Cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, has increased the size of its initial public offering (IPO), now aiming for a nearly $5 billion valuation.
According to a Monday SEC filing, Bullish plans to raise $990 million by offering 30 million shares priced between $32 and $33 each, up from an earlier proposal of 20.3 million shares at $28 to $31 apiece, which valued the company at about $4.2 billion. The updated target marks a significant step up from the $4.23 billion valuation Bullish was pursuing in early August, when it launched its roadshow to capitalize on growing momentum around digital assets and clearer regulatory guidance.
Led by former New York Stock Exchange president Tom Farley, Bullish granted underwriters JPMorgan, Jefferies, and Citigroup a 30-day option to sell an additional 4.5 million shares. The company’s stock will trade on the New York Stock Exchange under the ticker “BLSH.”
Notable investors such as BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in purchasing up to $200 million of shares.
Bullish also owns the crypto media platform CoinDesk, acquired from Digital Currency Group in 2023. The company swung to a $349 million loss in the first quarter of 2025, reflecting a decline in the fair value of its crypto holdings, compared with a $105 million profit a year earlier.
The firm’s earlier IPO attempt in 2021 was abandoned amid regulatory challenges after targeting a $9 billion valuation through a blank-check merger. Market experts note that underwriters often price IPOs conservatively to allow room for upward revisions, a strategy Bullish appears to be following.
Bullish plans to convert a significant portion of IPO proceeds into U.S.-dollar-denominated stablecoins, aligning with the recent surge in stablecoin adoption and clearer frameworks like the GENIUS Act.
The renewed enthusiasm for crypto IPOs follows strong market performances by peers such as Circle Internet, which saw its shares soar over 400% since its NYSE debut in June. Other crypto firms like Galaxy Digital and eToro have also gone public recently, while custody startups BitGo and Gemini have confidentially filed for U.S. listings.
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