Thiel-Backed Bullish Upsizes IPO to $990M at $4.8B

Peter Thiel-backed Bullish has raised its IPO target to $990 million. It is aiming for a $4.8 billion NYSE debut amid surging crypto investor demand.

Bullish Expands IPO Size and Pricing as Investor Interest Grows

Bullish, the digital-asset exchange and owner of CoinDesk, has increased the size of its initial public offering (IPO) to $990 million. The company now plans to sell 30 million shares priced between $32 and $33 each, according to a filing with the U.S. Securities and Exchange Commission.

This marks a significant jump from its earlier plan to offer 20.3 million shares priced between $28 and $31 each. At the top of the new price range, Bullish would reach a market value of about $4.8 billion based on its outstanding shares.

The revised offering size is nearly 57% higher than the initial $629 million target announced earlier this month. The Cayman Islands-based firm is scheduled to debut on the New York Stock Exchange under the ticker symbol BLSH.

The Bullish IPO comes as cryptocurrency-related companies ride a wave of strong investor demand. The Trump administration’s supportive stance toward the industry has encouraged more firms to go public through IPOs, mergers, or reverse takeovers.

A recent example is stablecoin issuer Circle Internet Group, whose shares surged after its $1.2 billion listing in June. Bullish had previously aimed for IPO via a merger with a special purpose acquisition company in 2021. That deal valued the combined entity at about $9 billion.

But this plan was paused in 2022 following changes in the financial markets. JPMorgan Chase, Jefferies Financial Group, and Citigroup are the leading firms for the current offering. Increased size and pricing shows that the company anticipates strong demand by institutional and retail investors.

Bullish Offering As a Major Test of Confidence in the Crypto Market

According to market watchers, this development is another indicator of increasing interest in digital-infrastructure asset businesses. An effective Bullish IPO will also boost future crypto listings.

The move to raise the share count and price range is an indication of an increment in the level of confidence in the position held by the company in the industry. Bullish could reach its target valuation through this IPO. If it does, it will be one of the biggest publicly traded digital-asset exchanges worldwide.