Bullish Crypto Exchange Aims for $4.8B Valuation in Expanded IPO

Bullish, the cryptocurrency exchange backed by Peter Thiel, has significantly raised its IPO targets, now seeking to raise up to $990 million at a valuation of $4.8 billion. The revised SEC filing shows plans to sell 30 million shares priced between $32 and $33 each—a sharp increase from last week's proposal of 20.3 million shares at $28-$31.

Institutional demand appears strong, with BlackRock and Cathie Wood's Ark Investment Management committing to purchase up to $200 million worth of shares. The NYSE-listed offering (symbol: BLSH) comes amid a resurgence of crypto-linked IPOs, fueled by rising digital asset prices and clearer U.S. regulatory signals.

Led by former NYSE president Tom Farley, Bullish focuses on regulated, liquidity-driven trading for institutional investors. The exchange reported an estimated Q2 2025 net income of $106-$109 million, marking a turnaround from earlier losses.