Bullish Raises IPO Target to $990 Million, Eyes $4.8 Billion Valuation

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Bullish Lifts IPO Target to $990 Million Ahead of NYSE Listing

Crypto exchange backed by Peter Thiel raises share offering and price range in new SEC filing

Bullish, a cryptocurrency exchange backed by investor Peter Thiel, has increased its initial public offering (IPO) target to $990 million, up from a previous goal of $629 million. The company’s latest SEC filing outlines plans to offer 30 million shares at a price range of $32 to $33 each.

The Cayman Islands–based firm, which also owns media outlet CoinDesk, had initially planned to offer 20.3 million shares at $28 to $31 each. At the top of the revised range, Bullish would reach a market capitalization of about $4.8 billion, compared with the $4.2 billion projected under its earlier terms.

Investor Interest and Underwriters

According to the filing, funds managed by BlackRock and ARK Investment Management have indicated potential interest in purchasing up to $200 million in shares at the IPO price, though these expressions are not binding commitments.

JPMorgan Chase, Jefferies Financial Group, and Citigroup are leading the offering. The New York Stock Exchange has approved the listing of Bullish’s ordinary shares under the ticker symbol BLSH.

Second Attempt at Going Public

This IPO marks Bullish’s second effort to enter the public markets. In 2022, the company pursued a $9 billion merger with a Special Purpose Acquisition Company (SPAC) but abandoned the deal, citing unfavorable market conditions and increasing regulatory scrutiny at the time.