Cryptocurrency Exchange Bullish Increases IPO Size, Aiming for Nearly $5 Billion Valuation
Peter Thiel-backed cryptocurrency exchange Bullish has expanded the size of its initial public offering (IPO), signaling strong demand and investor interest in the burgeoning crypto market.
According to a filing made public on Monday with the U.S. Securities and Exchange Commission (SEC), Bullish intends to raise approximately $990 million by offering 30 million shares priced between $32 and $33 each. This move positions the company toward a valuation of around $4.8 billion.
This updated offering represents a significant increase from Bullish’s earlier prospectus filed just last week, which marketed 20.3 million shares priced between $28 and $31 per share, targeting a $4.2 billion market valuation.
The company, led by former New York Stock Exchange president Tom Farley, granted its underwriters—including JPMorgan Chase, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares to further support the offering. Bullish stock will be publicly traded on the New York Stock Exchange under the ticker symbol “BLSH.”
Notably, heavyweight institutional investors are showing keen interest in the IPO. BlackRock, the world’s largest asset manager, alongside Cathie Wood’s ARK Investment Management, have both expressed intent to purchase up to $200 million worth of shares.
Bullish also owns the well-known crypto media platform CoinDesk, further expanding its footprint in the digital assets ecosystem.
The announcement comes amid a period of renewed enthusiasm in the cryptocurrency sector’s access to public markets. Recent examples include stablecoin issuer Circle’s successful IPO debut in June, Galaxy Digital, led by Mike Novogratz, going public via an uplisting to Nasdaq earlier in May, and trading app eToro also opening to public investors.
Moreover, other crypto-focused firms are preparing to enter public markets. Crypto custody startup BitGo has confidentially filed for a U.S. listing, as has Gemini, the exchange founded by Tyler and Cameron Winklevoss.
The growing presence of crypto companies in leading public exchanges reflects investors’ rising confidence and the increased regulatory clarity emerging from Washington, which has been crucial in stabilizing the sector after previous volatility.
Related Crypto Market Updates
- Bitcoin prices have surged above $120,000 ahead of critical inflation data.
- Circle’s shares have climbed on the back of a 53% increase in second-quarter revenue, driven by substantial stablecoin growth.
- XRP’s value rose following the conclusion of a prolonged legal dispute between the SEC and Ripple.
- Analysts forecast a potential cooling off of the crypto rally in August due to new tariffs and macroeconomic headwinds.
As Bullish advances its IPO towards a near $5 billion valuation, market participants will watch closely to gauge how investor appetite for crypto exchanges continues to evolve in the public market landscape.
Article by Tanaya Macheel, CNBC, August 11, 2025