Bullish Expands IPO Target to $990M Amid Strong Investor Demand

Bullish, the cryptocurrency exchange backed by Peter Thiel, has increased its IPO ambitions, now targeting $990 million in proceeds. The revised plan involves selling 30 million shares at $32-$33 apiece, up from last week's proposal of 20.3 million shares at $28-$31. This adjustment pushes its potential valuation to $4.8 billion, a significant jump from the previous $4.2 billion estimate.

CEO Tom Farley, former NYSE president, is steering the Wall Street debut with underwriting support from JPMorgan, Jefferies, and Citigroup. The deal includes a 30-day greenshoe option for an additional 4.5 million shares. Institutional interest appears robust, with BlackRock and ARK Investment Management signaling potential purchases totaling $200 million.

The listing joins a wave of crypto firms going public amid favorable market conditions. Recent months saw Circle's IPO completion and Galaxy Digital's Nasdaq uplisting, while eToro began public trading. Regulatory clarity and improved investor sentiment are fueling this activity, with Bullish strategically positioned through its ownership of CoinDesk.