Peter Thiel-Backed Bullish Boosts IPO Target to Nearly $990M Amid Digital Asset Surge

Bullish, the cryptocurrency exchange backed by Peter Thiel, has significantly raised its IPO target to nearly $990 million as demand for digital assets reaches new heights. The firm now plans to sell 30 million shares priced between $32 and $33 each, potentially valuing the company at up to $4.82 billion. This marks a sharp increase from its earlier target of $629 million.

Institutional interest is surging, with BlackRock and ARK Invest reportedly eyeing a $200 million stake in Bullish’s public debut. The MOVE reflects growing Wall Street confidence in crypto, mirroring the sector’s $4 trillion market cap expansion. JPMorgan Chase, Jefferies Financial Group, and Citigroup are leading the underwriting, with NYSE approval secured for trading under the ticker symbol BLSH.

The revised offering comes after Bullish scrapped a $9 billion SPAC deal in 2022. Market observers see this as a barometer for crypto’s deepening integration into traditional finance—a trend accelerated by spot Bitcoin ETF approvals and institutional capital inflows.