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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No.         )*

BLUE NILE, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
09578R103
(CUSIP Number)
December 31, 2005
(Date of Event Which Requires Filing of this Statement)

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

     o Rule 13d-1(b)

     o Rule 13d-1(c)

     þ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 
 

 

                     
CUSIP No.
  
09578R103 

 

           
1   NAMES OF REPORTING PERSONS:
MARK CHRISTOPHER VADON
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  UNITED STATES OF AMERICA
       
  5   SOLE VOTING POWER:
     
NUMBER OF   1,734,9931
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY  
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   1,734,9931
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
   
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  1,734,9931 SHARES
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  10.0%1
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  IN
1   Includes 259,999 shares issuable pursuant to options to purchase common stock exercisable within 60 days of December 31, 2005.

 

CUSIP No. 09578R103
             
Item 1.   (a)   Name of Issuer
 
            
        BLUE NILE, INC.
 
            
    (b)   Address of Issuer’s Principal Executive Offices
 
            
        705 FIFTH AVENUE SOUTH
        SUITE 900
        SEATTLE, WA 98104
 
            
Item 2.   (a)   Name of Person Filing
 
            
        MARK CHRISTOPHER VADON
 
            
    (b)   Address of Principal Business Office or, if none, Residence
 
            
        705 FIFTH AVENUE SOUTH
        SUITE 900
        SEATTLE, WA 98104
 
            
    (c)   Citizenship
 
            
        UNITED STATES OF AMERICA
 
            
    (d)   Title of Class of Securities
 
            
        COMMON STOCK
 
            
    (e)   CUSIP Number
 
            
        09578R103
 
            
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-l(b)(l)(ii)(E);
 
            
 
  (f)   ¨   An employee benefit plan or endowment fund in accordance with §240.13d-l(b)(l)(ii)(F);
 
            
 
  (g)   ¨   A parent holding company or control person in accordance with § 240.13d-l(b)(l)(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)   ¨   Group, in accordance with §240.13d-l(b)(l)(ii)(J).

 

 

             
Item 4.   Ownership.
 
            
    Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
 
            
    (a)   Amount beneficially owned: 1,734,9931
 
            
    (b)   Percent of class: 10.0%1
 
            
    (c)   Number of shares as to which the person has:
 
            
 
      (i)   Sole power to vote or to direct the vote 1,734,9931
 
            
 
      (ii)   Shared power to vote or to direct the vote 0.
 
            
 
      (iii)   Sole power to dispose or to direct the disposition of 1,734,9931.
 
            
 
      (iv)   Shared power to dispose or to direct the disposition of 0.
 
            
Item 5.   Ownership of Five Percent or Less of a Class
 
            
    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 Five Percent on Behalf of Another Person.
 
            
    Not applicable.
 
            
Item 7.   Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
 
            
    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
 
            
    Not applicable.
 
1   Includes 259,999 shares issuable pursuant to options to purchase common stock exercisable within 60 days of December 31, 2005.

 

 

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.
         
  February 14, 2006  
  Date
 		  
 
  /s/ Mark Vadon   
  Signature   
 
  Mark Vadon
Chief Executive Officer and President 		  
  Name/Title