Bullish Crypto Exchange Expands IPO Amid Strong Investor Demand

Bullish, the cryptocurrency exchange backed by Peter Thiel and led by former NYSE president Tom Farley, has significantly upsized its initial public offering. The firm now plans to sell 30 million shares at $32-$33 apiece, targeting nearly $1 billion in proceeds and a $5 billion valuation—a sharp increase from its original 20.3 million share offering at $28-$31.

Institutional heavyweights BlackRock and ARK Investment Management have committed to $200 million in shares, underscoring Wall Street's renewed appetite for crypto assets. The offering is reportedly oversubscribed by 20x, fueled by bitcoin's rally past $100,000 and clearer U.S. regulatory frameworks.

The exchange processed $250 billion in digital asset trades in 2024—more than triple its 2022 volume—and expects Q2 2025 net income of $106-$109 million, reversing a $116 million loss from the same period last year. Circle's successful June debut has paved the way for this landmark listing.