Bullish Expands IPO to $4.82 Billion Amid High Demand

Bullish, a cryptocurrency exchange backed by Peter Thiel, has upsized and oversubscribed its IPO, targeting a valuation up to $4.82 billion, formally launched on August 11, 2025.

This IPO could significantly impact sentiment around major cryptocurrencies, like BTC and ETH, potentially affecting market dynamics and liquidity, as Bullish becomes a key industry player.

Bullish Upsizes IPO Amid Investor Demand

Bullish, led by CEO Tom Farley and Chairman Brendan Blumer, officially announced its expanded IPO size aiming to raise around $990 million. Oversubscription indicates robust demand for the company’s shares, highlighting investor confidence in its future.

The IPO expansion involves increasing the share count to 30 million at a price range of $32 to $33. SEC Filing for TM2421409-23 provides detailed information on this significant increase from the previous 20.3 million shares priced at $28 to $31, signaling heightened market appetite.

“We’re excited about Bullish’s potential to shape the future of digital asset trading.” — Peter Thiel, Early Backer, Bullish

Comparison to Coinbase’s 2021 Market Debut

Did you know? Bullish’s IPO oversubscription mirrors similar enthusiasm seen during Coinbase’s unprecedented 2021 listing, highlighting sustained interest in crypto exchanges.

According to CoinMarketCap, Bitcoin (BTC) trades at $120,513.33 with a market cap of $2.40 trillion, reflecting a 1.37% daily increase and 16.06% over 90 days. The volume surged by 39.67%, reinforcing market vibrancy as of August 11, 2025.

Helene Braunn’s Twitter Profile shares insights that suggest the IPO may invite regulatory scrutiny similar to Coinbase. Market dynamics could shift depending on institutional engagement with Bullish’s offerings, utilizing historical exchange events as benchmarks for predicting outcomes. Coinbase’s strategic movements in global markets provide key insights into investor sentiment shifts observed in the crypto sector.