<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001872195</issuerCik>
        <issuerName>Bullish</issuerName>
        <issuerTradingSymbol>BLSH</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001739817</rptOwnerCik>
            <rptOwnerName>Bonanno David</rptOwnerName>
        </reportingOwnerId>
    <reportingOwnerAddress>
      <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
      <rptOwnerStreet1>OFFICE 101, 103, 105 SUITE 70202, BLDG A</rptOwnerStreet1>
      <rptOwnerStreet2>BLOCK 7, 60 NEXUS WAY, CAMANA BAY</rptOwnerStreet2>
      <rptOwnerCity>GEORGE TOWN, GRAND CAYMAN</rptOwnerCity>
      <rptOwnerCountry>E9</rptOwnerCountry>
      <rptOwnerZipCode>KY1-9005</rptOwnerZipCode>
    </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>CHIEF FINANCIAL OFFICER</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Incentive Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1736976</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Bonanno holds incentive units in BMC1, a subsidiary of Bullish, which are exchangeable for up to an aggregate of 1,736,976 Ordinary Shares of Bullish upon vesting. The incentive units are subject to time-based vesting and performance conditions. As of the date of this filing, 1,141,146 of the underlying Ordinary Shares are vested. No consideration is payable upon conversion.</footnote>
    </footnotes>

    <remarks>Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Act, the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.</remarks>

    <ownerSignature>
        <signatureName>/s/ David Bonanno</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
