Peter Thiel-Backed Bullish Eyes $990M IPO Jackpot as Crypto Markets Roar Back

Bullish—the crypto exchange heavyweight backed by PayPal mafia kingpin Peter Thiel—just upped its IPO ante to nearly $990 million. Talk about timing the market.

The digital asset surge strikes again

While traditional finance dinosaurs were busy writing crypto obituaries last year, Bullish kept stacking chips. Now, with Bitcoin flirting with all-time highs and institutional FOMO at critical mass, Thiel's protege is cashing in.

Wall Street meets blockchain—with a twist

The move signals more than just another crypto firm going public. This is institutional-grade infrastructure hitting the big leagues—complete with the obligatory 'we're totally compliant' wink to regulators.

One cynical footnote: Nothing says 'market top' like a nine-figure IPO during a euphoria cycle. But hey—when the crypto tides rise, all ships float... until they don't.

Key Insights

• Bullish boosts IPO target to $1B as digital asset demand hits new highs.
• BlackRock, ARK eye $200M stake in Bullish’s ambitious public debut.
• Crypto IPO surge mirrors $4T market, lifting sector’s Wall Street profile.

Bullish has raised its initial public offering target to nearly $990 million as the market appetite for digital assets strengthens. The crypto exchange plans to sell 30 million shares priced between $32 and $33 each, which could value the company at up to $4.82 billion.

Bullish Increases Share Offering and Valuation

The company previously aimed to raise $629 million with 20.3 million shares priced between $28 and $31. However, it expanded the share count and price range to capture stronger market demand. At the upper limit, the market capitalization WOULD reach approximately $4.8 billion based on outstanding shares.

Peter Thiel–backed Bullish has raised its IPO target from $629 million to up to $990 million, valuing the company at around $4.8 billion. Bullish previously planned to go public via a $9 billion SPAC deal, which was canceled in 2022. The IPO is being underwritten by JPMorgan,…

— Wu Blockchain (@WuBlockchain) August 11, 2025

JPMorgan Chase, Jefferies Financial Group, and Citigroup are managing the offering. NYSE has approved the listing under the ticker symbol BLSH, with trading expected to start the day after pricing. The pricing offering is scheduled for Tuesday.

BlackRock funds and ARK Investment Management have shown interest in acquiring up to $200 million worth of shares. These expressions of interest are non-binding but signal strong institutional participation. Bullish plans to convert a substantial portion of IPO proceeds into U.S. dollar stablecoins through one or more issuers.

Sector Momentum Lifts Public Market Ambitions

The global digital asset market recently reached a value of $4 trillion, driving renewed Optimism for public listings. Several crypto-focused companies, including Grayscale and Gemini, have also filed confidentially to go public. This wave underscores the sector’s increasing presence in mainstream equity markets.

Corporate adoption of crypto has also advanced, with several firms adding such holdings to their balance sheets. This shift follows favorable regulatory developments under the current U.S. administration. Market sentiment has improved as regulatory clarity and institutional engagement increase.

Bullish’s latest MOVE follows a failed 2022 attempt to list via a $9 billion SPAC merger. The deal collapsed due to weak market sentiment and rising regulatory scrutiny at the time. The current public offering represents the company’s second push to access equity capital markets.

Company Strategy and Future Positioning

Bullish is incorporated in the Cayman Islands and owns crypto media outlet CoinDesk. The company aims to use part of its IPO proceeds to strengthen liquidity in stablecoins. This strategy emphasizes integrating stable digital assets into its treasury operations.

The exchange’s leadership is positioning the IPO as a growth catalyst. It seeks to expand market share while enhancing trading infrastructure. The offering also aims to strengthen its competitive stance against established U.S. and global exchanges.

With significant backing from Peter Thiel, Bullish is leveraging both market momentum and strategic investor support. The listing marks a notable milestone in the continued integration of digital assets into public markets. The outcome will test sustained appetite for crypto-related equity offerings.