# EDGAR Filing Document

**Accession Number:** 0001872195
**File Stem:** 0001104659-25-087635
**Filing Date:** 2025-9
**Character Count:** 10205
**Document Hash:** a61997861ce092a5e14ebdbd179335b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087635.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087635

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250905

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**FILER**: 

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42797
- **FILM NUMBER:** 251295054

**BUSINESS ADDRESS:**
- **STREET 1:** UGLAND HOUSE, BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 852-3761-9140

**MAIL ADDRESS:**
- **STREET 1:** UGLAND HOUSE, BOX 309
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 of**

**the Securities Exchange Act of 1934**

For the month of **September 2025**

Commission File No. **001-42797**

**BULLISH**

**10A Building A, 60 Nexus Way, Camana Bay,<br> George Town, Grand Cayman, Cayman Islands, KY1-9005**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

On September 4, 2025, Bullish issued a press release titled "Bullish to announce second quarter 2025 financial results and host inaugural earnings conference call". A copy of the press release and the select monthly metrics for August 2025 are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 6-K.

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| [99.1](tm2525362d1_ex99-1.htm) | [Press release of Bullish dated September 4, 2025](tm2525362d1_ex99-1.htm) |
| [99.2](tm2525362d1_ex99-2.htm) | [Monthly Metrics Report for August 2025](tm2525362d1_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BULLISH** | **BULLISH** |
| Date: September 5, 2025 | By: | /s/ Thomas W. Farley |
|  |  | Thomas W. Farley |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

Bullish to announce second quarter 2025 financial results and host inaugural earnings conference call

9/4/2025

Cayman Islands, September 4, 2025 – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, announced today that it will release its financial results for the second quarter 2025 on **Wednesday, September 17, 2025**, and will host an earnings conference call at 5:30 p.m. Eastern Time on the same day.

A live webcast of the conference call will be available on the Bullish Investor Relations website at **<u>investors.bullish.com</u>**. A replay and transcript will be available on the website following the earnings call.

**Select monthly metrics**

Additionally, Bullish announced that it intends to report select monthly metrics to provide investors with more frequent operating and performance updates. These metrics are expected to include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on **<u>investors.bullish.com</u>**.

The first monthly metrics package will be released today. Going forward, Bullish expects to release metrics after the end of each month.

**About Bullish**

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include: **Bullish Exchange** – a regulated and institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Exchange is regulated in the United States, Germany, Hong Kong, and Gibraltar. **CoinDesk Indices** – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries. **CoinDesk Data** – a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. **CoinDesk Insights** – a digital asset media and events provider and operator of **Coindesk.com**, a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. For more information, please visit **bullish.com** and follow **LinkedIn** and **X**.

**Use of Websites to Distribute Material Company Information**

We use the Bullish Investor Relations website (<u>investors.bullish.com</u>) and our X account (<u>x.com/bullish</u>) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

**Contacts**

**Media:** <u>media@bullish.com</u>

**Investor Relations:** <u>investors@bullish.com</u>

**Source:** Bullish

## Exhibit 99.2

**Exhibit 99.2**

**Bullish**

**Monthly Metrics Report for August 2025**

**(Unaudited)**

![](tm2525362d1_ex99-2img001.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug |
| *(B - in billions)* |  |  |  |  |  |  |  |  |
| **Trading Volume ($B)** |  |  |  |  |  |  |  |  |
| Spot - BTC | 34.6 | 30.9 | 43.2 | 39.2 | 32.8 | 19.9 | 20.8 | 18.2 |
| Spot - ETH | 18.3 | 19.2 | 14.9 | 10.9 | 12.0 | 9.5 | 11.1 | 12.8 |
| Spot - Stablecoin | 19.4 | 20.9 | 17.0 | 13.3 | 10.3 | 8.1 | 12.9 | 8.6 |
| Spot - Other | 4.8 | 3.8 | 2.7 | 2.2 | 2.6 | 2.4 | 4.0 | 4.6 |
| **Total Spot** | **77.1** | **74.8** | **77.7** | **65.5** | **57.6** | **39.9** | **48.8** | **44.3** |
| Perpetual | 6.6 | 7.8 | 8.0 | 6.8 | 5.8 | 4.1 | 5.0 | 4.6 |
| **Total Trading Volume** | **83.7** | **82.5** | **85.7** | **72.3** | **63.4** | **44.0** | **53.8** | **48.8** |
| **Average Trading Spread (bps)** |  |  |  |  |  |  |  |  |
| Spot | 2.14 | 1.97 | 1.87 | 1.65 | 1.55 | 1.58 | 1.76 | 2.55 |
| Perpetual | (1.06) | (1.41) | (2.38) | (1.47) | (0.86) | (1.22) | (0.80) | (0.65) |
| **Average Trading Spread** | **1.90** | **1.65** | **1.47** | **1.36** | **1.32** | **1.32** | **1.52** | **2.25** |
| **Monthly Average Volatility** |  |  |  |  |  |  |  |  |
| BTC | 48% | 44% | 50% | 44% | 33% | 28% | 27% | 28% |
| ETH | 60% | 78% | 69% | 70% | 67% | 54% | 54% | 60% |

---

*\*\*Figures may not sum due to rounding*

**Additional Information & Disclosures**

This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at investors.bullish.com.

The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.

Bullish expects to release monthly metrics packages for the prior month's performance after the end of each month.

We use our Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

**Definitions**

**<u>Trading Volume</u>**<u> </u>represents the notional value of trades, i.e., the product of the quantity of assets transacted and the trade price at the time the spot transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.

**<u>Average Trading Spread</u>**<u> </u>represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.

**<u>Volatility</u>**<u> </u>is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.