Thiel-Backed Bullish Upsizes IPO to $990 Million Amid Strong Demand

Crypto exchange Bullish increased both the size and price range of its New York Stock Exchange listing, according to a regulatory filing on Monday. The company now plans to sell 30 million shares at $32 to $33 each, up from a previous plan for 20.3 million shares at $28 to $31. The revision lifts the maximum proceeds to about $990 million from $629 million and implies a market value of roughly $4.8 billion.

People familiar with the offering said the deal is already well oversubscribed and that the bookrunners will stop taking orders at 4 p.m. Eastern time on Monday. Strong demand could allow the final price to be set at the top end of the range or higher, the people said.

Bullish is backed by Peter Thiel and had earlier attempted to go public through a $9 billion special-purpose acquisition company before abandoning that plan in 2022. JPMorgan, Jefferies and Citigroup are leading the current offering, which will trade under the ticker BLSH and would be one of the largest U.S. crypto-related listings since Coinbase’s debut in 2021.

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