Peter Thiel-Backed Bullish Upsizes U.S. IPO To $990M, $4.82B Valuation

Bullish, the crypto exchange backed by investor Peter Thiel, has increased the size of its U.S. initial public offering, now aiming to raise up to $990 million with a valuation of approximately $4.82 billion. The company plans to sell 30 million shares priced between $32 and $33 each, up from its earlier plan of 20.3 million shares priced at $28 to $31. Bullish intends to list on the New York Stock Exchange under the ticker symbol BLSH, with J.P. Morgan, Jefferies, and Citigroup leading the underwriting. This IPO follows Bullish’s earlier attempt to go public via a $9 billion SPAC merger that was called off in 2022 due to regulatory challenges. CEO Tom Farley highlighted that going public now aligns with a new growth phase for the crypto industry and provides benefits such as credibility, access to capital, and strategic acquisition opportunities. The offering comes amid a friendlier regulatory environment under the Trump administration, including the GENIUS Act, which has encouraged several crypto firms to pursue IPOs.