Tokenized $BLSH Shares

Why This Matters

Capital markets evolve in long, infrequent cycles. Before the 1970s, share ownership meant paper certificates, physical settlement, and manual verification. The "paperwork crisis" of the late 1960s forced a transformation: paper certificates gave way to electronic book entries, the DTCC was created, and centralized record-keeping replaced share certificates in vaults. That system has served investors well for half a century, but it was designed for a world without programmable, always-on public ledgers.

We believe that world has now arrived. Today, Bullish is taking a meaningful step into it.

Through Equiniti, the SEC-registered transfer agent we are acquiring, Bullish is enabling shareholders to hold BLSH ordinary shares as tokens on the Solana blockchain. Onchain BLSH shares are real shares - not wrappers, derivatives, or special purpose vehicle (SPV) interests - and they carry the same legal and economic rights as any share held through a traditional brokerage.

This is the first step of what we believe will be a foundational shift in how equity ownership works.

Tokenization is the process of representing a real-world asset on a public blockchain so that ownership becomes programmable, transparent, and continuously transferable. Applied to securities, it unlocks a set of capabilities the current system simply was not built to provide:

• 24/7 markets and atomic settlement. Trades clear in seconds, any day of the year, without dependence on a central clearing intermediary.
• Self-custody. Holders can take direct possession of their shares in a wallet they control.
• A unified, real-time record. A single authoritative ledger.
• Programmable corporate actions. Dividends, splits, proxy votes, and other lifecycle events can be executed by smart contracts rather than manual processes.
• Direct issuer-shareholder relationships. Companies gain real-time visibility into their cap tables; shareholders gain a more direct connection to the issuer.

None of this changes the nature of the underlying asset. A tokenized share is still a share. What changes is the format of the record and the set of capabilities that format makes possible.

Tokenization has progressed in waves, each one larger than the last and closer to the core of capital markets.

The first wave was crypto-native digital commodities, which proved that always-on, globally accessible ownership networks could function at scale. The second wave was tokenized fiat, stablecoins, which transformed money itself into a 24/7 settlement and funding rail. The third wave, now underway, is the tokenization of securities and other real-world assets: bringing issuer-approved ownership, compliance, and liquidity onchain.

Bullish has been building toward this moment for years. Our liquidity services business was launched in 2023 to help stablecoin issuers list, provide liquidity for, and build visibility around tokenized dollars and euros. In doing so, we built, piece by piece, the operational backbone of a full tokenization platform: smart contract development and cross-chain bridging, compliant exchange listings, deep liquidity provision, mint-and-burn integration with issuers, and ecosystem distribution through CoinDesk and Consensus.

The lesson from stablecoins is that tokenizing an asset class requires more than a smart contract on a chain. It requires a complete, asset-specific set of services tailored to how that asset is issued, traded, settled, and held. We applied those lessons to dollars and euros, and that business has become our fastest-growing line. We are now applying the same playbook to equities, starting with our own.

The process runs through Shareholder Central, Equiniti's shareholder portal.

1. If your shares are at a broker, move them to Equiniti via DRS. Ask your broker to transfer your BLSH via Direct Registration (DRS) to Equiniti. Most major brokers handle DRS requests through live chat or a simple written instruction; settlement typically takes a few business days.
2. Log in to Shareholder Central and complete identity verification. A KYC check is required for all onchain BLSH holders. If you don't already have an Equiniti account, you can create one during this step.
3. Whitelist your Solana wallet. Submit the Solana address you plan to use. Equiniti performs compliance screening on the wallet; once approved, the address is added to the BLSH token contract allowlist.
4. Withdraw your tokens. Choose how many of your tokenized shares to withdraw. The tokenized shares are delivered to your whitelisted wallet. When you withdraw tokens, your Available tokens are debited and the Available Tokens and Withdrawn Tokens will balance to the book share balance. The book shares will not be debited unless a transfer of ownership occurs.

Once withdrawn, tokens can be held in self-custody in any Solana wallet you control, transferred peer-to-peer exclusively between Equiniti-whitelisted registered shareholders, or transferred back to Available Tokens through Shareholder Central. Shareholders can read about potential risks of using tokenized shares in our SEC filings.

Dividends, splits, proxy votes, and other corporate actions continue to be handled by Equiniti in the usual way and, where relevant, are mirrored on the onchain token supply (for example, a stock split adjusts token balances on a pro-rata basis).

This is a deliberate first step. Today, transfers of onchain BLSH move bilaterally between whitelisted addresses; AMM and DEX trading are not yet enabled. Any attempt to send BLSH tokens to a non-whitelisted address will fail at the smart-contract level. That is intentional, it is how compliance with U.S. securities laws and anti-money-laundering rules is maintained on a public chain.

As the U.S. regulatory framework for onchain securities matures, we intend to progressively unlock additional capabilities, most importantly, trading on regulated and, eventually, decentralized venues. We are actively engaged with the SEC on the rules that would enable this, and we will expand functionality as the framework allows.

The first major asset class to be tokenized was the U.S. dollar, in the form of stablecoins. We believe equities and other real-world assets are next, and that the eventual scope, public and private equity, public and private debt, investment funds, structured products, and beyond will reshape how capital markets operate.

Tokenizing BLSH is more than a technical milestone. It is a statement about where we believe markets are headed, and a commitment to walking that path alongside our shareholders. We're glad to have you with us.

• BLSH token contract address (Solana):
  6d5zakCaxjjRALNRyudC6ArivxeBGT3XUAci7ybWQY8U Any tokens claiming to represent BLSH from a different contract address are fraudulent.
• Onchain BLSH shares are real, SEC-registered Bullish ordinary shares administered by Equiniti, the SEC-registered transfer agent we are acquiring.
• Onchain transfers today move bilaterally between whitelisted wallets. AMM and DEX trading are not yet enabled.