Bullish Upsizes IPO to $990M Valued at $4.8B as Crypto Sector Gains Momentum

Cryptocurrency exchange Bullish has increased the size of its initial public offering (IPO), raising the potential deal value to $990 million from around $629 million previously. The company announced plans to offer 30 million shares at a price range of $32 to $33 each, according to a filing with the U.S. Securities and Exchange Commission (SEC). This represents a significant increase from the earlier plan to offer 20.3 million shares priced between $28 and $31. At the upper end of the updated price range, Bullish’s market capitalization is projected to reach $4.8 billion, surpassing the prior estimate of $4.2 billion [1].

The decision to upsize the offering comes amid a broader trend of increasing public market activity in the crypto sector. This trend has been influenced in part by the successful June 2025 IPO of stablecoin issuer Circle, which raised $1.2 billion and spurred renewed investor interest in digital asset-related businesses. Analysts point to the favorable policy environment under the Trump administration and the growing acceptance of digital assets as key drivers behind the uptick in crypto IPOs [2].

Bullish, based in the Cayman Islands, is led by Tom Farley, a of the New York Stock Exchange. The company plans to list on the NYSE under the ticker symbol BLSH. The IPO is being managed by major investment banks, including JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc. The firm is also backed by Peter Thiel and includes the financial media outlet CoinDesk as part of its operations [3].

The offering has attracted strong interest from institutional investors, with BlackRock and Ark Invest committing to collectively purchase $200 million worth of shares. This support highlights the growing recognition of crypto infrastructure and media platforms as strategic assets within traditional financial markets [4].

Bullish’s expansion of its IPO underscores continued confidence in the long-term potential of digital assets and blockchain-based services. Despite broader market volatility, the company's valuation reflects the market's willingness to assign significant value to businesses that operate at the intersection of traditional finance and emerging technologies. As it prepares for its public debut, Bullish aims to strengthen its position as a leading player in the evolving crypto ecosystem [5].

Source:

[1] https://cryptobriefing.com/bullish-ipo-target-boost/

[2] https://coinpaper.com/10456/crypto-exchange-bullish-expands-ipo-offering-targets-4-8-b-valuation

[3] https://coingape.com/thiel-backed-bullish-upsizes-ipo-to-990m-at-4-8b/

[4] https://m.economictimes.com/crypto-news-today-live-11-aug-2025/liveblog/123223005.cms

[5] https://www.coindesk.com/business/2025/08/11/trump-family-s-defi-play-pulls-alt5-sigma-into-usd1-5b-wlfi-treasury-plan