Bullish (BLSH) — Initiating Long: Thesis & Notes. No targets.

Summary: Bullish is a crypto-exchange conglomerate. I’m not detailing the business here—public materials cover that—but I am outlining why I initiated a position.

Why I Like It

• Price action & structure: Constructive trading behavior with an emerging setup on the chart.
  
• Brand/Name: Names matter in networked markets; “Bullish” travels well.
  
• Float & ownership: Tight float with relatively low institutional ownership (per broadly available public data such as Yahoo Finance) creates asymmetry if participation broadens.
  
• Business model: Exchange economics scale with volumes/volatility; I understand this model well from prior industry experience.
  

Positioning/Style

• I’ve tracked this name since the IPO and opened a starter position today.
  
• I’m not an active trader—I look for longer-duration opportunities in new lines of business that sit within established peer groups.
  
• My edge is buying weakness/early, not chasing strength.
  
• In August, I initiated BMNR on the back of my long-standing ETH-bull thesis; I’m now adding BLSH to the portfolio.
  

Relevant Background

• 1999–2010: work experience in options routing and broker-dealer infrastructure. I’m familiar with exchange models, flow dynamics, and how ownership/float can impact tape behavior.
  

Risk Note

This is and will remain a volatile name. Do your own due diligence and size appropriately.

Disclosure: Long BLSH (starter). Long BMNR. Long ETH exposure. Not investment advice.