Bullish Crypto Exchange Upsizes IPO to Nearly $5 Billion Valuation Amid Institutional Interest

Bullish, the cryptocurrency exchange backed by Peter Thiel and Digital Currency Group (owner of CoinDesk), has significantly increased the size of its initial public offering. The company now aims to raise $990 million by offering 30 million shares priced between $32 and $33, pushing its projected valuation to approximately $4.8 billion—a notable jump from last week's $4.2 billion target.

Institutional heavyweights BlackRock and ARK Invest are reportedly participating in the offering, signaling strong confidence in Bullish's market position. JPMorgan, Citigroup, and Jefferies are leading the deal, with plans to list on the NYSE under the ticker symbol BLSH. This marks Bullish's second attempt at going public after a failed 2021 SPAC merger that targeted a $9 billion valuation.

The exchange's IPO represents one of the largest crypto-related public offerings since Circle's debut earlier this year. Bullish's unique positioning as both a trading platform and media entity (via CoinDesk ownership) has drawn attention as a hybrid play on crypto adoption.