Bullish Upsizes IPO to $990M Amid Crypto Market Surge

Bullish, the Peter Thiel-backed digital asset platform, has dramatically increased its IPO target from $629 million to $990 million, positioning itself among the largest crypto-related public offerings since Circle's $1.1 billion debut earlier this year.

The Cayman Islands-based firm now plans to offer 30 million ordinary shares at $32–$33 per share, up from an initial range of $28–$31. Underwriters have a 30-day option to purchase an additional 4.5 million shares. The listing on the New York Stock Exchange under ticker 'BLSH' follows a confidential filing in June.

J.P. Morgan and Jefferies lead the underwriting syndicate, with support from Citigroup, Cantor Fitzgerald, Deutsche Bank, and Société Générale. Bullish operates a regulated spot and derivatives exchange combining automated market-making with an order book to enhance liquidity for institutional clients.