Bullish Lifts IPO Target to $990 Million Ahead of NYSE Listing

Bullish, the cryptocurrency exchange backed by billionaire investor Peter Thiel, has taken a major step toward its market debut by significantly raising its IPO target. The company now plans to raise $990 million, compared to its earlier goal of $629 million. According to its latest SEC filing, Bullish intends to sell 30 million shares priced between $32 and $33 each, signaling greater confidence in demand from investors.

Higher Valuation Reflects Stronger Market Position

By increasing both the number of shares and the price range, Bullish is positioning itself for a market capitalization of about $4.8 billion. This valuation is notably higher than the $4.2 billion projected under its earlier terms. Previously, the Cayman Islands–based firm, which also owns CoinDesk, had planned to sell just 20.3 million shares at $28 to $31 each. Now, with more favorable market sentiment toward digital asset companies, Bullish appears determined to capture the momentum.

The decision to adjust the offering comes at a time when crypto exchanges are seeking stronger capital bases to expand operations, enhance liquidity, and develop more advanced trading platforms. As a result, this larger raise could give Bullish a stronger balance sheet and greater flexibility in pursuing growth opportunities.

Institutional Interest Boosts Confidence

In addition, the filing reveals that some of the world’s most influential institutional investors are taking notice. Funds managed by BlackRock and ARK Investment Management have expressed potential interest in acquiring up to $200 million worth of shares at the IPO price. Although these expressions are not binding, they signal a degree of institutional confidence that could help build momentum among other investors. Furthermore, such participation would add credibility to Bullish’s offering and potentially attract a wider investor base.

Underwriters and Listing Details

The IPO is being led by a group of heavyweight underwriters, including JPMorgan Chase, Jefferies Financial Group, and Citigroup. With this team in place, Bullish has access to deep capital markets expertise and a strong distribution network. Meanwhile, the New York Stock Exchange has already approved the listing of the company’s ordinary shares under the ticker symbol BLSH, paving the way for a smooth launch once the offering is finalized.

A Second Attempt at Going Public

Importantly, this IPO marks Bullish’s second attempt to enter the public markets. Back in 2022, the company pursued a high-profile $9 billion merger with a Special Purpose Acquisition Company (SPAC). However, that deal fell through due to unfavorable market conditions and intensifying regulatory scrutiny of crypto-related businesses. Since then, market conditions have gradually improved, with more institutional adoption and clearer regulatory frameworks emerging in several jurisdictions. Consequently, Bullish is re-entering the IPO arena at what it believes is a more opportune time.

Why This IPO Matters for the Crypto Industry

If successful, Bullish’s IPO would not only boost the company’s profile but also send a positive signal to the broader cryptocurrency sector. Because traditional equity markets have been cautious about digital asset firms, a strong debut could encourage other exchanges and blockchain companies to explore similar fundraising strategies. Moreover, listing on the NYSE — one of the world’s most prestigious exchanges — offers greater visibility, investor trust, and access to a global capital pool.

Looking Ahead

Going forward, investors will be closely watching how Bullish uses the IPO proceeds. With additional capital, the company could expand its exchange infrastructure, enhance liquidity services, integrate new trading products, and potentially explore strategic acquisitions. At the same time, its valuation and post-IPO performance will serve as a benchmark for other crypto firms considering going public.

In the current environment, where cryptocurrency adoption is accelerating yet regulatory oversight remains in flux, Bullish’s bold step reflects both market optimism and the growing maturity of the digital asset sector. Ultimately, whether the IPO meets or exceeds expectations will depend on a combination of execution, market sentiment, and the company’s ability to maintain competitive advantages in an increasingly crowded exchange landscape.