Bullish, the cryptocurrency exchange backed by Peter Thiel, has raised the target size of its initial public offering (IPO), seeking to raise as much as $990 million and achieve a valuation of $4.8 billion.
In a revised filing with the U.S. Securities and Exchange Commission on Monday. The company indicated that it will sell 30 million shares priced between $32 and $33 each.
This is a big leap from last week’s proposal of selling 20.3 million shares in the $28 to $31 range with a target of $629 million and a valuation of $4.2 billion.
The IPO will have a Bullish list on the New York Stock Exchange under the symbol BLSH. Underwriters, led by JPMorgan, Jefferies, and Citigroup, have a 30-day option to buy another 4.5 million shares.
Institutional appetite for the offering looks robust. BlackRock and Cathie Wood’s Ark Investment Management have agreed to buy up to $200 million worth of stock at the IPO price.
Bullish, is headed by Tom Farley, the ex-president of the New York Stock Exchange. The site emphasizes regulated, liquidity-based trading for institutions and professional investors.
The company posted estimated net income of $106 million to $109 million in Q2 2025, by following losses earlier in the year.
The offering arrives in the middle of a new cycle of cryptocurrency-linked IPOs, because of increasing digital asset values and clear U.S. regulatory guidelines.
Recent notable market entrants include stablecoin creator Circle (CRCL), which has appreciated more than 90% since it started trading in June, and Mike Novogratz’s Galaxy Digital, which uplisted to Nasdaq in May.
If successful, Bullish’s IPO might rank among the biggest for a crypto-native company in the year, reflecting robust investor demand for blockchain-based financial platforms amid earlier market turmoil.
Also Read: Bullish Exchange Targets $4.23B Valuation in US IPO Push
