Bullish Ups IPO Target to Nearly $1B, Eyes $4.8B Valuation Amid Crypto Market Momentum

Bullish, the cryptocurrency exchange backed by billionaire investor Peter Thiel, has increased the size of its upcoming initial public offering. The company now plans to raise approximately $990 million by offering 30 million shares priced between $32 and $33 each, valuing the firm at about $4.8 billion, according to a recent filing with the U.S. Securities and Exchange Commission.

Led by former New York Stock Exchange president Tom Farley, Bullish had initially aimed for 20.3 million shares priced between $28 and $31, targeting a $4.2 billion valuation. The updated filing also grants underwriters — including JPMorgan, Jefferies, and Citigroup — a 30-day option to purchase an additional 4.5 million shares. The stock will trade on the New York Stock Exchange under the ticker “BLSH.”

BlackRock and Cathie Wood’s ARK Investment Management have expressed interest in buying up to $200 million worth of shares. Bullish, which also owns the crypto media platform CoinDesk, joins a growing wave of digital asset firms going public as investor confidence rises alongside regulatory clarity from Washington. Recent debuts include stablecoin issuer Circle in June, Galaxy Digital’s uplisting to Nasdaq in May, and eToro’s public trading launch. Meanwhile, BitGo and Gemini have confidentially filed for U.S. listings.