel Director

**Pu Luo Chung VC Private Limited**

**Date:** 11/14/2025

**By:** /s/Jeffrey Gerard Emmanuel

**Name & Title:** Jeffrey Gerard Emmanuel Director

**Jeffrey Gerard Emmanuel**

**Date:** 11/14/2025

**By:** /s/Jeffrey Gerard Emmanuel

**Name & Title:** Jeffrey Gerard Emmanuel