Bullish upsizes IPO to $1.05B targets $4.97B valuation with Thiel backing

Bullish, the cryptocurrency exchange backed by billionaire investor Peter Thiel, has significantly upsized its initial public offering (IPO) to reflect heightened investor confidence in its business model and the broader crypto sector. According to a recent SEC filing, the company will offer 30 million shares at a price range of $32 to $33 per share, with potential proceeds reaching up to $1.05 billion if underwriters exercise their over-allotment option in full. This revised offering would value the company at up to $4.97 billion, up from an earlier target of $4.32 billion [1].

The IPO is set to list on the New York Stock Exchange under the ticker symbol “BLSH,” with JPMorgan Chase & Co. and Jefferies Financial Group Inc. serving as lead underwriters. Bullish’s decision to raise the IPO size and valuation underscores the growing interest in crypto-related equities and the company’s positioning as a hybrid platform offering both traditional financial services and digital asset trading [2]. The move also follows Bullish’s second attempt to go public, with an earlier SPAC merger proposal canceled in 2022 due to regulatory hurdles [3].

Thiel, a long-time advocate of crypto and fintech innovation, has demonstrated a consistent strategy of investing in the sector, including a $100 million Bitcoin purchase in 2023 at a time when the asset was trading below $30,000. Through his Founders Fund, Thiel also holds a 9% stake in Ethereum treasury firm Bitmine Immersion Technologies Inc. [4]. His continued support for Bullish signals confidence in the company’s ability to navigate the volatile and highly regulated crypto market [5].

Analysts have highlighted the timing of the offering as advantageous, aligning with a broader market appetite for innovative financial technologies and a bull market for Bitcoin. However, the company’s long-term success will depend on its ability to sustain user growth, expand its product offerings, and maintain a competitive edge in an evolving fintech landscape [6]. The post-listing performance of Bullish will be closely monitored by investors seeking exposure to the crypto sector through traditional equities [7].

Source:

[1] Benzinga - [https://www.benzinga.com/crypto/cryptocurrency/25/08/47050423/peter-thiel-backed-crypto-company-upsizes-ipo-targets-nearly-5-billion-valuation](https://www.benzinga.com/crypto/cryptocurrency/25/08/47050423/peter-thiel-backed-crypto-company-upsizes-ipo-targets-nearly-5-billion-valuation)

[2] MSN - [https://www.msn.com/en-us/money/companies/peter-thiel-backed-bullish-targets-up-to-4-82-billion-valuation-in-upsized-ipo/ar-AA1Kk13J?ocid=finance-verthp-feeds](https://www.msn.com/en-us/money/companies/peter-thiel-backed-bullish-targets-up-to-4-82-billion-valuation-in-upsized-ipo/ar-AA1Kk13J?ocid=finance-verthp-feeds)

[3] Techmeme - [https://www.techmeme.com/250811/p26](https://www.techmeme.com/250811/p26)

[4] Asianet - [https://newsable.asianetnews.com/markets/peter-thiel-backed-bullish-targets-4-82b-valuation-after-upsizing-us-ipo-articleshow-cyapquh](https://newsable.asianetnews.com/markets/peter-thiel-backed-bullish-targets-4-82b-valuation-after-upsizing-us-ipo-articleshow-cyapquh)

[5] Ground - [https://ground.news/article/with-the-red-hot-ipo-market-raging-will-this-crypto-exchange-backed-by-peter-thiel-and-cathie-wood-be-wall-streets-next-moon-shot-themotley](https://ground.news/article/with-the-red-hot-ipo-market-raging-will-this-crypto-exchange-backed-by-peter-thiel-and-cathie-wood-be-wall-streets-next-moon-shot-themotley)

[6] Blockchair - [https://blockchair.com/news/speter-thiel-backed-bullish-pushes-ipo-target-higher-eyes-4-8b-valuation--9d937571a3929144](https://blockchair.com/news/speter-thiel-backed-bullish-pushes-ipo-target-higher-eyes-4-8b-valuation--9d937571a3929144)